Market Size of Europe Home Appliances Industry
|2020 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Market Size (2024)
|USD 115.80 Billion
|Market Size (2029)
|USD 129.92 Billion
|CAGR (2024 - 2029)
*Disclaimer: Major Players sorted in no particular order
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Europe Home Appliances Market Analysis
The Europe Home Appliances Market size is estimated at USD 115.80 billion in 2024, and is expected to reach USD 129.92 billion by 2029, growing at a CAGR of 2.33% during the forecast period (2024-2029).
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.