Market Size of North America Major Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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North America Major Home Appliances Market Analysis
The North American major home appliances market is valued at USD 79.74 billion and is expected to register a CAGR of greater than 3% during the forecast period.
The Major Home Appliance Market of North America is homogeneous and mature, driven by demand from the growing housing market and rising disposable income. Due to the high cost of manufacturing in the United States, many companies are offshoring products from other countries. Additionally, the appreciation of the US currency has led to more import-driven sales than export-driven. Nevertheless, the growth in disposable income and the expansion of the housing market have mitigated the negative effects associated with the appreciation of the dollar. The major Home Appliances Market in Canada is growing moderately with the rising costs of manufacturing in Canada. Therefore, many manufacturers are shifting their factories to the United States, where the labor is cheap.
An increase in trade tensions between China and the US might restrain the growth of the market. Refrigerator innovations to improve food preservation in a waste reduction effort and variable pressures in dishwashers to improve the cleaning performance are some of the innovations in the market. Manufacturers are innovating new products in the market to remain competitive in the market and introduce people to new products. Moreover, aesthetic innovations such as the expansion of color and painted steel are driving the market further. On taking account of all these factors, the market is expected to grow at a constant rate.
COVID-19 had a considerable impact on the North America Major Home Appliances Market due to the discontinuities in the production of appliances as a result of the stringent norms in major industrial areas. The supply chain was completely disrupted. However, the proportion of online sales of Major Home Appliances has increased significantly.
