Market Size of Mexico Major Home Appliance Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | > 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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(2024-2029).
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.
