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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 Distribution Channel|
|Other Distribution Channels|
|Middle-East and Africa|
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.
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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.
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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.
- 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 Study Deliverables
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 Value Chain/Supply Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Major Appliances
22.214.171.124 Dishwashing Machines
126.96.36.199 Washing Machines
188.8.131.52 Air Conditioners
184.108.40.206 Other Major Appliances
5.1.2 Small Appliances
220.127.116.11 Coffee/Tea Makers
18.104.22.168 Food Processors
22.214.171.124 Grills and Roasters
126.96.36.199 Vacuum Cleaners
188.8.131.52 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
*List Not Exhaustive
6.1 Company Profiles
6.1.2 Whirlpool Corporation
6.1.3 Samsung Electronics
6.1.4 LG Electronics
6.1.10 Panasonic Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Home Appliances Market market is studied from 2017 - 2026.
What is the growth rate of Home Appliances Market?
The Home Appliances Market is growing at a CAGR of >4% over the next 5 years.
Which region has highest growth rate in Home Appliances Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Home Appliances Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Home Appliances Market?
- Samsung Electronics
- LG Electronics
Are the major companies operating in Home Appliances Market.