Asia Pacific Home Appliances Market Size
|Base Year For Estimation
|Market Size (2024)
|USD 257.48 Billion
|Market Size (2029)
|USD 327.52 Billion
|CAGR (2024 - 2029)
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia Pacific Home Appliances Market Analysis
The Asia-Pacific Home Appliances Market size is estimated at USD 257.48 billion in 2024, and is expected to reach USD 327.52 billion by 2029, growing at a CAGR of 4.93% during the forecast period (2024-2029).
Developing nations dominate the market in the Asia-Pacific region. High brand recognition is seen in the region with companies catering to the demand by developing products according to the tastes and preferences of the consumers in the developed markets. While positive growth has been observed in the developing nation due to rising income levels.
During the initial stage of COVID-19, due to supply chain disruptions, the market has experienced losses due to stoppage in manufacturing and distribution services. Later, due to lockdowns and work-from-home culture, the demand for home appliances has risen. Post-Covid the market is experiencing gradual growth according to seasonal demand fluctuations.
The Chinese brands lead by volume, although the American brands are recording high growth in premium categories in India, China, etc. A high rate of urbanization is contributing to growth in these markets. Chinese and Korean manufacturers hold a considerable market share in the Asia-Pacific region, with energy efficiency becoming a priority for consumers. Eco-friendly inventions are going to be of primary importance in the shaping of the home appliance market in this region.
Asia Pacific Home Appliances Market Trends
Smart Appliances are Driving the Market
The current trend of smart homes is encouraging the use of smart appliances in home designing, with people willing to invest in a completely connected home that can be easily operated. Big players in the market are investing in R&D to come up with smart applications that will lead to smart appliances propelling the growth of the home appliances market. Changing consumer preferences and innovative credit schemes along with the replacement sales pave the way for smarter appliances to replace the conventional devices and this is going to stimulate the growth of the market.
Growth in Chinese Home Appliances Market
The Chinese home appliances market is experiencing lucrative growth due to improving disposable incomes, urbanization, and increasing consumption of white goods in rural areas. China is the fastest-growing home appliances market all over the world. Being technically advanced and relatively cheaper, many countries are importing home appliances from China. In China, there is a high replacement demand for white goods and small appliances. Whereas the major kitchen appliances market is witnessing a higher demand for new products. Premium white goods are being increasingly adopted by consumers. The refrigerator and washing machine markets are majorly supported by the trend of premiumization. The air conditioner segment dominated the Chinese home appliances market due to the high export and domestic demand for AC.
Asia Pacific Home Appliances Industry Overview
The Asia Pacific Home Appliances Industry is a fragmented market. Manufacturing companies have created a potentially disruptive market environment in the Asia-Pacific region. The surge in the urban population and middle-class families has led to low-priced appliances dominating the market, with consumers willing to experience the comforts of technology available in the market. The major players are LG Electronics, Haier, Samsung Electronics, Whirlpool Corporation and Bosch.
Asia Pacific Home Appliances Market Leaders
*Disclaimer: Major Players sorted in no particular order
Asia Pacific Home Appliances Market News
- In August 2023 - Samsung Electronics Co. Ltd announced the launch of a new RB7300 refrigerator that delivers core cooling performance while offering a large, flexible capacity to meet all types of food storage needs.
- In March 2022 - Whirlpool brand’s introduced mobile app 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.”
Asia-Pacific Home Appliances Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Consumer Spending Power and Rising Disposable Income
4.3 Market Restraints
4.3.1 Rising Inflation and Rise in Production Cost
4.4 Market Oppurtunities
4.4.1 Introducing Technological Advancement products in Home Appliances
4.5 Value Chain / Supply Chain Analysis
4.6 Porters 5 Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Impact of Covid-19 on the Market
5. MARKET SEGMENTATION
5.1 By Major Appliances
5.1.3 Dishwashing Machines
5.1.4 Washing Machines
5.1.5 Cookers and Ovens
5.1.6 Other Major Appliance
5.2 By Distribution Channel
5.2.1 Supermarkets and Hypermarkets
5.2.2 Specialty Stores
5.2.4 Other Distribution Channels
5.3 By Small Appliances
5.3.1 Vacuum Cleaners
5.3.2 Coffee Machines
5.3.5 Grills and Roasters
5.3.6 Other Small Appliances
5.4 By Distribution Channel
5.4.1 Multibrand Stores
5.4.2 Exclusive Stores
5.4.4 Other Distribution Channels
5.5 By Country
5.5.4 South Korea
5.5.6 New Zealand
5.5.7 Rest of Asia Pacific
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
Asia-Pacific Home Appliances Market Research Faqs
How big is the Asia-Pacific Home Appliances Market?
The Asia-Pacific Home Appliances Market size is expected to reach USD 257.48 billion in 2024 and grow at a CAGR of 4.93% to reach USD 327.52 billion by 2029.
What is the current Asia-Pacific Home Appliances Market size?
In 2024, the Asia-Pacific Home Appliances Market size is expected to reach USD 257.48 billion.
Who are the key players in Asia-Pacific Home Appliances Market?
LG Electronics, Haier, Samsung Electronics, Whirlpool Corporation and Bosch are the major companies operating in the Asia-Pacific Home Appliances Market.
What years does this Asia-Pacific Home Appliances Market cover, and what was the market size in 2023?
In 2023, the Asia-Pacific Home Appliances Market size was estimated at USD 244.79 billion. The report covers the Asia-Pacific Home Appliances Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Home Appliances Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Home Appliances Industry Report
Statistics for the 2024 Asia-Pacific Home Appliances market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Home Appliances analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.