Home Appliance Market Size
|Study Period||2019 - 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Home Appliance Market Analysis
The Home Appliances Market size is estimated at USD 514.93 billion in 2023 and is expected to reach USD 636.89 billion by 2028, registering a CAGR of 4.34% during the forecast period.
Technological advancements have led to the development of smart appliances and are expected to drive market growth over the forecast period. Smart appliances offer advanced features and are more energy-efficient. The rise in consumer disposable income, high living standards, and the need for comfort encourage consumers to upgrade their existing appliances to smarter versions, which is further expected to impact the market demand. Consumers widely purchase home appliances as they offer ease, diminish efforts, and save time. Product innovation, new product development, product differentiation, and integration of numerous value-added features are further expected to catapult the market demand over the next few years. The market is considerably driven by trends such as effectiveness, diversity, sustainability, stylish design, and smart functionality of home appliances. The home appliance market offers significant growth opportunities as they are easy to use and help improve the quality of life. Moreover, the market is beholding new trends in terms of sustainability and energy efficiency, thereby simplifying several household tasks while endorsing well-being. High-quality materials and aesthetically pleasing designs combined with innovative and diverse functionalities offer avenues for market growth. Design is an important aspect of these white goods.
Wireless technologies like Wi-Fi and Bluetooth can be used in or accessed by smartphones and tablets. But the inclusion of these technologies in home appliances (like air conditioners) is a means of product differentiation by manufacturers that is enticing tech-savvy consumers. The improvement in network infrastructure has translated into better broadband and internet penetration. Therefore, consumers are increasingly opting for wireless and technologically advanced products, mostly for the convenience they offer. The low cost associated with the ownership of white goods, particularly in developing economies, also provides opportunities for market growth. Furthermore, a rise in replacement sales in developed regions is also expected to drive the market demand. This may be attributed to a rise in per capita income, coupled with rapid urbanization.
COVID-19 disrupted the global supply chain of the major home appliances and consumer electronic brands. China was one of the largest consumers and producers of various home appliances and consumer electronics products, but it also catered to a wide range of countries by exporting several input supplies that were essentially used to produce finished goods. The shutdown of the production in China forced other consumer electronics makers based in the United States and Europe to temporarily hold the production of the finished goods. This led to an increase in the supply and demand gap.
Home Appliance Market Trends
The Refrigerators Segment Accounts for a Significant Market Share
Refrigerators are considered a safe, easy, and convenient way to preserve food and food products. Rising disposable income, availability of smart and energy-efficient refrigerator units, and a widening base of nuclear families are leading to an upsurge in demand for refrigerators for household applications. Single-door refrigerators are the most widely used door type as they are cost-efficient, easy to use, and may or may not contain an inbuilt freezer. The French door refrigerators, on the other hand, are rapidly gaining popularity owing to the ease of usability and smart features introduced in these refrigerators. Nevertheless, market players are trying to come up with new models that have a minimum impact on the environment. Abandoning the use of old refrigerators and regular servicing are likely to reduce harmful emissions, thereby curtailing environmental pollution.
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Asia-Pacific is Dominating the Home Appliances Market
Regional brands, including Haier, Midea, Gree, Hisense from China, Samsung, LG from Korea, Panasonic, Sharp, Hitachi from Japan, and Videocon from India, largely dominate the market for home appliances in the Asia-Pacific region. The smart appliances market in Asia-Pacific is expected to grow at a rapid rate. Developed countries like Japan, Singapore, Hong Kong, and Indonesia are expected to register an increase in the sales of smart appliances, mostly owing to the rising energy and labor costs, the high purchasing power of consumers, and greater awareness about smart cities and smart integrated appliances. China has the highest demand for conventional air conditioners, by volume, across the globe, owing to government policies that favor energy-saving appliances, a growing property market, and hot weather.
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Home Appliance Industry Overview
The Home Appliance market is highly fragmented, with many players. In terms of market share, some major international players dominating the home appliances market are Whirlpool, Haier, Samsung Electronics, LG Electronics, and Bosch. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.
Home Appliance Market Leaders
*Disclaimer: Major Players sorted in no particular order
Home Appliance Market News
- November 2022: Lowe's expanded its assortment of premium appliances through a new partnership with Miele. Their partnership with Miele reaffirmed Lowe's commitment to ensure that they have new, high-quality offerings across all price points.
- April 2022: Samsung partnered with ABB Group, a leader in power and automation solutions. This partnership aimed to expedite the integration of SmartThings into more buildings and homes. Additionally, this partnership would allow users to lower costs and create a more positive environmental impact.
Home Appliance 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
4.2.1 Increasing Adoption of Connected Home Appliances for Convenience and Automation
4.3 Market Restraints
4.3.1 Changing Consumer Preferences and Lifestyle Trends Influencing Demand for Certain Appliances
4.4 Market Opportunities
4.4.1 Integration of Smart Home Technology, such as IoT and Voice Control, in Appliances
4.5 Value Chain/Supply Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Suppliers
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on Technological Advancements in the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Major Appliances
220.127.116.11 Dishwashing Machines
18.104.22.168 Washing Machines
22.214.171.124 Air Conditioners
126.96.36.199 Other Major Appliances
5.1.2 Small Appliances
188.8.131.52 Coffee/Tea Makers
184.108.40.206 Food Processors
220.127.116.11 Grills and Roasters
18.104.22.168 Vacuum Cleaners
22.214.171.124 Other Small Appliances
5.2 By Distribution Channel
5.2.1 Multi-Branded Stores
5.2.2 Specialty Stores
5.2.4 Other Distribution Channels
5.3.1 North America
5.3.2 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.2 Whirlpool Corporation
6.1.3 Samsung Electronics
6.1.4 LG Electronics
6.1.10 Panasonic Corporation*
- *List Not Exhaustive
7. FUTURE TRENDS
Home Appliance Market Research FAQs
What is the study period of this market?
The Home Appliances Market is studied from 2019 - 2028.
What is the growth rate of Home Appliances Market?
The Home Appliances Market is growing at a CAGR of 4.34% over the next 5 years.
Which region has highest growth rate in Home Appliances Market?
Asia Pacific is growing at the highest CAGR over 2019 - 2028.
Which region has largest share in Home Appliances Market?
Asia Pacific holds highest share in 2022.
Who are the key players in Home Appliances Market?
Whirlpool, Haier, Samsung Electronics, LG Electronics, Bosch are the major companies operating in Home Appliances Market.
Home Appliance Industry Report
Statistics for the 2023 Home Appliances market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Home Appliances analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.