Europe Home Appliances Market Size
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Market Size (2023)||USD 113.16 Billion|
|Market Size (2028)||USD 126.96 Billion|
|CAGR (2023 - 2028)||2.33 %|
*Disclaimer: Major Players sorted in no particular order
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Europe Home Appliances Market Analysis
The Europe Home Appliances Market size is expected to grow from USD 113.16 billion in 2023 to USD 126.96 billion by 2028, at a CAGR of 2.33% during the forecast period (2023-2028).
The European region has experienced low interest rates and a good economic situation during the past few years, with consumers showing interest in products in the home appliance market. The introduction of multifunctional products is one of the key trends witnessed in the household appliances market in Europe. The growing demand for innovative and advanced products drove the demand for and popularity of multifunctional household appliances in Europe. The multifunctionality of products not only delivers their basic features but also derives the highest value from the amount spent on a single product. Two of the key factors contributing to the growth of the household appliances market in Europe are product innovations and portfolio extensions, leading to product premiumization.
The Western European markets follow the growing trend that sees consumers in the home appliance market focusing on premium appliances. Multifunctional appliances with the premium price (for instance, wash dryer, hobs with integrated hoods, or combi-steam ovens) are strong in demand and generate value growth. The Eastern European countries, such as Poland and Hungary, were at the forefront of development in the region for the market. Germany held the largest market share in Europe. The growth in the country is attributed to the significant lifestyle changes among consumers in Germany.
The European Union is one of the worst-hit regions in the world with the sudden COVID-19 pandemic. The major countries, including Italy, France, the United Kingdom, have been suffering economic disruptions, which ultimately affected the home appliances market in the region during 2020.
Europe Home Appliances Market Trends
This section covers the major market trends shaping the Europe Home Appliances Market according to our research experts:
Growing Number of Smart Homes is Driving the Demand for Smart Appliances in the Market
The number of smart households in the European Union is expected to increase tenfold in the upcoming years. The annual revenue from energy management in smart households in Europe is also expected to double in the coming years. Around 15 million people in Europe are using smart home appliances to meet their needs. The European smart home appliances market is witnessing high growth. Factors, such as the soaring need for energy-efficient appliances and demand for comfort, coupled with the high expenditure capability of end-users, are driving the market growth. The European legislation made appliances, like washing machines and dishwashers, more water- and energy-efficient than washing clothes and dishes by hand. Some key driving factors behind the fast adoption and growth rate of smart home appliances in the European market include universal access to high-speed internet, introduction of smart meters, energy efficiency and energy savings, and favorable EU policies to support the digital economy in Europe. Another important reason behind the rising demand for smart home appliances is the tech-savvy young age group in Europe, as around 37% of the Europeans who have embraced the new technology are between 25 and 34 years old. The smart appliances sector in Europe is also heavily contributing to these products' R&D, with Germany, Italy, and Poland in the top position of countries investing in innovation.
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High Demand for Washing Machines is Helping the Market to Record More Revenues
Washing machines are one of the essential home appliances for residential purposes. The washing machine market continued its substantial growth during the study period in Europe. The market is mainly driven by rapid urbanization, rising household disposable income, and changing consumer preferences. Technological advancements that make washing machines more energy-efficient and eco-friendly are also facilitating their sales in the region. Poland, known as the white goods manufacturing hub in Europe, is also one of the top washing machine manufacturers and washing machine suppliers in the world. The sales of tumble dryers developed positively throughout the region. In Eastern Europe, fewer homes are equipped with tumble dryers than in Western Europe. Therefore, further above-average growth can be expected in this segment in the upcoming years.
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Europe Home Appliances Industry Overview
The home appliances market in Europe is moderately concentrated, with the presence of many international and regional companies offering major household appliances and small household appliances. Companies operating in the household appliances market in Europe continuously engage in R&D and innovation to exist in the competitive market environment. This is due to the growing competition and increased demand for innovative products. The major product innovations introduced are in terms of technology, performance, features, and design. Customers also look for household appliances that can perform multiple tasks with minimal resources.
Europe Home Appliances Market Leaders
Robert Bosch GmbH
*Disclaimer: Major Players sorted in no particular order
Europe Home Appliances Market News
- In August 2020, 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.
Europe 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 INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Value Chain Analysis
4.6 Porters Five Force Analysis
4.7 Insights into Imports and Exports
4.8 Government Regulations and Initiatives
4.9 Technological Innovations in the Industry
4.10 Impact of Covid-19 on the Market
5. MARKET SEGMENTATION
5.1.1 Major Appliances
184.108.40.206 Dishwashing Machines
220.127.116.11 Washing Machines
18.104.22.168 Cookers and Ovens
22.214.171.124 Other Major Appliances
5.1.2 Small Appliances
126.96.36.199 Vacuum Cleaners
188.8.131.52 Food Processors
184.108.40.206 Coffee machines
220.127.116.11 Grills and Roasters
18.104.22.168 Other Small Appliances
5.2 Distribution Channel
5.2.1 Exclusive Stores
5.2.2 Multi-brand Stores
5.2.4 Other Distribution Channels
5.3.2 United Kingdom
5.3.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Arcelik AS
6.2.2 Robert Bosch GmbH
6.2.3 Electrolux AB
6.2.5 De'Longhi S.p.A
6.2.6 Gorenje Group
6.2.7 LG Electronics
6.2.8 Samsung Electronics Co. Ltd
6.2.9 Whirlpool Corporation
6.2.10 Liebherr Group
6.2.11 Panasonic Corporation
6.2.13 Koninklijke Philips
- *List Not Exhaustive
7. FUTURE OF THE MARKET
Europe Home Appliances Market Research FAQs
How big is the Europe Home Appliances Market?
The Europe Home Appliances Market size is expected to reach USD 113.16 billion in 2023 and grow at a CAGR of 2.33% to reach USD 126.96 billion by 2028.
What is the current Europe Home Appliances Market size?
In 2023, the Europe Home Appliances Market size is expected to reach USD 113.16 billion.
Who are the key players in Europe Home Appliances Market?
Arcelik AS, AB Electrolux, Robert Bosch GmbH, Whirlpool Corporation and LG Electronics are the major companies operating in the Europe Home Appliances Market.
Europe Home Appliance Industry Report
Statistics for the 2023 Europe Home Appliance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Home Appliance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.