Mexico Major Home Appliance Market Size
|Study Period||2018- 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
|CAGR (2023 - 2028)||> 3.50 %|
*Disclaimer: Major Players sorted in no particular order
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Mexico Major Home Appliance Market Analysis
The Mexico Major Home Appliance Market is expected to register a CAGR of greater than 3.5% during the forecast period.
The global COVID-19 epidemic altered consumer and buying behavior. Due to lockdown procedures, digital classrooms, and home offices, people were obliged to spend more time at home and they began to utilize their kitchens more frequently. Households frequently saw a requirement for or lack of home appliances, which was extremely advantageous for electro-domestic makers and their providers. Moreover, COVID-19 negatively impacted the market due to supply chain and production disturbances. But the online distribution channel saw increased demand for appliances due to the COVID-19 impact besides an increase in sales in the market. The same trend is expected to continue in the coming years.
With the increased demand for appliances, the appliance manufacturing industry in Mexico is booming. The country's home appliance production has increased due to the flourishing manufacturing industry. The country's expanding urbanization, brand advancements, diverse customer tastes, and corporate marketing and advertising are the main factors driving the market for major home appliances in Mexico. Many consumers are buying large household appliances due to rising levels of income. The demand for upscale goods like air conditioners and washing machines is also rising. Also, smart vendors of consumer electronics see a lot of promise in the market for major home appliances.
Customers in the market are constantly looking for goods that make their daily tasks-like cooking, cleaning, and laundry-easier. The growth in the number of smart homes in the nation and the increase in internet users have led to the combination of many appliances with cutting-edge technologies like IoT, artificial intelligence, and Wi-Fi, creating smart major home appliances. As people learn more about the costs and effects on the environment, they prefer to buy appliances that are sustainable and good for the environment.
Also, Mexico is one of the best places in the world to make things, and the investments made possible by nearshoring will make this position even stronger. Companies that produce refrigerators, washing machines, air conditioners, and other home appliances invested more than USD 1.15 billion in Mexico in 2022, demonstrating this.
Mexico Major Home Appliance Market Trends
Refrigerators are The Leading Major Home Appliance And Subsequent Revenue Growth
Large appliances like refrigerators are necessary for Mexican households. The majority of homes in Mexico utilize vapor compression technology for household refrigeration. In Mexico, there are refrigerators in at least 80% of the residences. The existence of a significant number of restaurants, hotels, and other establishments where cold beverages are typically offered in the Mexican region is also a driving element in the development of demand for refrigerators. The expansion of both basic and premium refrigerators is anticipated to be driven by the growing middle class and its spending power. French-door refrigerators are the most popular type of refrigerator. The newest series of linear top-freezer refrigerators have been introduced to the market by LG Electronics (LG). Together with refrigerators, cooktops, and ovens, they have taken up a sizable portion of the market. For the past few years, the revenue has likewise been growing steadily.
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Rise of Online sales of Major Home Appliances in Mexico is Driving the Market
Despite Mexico's relatively low internet penetration compared to other North American and South American nations, the percentage of Major Household Appliances sales conducted online has been steadily rising in recent years. Compared to prior years, internet usage has also increased. Moreover, there are fewer active e-commerce platforms in the Mexican region. Since internet usage in the region is predicted to increase by an even greater percentage in the coming years, there is a significant opportunity for e-commerce platforms to take advantage of it. This is because less employment that requires a lot of labor is available compared to blue-collar jobs. All of these elements are anticipated to strengthen Mexico's total market for major home appliances.
Mexico Major Home Appliance Industry Overview
The report includes an overview of the top players in the Major Home Appliances Market operating across Mexico such as LG Electronics, Panasonic de México S.A. de C.V., Fisher & Paykel, BSH, and Electrolux AB, among others. The Mexican major home appliance industry is moderately consolidated and has a large number of local and regional players. Government partnerships and high skilled labor boost the competitiveness of companies manufacturing large appliances in Mexico. Mexico has a high pool of skilled labor who are willing to work in the manufacturing sector providing a cost advantage to the country.
Mexico Major Home Appliance Market Leaders
Panasonic de México S.A. de C.V.
Fisher & Paykel
*Disclaimer: Major Players sorted in no particular order
Mexico Major Home Appliance Market News
- January 2023: Samsung Electronics announced the global launch of the Bespoke Infinite Line Refrigerator in select markets around the world. Having originally launched in Europe,1 the Bespoke Infinite Line Refrigerator will expand to countries including Mexico, Thailand, and Australia by the end of the year.
- October 2022: Samsung announced that it opened its first Latin American Bespoke Home flagship store in Mexico City. The new flagship store is located at the Centro Comercial Perisur. The Bespoke Home Flagship Store, visitors will see a range of Bespoke home appliances that include refrigerators, dishwashers, ovens, washing machines, dryers, and vacuum cleaners, all in one place.
- July 2022: Bosch, the leading manufacturer of household appliances in Europe, began constructing its first plant in Mexico, located in Salinas Victoria, Nuevo Leon, where it will invest US$260 million and generate up to 1,500 jobs.
Mexico Major 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. INDUSTRY DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers/Consumers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights of Technology Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.3 Dishwashing Machines
5.1.4 Washing Machines
5.1.6 Air Conditioners
5.1.7 Other Products
5.2 By Distribution Channel
5.2.1 Multi-Branded Stores
5.2.2 Specialty Stores
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Competition Overview
6.2 Company Profiles
6.2.2 Panasonic Corporation
6.2.3 Fisher & Paykel
6.2.5 Electrolux AB
6.2.11 Hamilton Beach
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Mexico Major Home Appliance Market Research FAQs
What is the current Mexico Major Home Appliance Market size?
The Mexico Major Home Appliance Market is projected to register a CAGR of greater than 3.5% during the forecast period (2023-2028)
Who are the key players in Mexico Major Home Appliance Market?
LG Electronics, Panasonic de México S.A. de C.V., Fisher & Paykel, BSH and Electrolux AB are the major companies operating in the Mexico Major Home Appliance Market.
Mexico Major Home Appliance Industry Report
Statistics for the 2023 Mexico Major Home Appliance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mexico Major Home Appliance 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.