South Korean Small Home Appliances Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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South Korean Small Home Appliances Market Analysis
The South Korean Small Home Appliance Market is expected to grow in the upcoming years, owing to the use of technology and innovations in the home appliance market. The growth of small home appliances is expected to continue due to the increase in single households and the spread of new consumption trends in the market. This is leading to the increasingly seeking personalized and premium products in the home appliances market.
The trend of satisfaction through consumption is spreading in the market. Consumers in the market are preferring luxury home appliances brands. As consumers are becoming more environmentally conscious, small environmental appliances, such as air cleaners, are witnessing significant demand.
The South Korean government is supporting the growth of the market. The government planned to boost the home appliance market of the country by making use of IoT technology to boost revenues from export.
COVID-19 will have a mixed impact on retail volume sales of South Korea small home appliances in 2020, significantly boosting demand for coffee machines, coffee mills and breadmakers, as consumers spent more time at home, visit coffee shops less frequently, bake their own bread in growing numbers. On the other hand, the pandemic will have a modest negative impact on demand for light fryers and rice cookers.
South Korean Small Home Appliances Market Trends
This section covers the major market trends shaping the South Korea Small Home Appliances Market according to our research experts:
Rise in Number of Single Households in South Korea is Leading to Surge in Demand for Small Home Appliances
The number of single-person households surged by more than two million as of July 2019 in South Korea. Cities, such as Gyeonggi-do, Seoul, and Busan, have the highest number of single households in South Korea. The rise in small households is leading to a surge in demand for small appliances. Toasters, coffee machines, juicers, robot cleaners, and irons were popular for small household appliance products suitable for 1 to 2 households. Small refrigerators and small washing machines for single-person households established new markets in the South Korean appliances market.
Increase in Preference for Vacuum Cleaners in the South Korean Small Home Appliance Market
There has been significant growth in the sale of vacuum cleaners in the South Korean Home Appliance Market. The sale of vacuum cleaners increased by 9% in 2018. Cordless vacuum cleaners are emerging as a major category of vacuum cleaners in South Korea. These vacuum cleaners are more convenient to consumers, with shorter battery life, and they are more expensive than other variants. There is also a rise in the growth of air cleaners in the market, as fine dust problems are becoming serious. It is also observed that the number of consumers buying premium products is increasing in the small home appliance market.
South Korean Small Home Appliances Industry Overview
The South Korean small home appliance market is highly competitive and consists of many players. Multinational companies have a strong presence in South Korea's Small Appliance Market. Exclusive stores and online remained the preferred channel for household appliances. Players are following aggressive mergers and acquisition strategies to remain competitive in the market.
South Korean Small Home Appliances Market Leaders
Whirlpool Corporation
Shinil Electronics. Co., Ltd
HANIL Electric
UNIX Electronics
Smeg
*Disclaimer: Major Players sorted in no particular order
South Korean Small Home Appliances Market News
- July 2021 - The Samsung Jet Bot AI+* was designed with a vision for a robot vacuum cleaner was one that could analyze users' natural behaviors to provide a cleaning experience that catered to their daily lives and living spaces. The goal was to equip the device with a friendly personality that connected with people, as well as the ability to analyze situations and offer both pets and users their attention. A robot vacuum cleaner that was designed to resemble humans, the Jet Bot AI+* offers a more complete cleaning experience by carefully considering users' needs.
- March 2021 - Whirlpool brand's mobile app just got even better for 2021, with a completely new app on both Android and iOS devices. The team at Whirlpool Corporation's flagship brand is calling this refresh 'Whirlpool App 2.0.'
South Korean Small Home Appliances Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Mark Opportunities
4.4 Market Restraints
4.5 Value Chain Analysis
4.6 Industry Value Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers/Consumers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitute Products
4.7.5 Intensity of Competitive Rivalry
4.8 Insights On Technological Innovations In The Small Home Appliances Market in South Korea
4.9 Impact of Covid-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Vacuum Cleaners
5.1.2 Mixer/Juicer/Blenders
5.1.3 Toasters
5.1.4 Coffee Machines
5.1.5 Air Purifiers
5.1.6 Other Products
5.2 By Distribution Channel
5.2.1 Multibrand Stores
5.2.2 Exclusive Stores
5.2.3 Online
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Balmuda
6.2.2 Shinil Electronics. Co., Ltd.
6.2.3 HANIL Electric
6.2.4 UNIX Electronics
6.2.5 Whirlpool Corporation
6.2.6 Smeg
6.2.7 Miele
6.2.8 DeLonghi
6.2.9 Morphy Richards
6.2.10 Tefal
6.2.11 Other Prominent Companies (Philips, JMW, Dyson, LG, Samsung and Others)*
7. FUTURE OF THE MARKET
8. DISCLAIMER
South Korean Small Home Appliances Industry Segmentation
The report covers a complete background analysis of the South Korean Small Home Appliance Market, which includes an assessment of the parental market, emerging trends in the segments and regional market, and significant changes in market dynamics and market overview. The report also offers qualitative and quantitative assessments, by analyzing the data gathered from industry analysts and market participants across various key points in the value chain. The market is segmented by Product into Vacuum Cleaners, Mixer/Juicer/Blenders, Toasters, Coffee Machines, Air Purifiers, and Other Products, Distribution Channel into Multi-Brand Stores, Exclusive Stores, Online, and Others. The report offers market size and forecasts for the South Korea Small Home Appliances Market in value (USD million) for all the above segments.
| By Product | |
| Vacuum Cleaners | |
| Mixer/Juicer/Blenders | |
| Toasters | |
| Coffee Machines | |
| Air Purifiers | |
| Other Products |
| By Distribution Channel | |
| Multibrand Stores | |
| Exclusive Stores | |
| Online | |
| Other Distribution Channels |
South Korean Small Home Appliances Market Research FAQs
What is the current South Korea Small Home Appliances Market size?
The South Korea Small Home Appliances Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in South Korea Small Home Appliances Market?
Whirlpool Corporation, Shinil Electronics. Co., Ltd, HANIL Electric, UNIX Electronics and Smeg are the major companies operating in the South Korea Small Home Appliances Market.
What years does this South Korea Small Home Appliances Market cover?
The report covers the South Korea Small Home Appliances Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Small Home Appliances Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Small Home Appliances in South Korean Industry Report
Statistics for the 2024 Small Home Appliances in South Korean market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Small Home Appliances in South Korean analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
