Market Size of Major Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Major Home Appliances Market Analysis
The major home appliances market is anticipated to grow at a positive CAGR in the forecast period. Some of the major factors driving the demand for home appliances in the world include rapid urbanization, rising housing developments at a global scale, an increase in per capita income of people and changing consumer preferences as people are willing to invest more in appliances to reduce their household chores.
Due to technological advancements and rising digitalization, consumers are becoming more tech-savvy and becoming increasingly inclined towards modern appliances due to all the benefits associated with them. There is also a rising global trend of smart home appliances which is gaining popularity. The number of smart appliances being introduced in the market is increasing rapidly and the rising emergence of smart homes is facilitating this increase of these smart appliances, which can be connected to the customer's smartphone and monitored remotely. Technological innovations in the industry are also anticipated to boost the demand for major home appliances.
