North America Luxury Appliance Market Size

North America Luxury Appliance Market Analysis

The North America Luxury Appliance Market size is estimated at USD 27.05 million in 2024, and is expected to reach USD 34.73 million by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).

The Luxury Appliance market in North America is dominated by two big economies namely, America, and Canada. The Appliance market is mature and homogeneous with high product penetration and dominated by replacement products. COVID-19's rapid spread across the world led to serious implications for most suppliers of manufactured products, including luxury and kitchen appliances in North America, in the form of supply chain disruptions. The Pandemic resulted in a decrease in sales from offline stores whereas, there was a rise in sales from E-commerce sites in the second half of 2020. The market demand for core appliances grew by 6% in the US during that period.

US and Canada are the countries with high household disposable income. Consumer spending patterns in household appliances in the US increased by 2.83% CAGR in the last 5 years. A similar consumption pattern is seen in Canada. The spending in the appliance market in the e-commerce sector is also increasing. The use of the online medium to research the appliance increased by 24% whereas sales increased by 15% after the onset of the pandemic. Sustainability has emerged as the key market trend as two-thirds of the global consumer are willing to pay more for environmentally sustainable products. The increasing regulations demand manufacturers to produce energy-efficient and environmentally sustainable products. The energy-efficient appliances, low carbon footprint, and appliances that emit no or low harmful emissions are gaining demand.