Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Market is Segmented By Product (Major Appliances (Refrigerators, Freezers, Dish Washing Machines, Ovens, Air Conditioners, and Other Major Appliances) and Small Appliances (Coffee/Tea Makers, Food Processors, Grills And Roasters, Vacuum Cleaners, and Other Small Appliances)), By Distribution Channel (Multi-Branded Stores, Specialty Stores, Online, and Other Distribution Channels), and By Geography (North America, South America, Europe, Asia-Pacific, and Middle-East And Africa). Middle-East and Africa). The report offers the market size and forecasts in value (USD Billion) for the above segments.

Market Snapshot

Home Appliance
Study Period:

2017- 2026

Base Year:

2020

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

>4 %

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Market Overview

The home appliances market is expected to register a CAGR of more than 4% during the forecast period, 2021-2026, due to rising economies and evolving consumer lifestyles.

COVID-19 has disrupted the global supply chain of the major home appliances and consumer electronic brands. China is one of the largest consumers and producers of various home appliances and consumer electronics products, but it also caters to a wide range of countries by exporting several input supplies that are essentially used to produce finished goods. The shutdown of the production in China has forced other consumer electronics makers based in the United States and Europe to temporarily hold the production of the finished goods. This is leading to an increase in the supply and demand gap.

Technological advancements have led to the development of smart appliances and are expected to drive the 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 coerce 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.

Scope of the report

A home appliance, also referred to as a domestic appliance, an electric appliance, or a household appliance, is a machine that assists in household functions such as cooking, cleaning, and food preservation. A complete background analysis of the home appliances market, which includes an assessment of the national accounts, economy, and the emerging market trends by segments, significant changes in the market dynamics, and the market overview, is covered in the report. The Market is Segmented By Product (Major Appliances (Refrigerators, Freezers, Dish Washing Machines, Ovens, Air Conditioners, and Other Major Appliances) and Small Appliances (Coffee/Tea Makers, Food Processors, Grills And Roasters, Vacuum Cleaners, and Other Small Appliances)), By Distribution Channel (Multi-Branded Stores, Specialty Stores, Online, and Other Distribution Channels), and By Geography (North America, South America, Europe, Asia-Pacific, and Middle-East And Africa). The report offers the market size and forecasts in value (USD Billion) for the above segments.

By Product
Major Appliances
Refrigerators
Freezers
Dishwashing Machines
Washing Machines
Ovens
Air Conditioners
Other Major Appliances
Small Appliances
Coffee/Tea Makers
Food Processors
Grills and Roasters
Vacuum Cleaners
Other Small Appliances
By Distribution Channel
Multi-Branded Stores
Specialty Stores
Online
Other Distribution Channels
Geography
North America
South America
Europe
Asia-Pacific
Middle-East and Africa

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Key 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 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 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.

Home Appliances Market 1

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Asia-Pacific is Dominating the Home Appliances Market

The market for home appliances in the Asia-Pacific region is largely dominated by regional brands, including Haier, Midea, Gree, Hisense from China, Samsung, and LG from Korea, Panasonic, Sharp, and Hitachi from Japan, and Videocon from India. 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.

Revenue Share

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Competitive Landscape

The report covers major international players operating in the home appliances market. In terms of market share, some of the major players currently dominate the market. 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.

Recent Developments

  • In January 2021, Samsung and Deutsche Telekom completed the first 5G SA trial in the Czech Republic. The two companies achieved outstanding results with Samsung’s MU-MIMO technology demonstrating three times higher spectrum efficiency compared to LTE.
  • In December 2020, South Korea-based LG Electronics Inc. and automotive supplier Magna International Inc. launched a joint venture that will make key components for electric cars.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Value Chain/Supply Chain Analysis

    5. 4.5 Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product

      1. 5.1.1 Major Appliances

        1. 5.1.1.1 Refrigerators

        2. 5.1.1.2 Freezers

        3. 5.1.1.3 Dishwashing Machines

        4. 5.1.1.4 Washing Machines

        5. 5.1.1.5 Ovens

        6. 5.1.1.6 Air Conditioners

        7. 5.1.1.7 Other Major Appliances

      2. 5.1.2 Small Appliances

        1. 5.1.2.1 Coffee/Tea Makers

        2. 5.1.2.2 Food Processors

        3. 5.1.2.3 Grills and Roasters

        4. 5.1.2.4 Vacuum Cleaners

        5. 5.1.2.5 Other Small Appliances

    2. 5.2 By Distribution Channel

      1. 5.2.1 Multi-Branded Stores

      2. 5.2.2 Specialty Stores

      3. 5.2.3 Online

      4. 5.2.4 Other Distribution Channels

    3. 5.3 Geography

      1. 5.3.1 North America

      2. 5.3.2 South America

      3. 5.3.3 Europe

      4. 5.3.4 Asia-Pacific

      5. 5.3.5 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Haier

      2. 6.1.2 Whirlpool Corporation

      3. 6.1.3 Samsung Electronics

      4. 6.1.4 LG Electronics

      5. 6.1.5 Bosch

      6. 6.1.6 Sony

      7. 6.1.7 Midea

      8. 6.1.8 Electrolux

      9. 6.1.9 Philips

      10. 6.1.10 Panasonic Corporation

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

**Subject to Availability

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Frequently Asked Questions

The Home Appliances Market market is studied from 2017 - 2026.

The Home Appliances Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

  • Whirlpool
  • Haier
  • Samsung Electronics
  • LG Electronics
  • Bosch

Are the major companies operating in Home Appliances Market.

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