Small Home Appliances Market Size
|Study Period||2018- 2028|
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Small Home Appliances Market Analysis
The small home appliances market is valued at USD 60.2 billion in the current year and is expected to reach a CAGR of 7.2% during the forecast period.
The COVID-19 pandemic impacted the global small home appliances market. As people spent more time at home due to lockdowns and social distancing measures, the demand for small home appliances increased as consumers focused on home improvement and convenience. The pandemic also led to an increase in remote working and virtual learning, which boosted the demand for products such as coffee makers, blenders, and microwaves. Despite these challenges, the small home appliances market has shown resilience and adapted to the changing consumer needs and preferences during the pandemic. The market has also seen an increased demand for energy-efficient and smart home appliances, which are expected to drive the growth of the market in the coming years.
Small appliances are semi-portable or portable machines, basically used on platforms such as countertops and tabletops to accomplish a certain household task. Some of the small appliances function equally as major appliances and perform similar tasks such as an oven. Small appliances are available in both commercials as well as home versions. The global market for small appliances is expected to witness significant growth over the coming years owing to the growing living standards of consumers, especially in developing regions. The market is likely to be primarily driven by the development of innovative products. Value-added features and upgrading the new products are also anticipated to trigger the demand for small appliances in the upcoming years.
Furthermore, small home appliances are gaining popularity due to changes in consumer lifestyle patterns which has further propelled the demand for these small appliances. Consumers are becoming tech-savvy and using small home appliances to save time. Due to the expansion of the e-commerce industry, the small home appliances market may witness more demand as online platforms offer several benefits such as free home delivery, discounts, product varieties, and easy exchange, which are major factors that makes online purchases highly attractive.
Small Home Appliances Market Trends
Small Kitchen Appliances Segment Emerged as the Most Dominant Segment
Changing lifestyles is one of the driving factors. More people live in cities and have less space; there are more single households, people travel and get inspiration from all over the world, and they also might have less time. The kitchen has become the heart of the home. The appliances needs to be functional and easy to use. The prime reason for the growth of the small kitchen appliances market is an increase in the disposable income of consumers worldwide. The rise in disposable income drives consumer needs. Innovation in product design has resulted in increased operational efficiency of small kitchen appliances. Thus, the demand for small kitchen appliances is expected to grow during the forecast period.
Convenience in the usage of compact kitchen appliances, owing to ease in handling and maintenance is fueling the growth of the small kitchen appliances market. The rise in the number of millennials using kitchen appliances with compact designs and multiple functionalities is anticipated to drive the small kitchen appliances market further in the forecast period.
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Asia-Pacific Region is Anticipated to Witness Highest Demand for Small Appliances
The Asia-Pacific region is currently leading the volume sale of the small appliances among all regions in the world and it is the fastest-growing region. It is anticipated that the Asia Pacific region will continue to see this positive growth of small appliances in the forecast period. Increasing disposable incomes, urban lifestyles, and the health-conscious trend are some of the major factors that can be attributed to the growth of small home appliances in this region.
India and Southeast Asian countries are likely to be the top key markets in the region driving the growth of small appliances. Due to aging populations in the Asia Pacific, certain products such as air fryers, bread makers, food processors, and other healthy function products will benefit from the trend. The top players in the Asia Pacific are mainly companies from China, however, only Midea and Haier have been able to expand overseas successfully. Other regional and international players continue to compete with these companies across all markets.
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Small Home Appliances Industry Overview
The market for small domestic appliances is competitive, with a huge number of global and regional players. The major players are adopting a variety of strategies, such as regional expansions and product portfolio expansion, to enhance their position in the market. Some of the key players operating in the global small domestic appliances market are Russell Hobbs Inc., Proctor Silex, Philips, Meyer Corporation, Kitchen Aid, Hamilton Beach Brands, and Haier.
Small Home Appliances Market Leaders
Russell Hobbs Inc
*Disclaimer: Major Players sorted in no particular order
Small Home Appliances Market News
- April 2023: Haier India is investing USD 182.8 million in the second phase of expansion at its Greater Noida facility, mostly on the backward integration and is expected to complete by 2025, which will, in turn, help it increase the localization of the components.
- May 2022: Philips Expands Manufacturing and Research and Development Facility in Pune, Maharashtra.
Small Home Appliances 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. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Urbanization and High Disposable Income is Driving the Market
4.2.2 Increase in Online Sales is Driving the Market
4.3 Market Restraints
4.3.1 Volatility in Raw Material Prices
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Technological Innovations in the Small Home Appliances Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Vacuum Cleaners
5.1.2 Hair Clippers
5.1.5 Hair Dryers
5.1.6 Coffee Machines
5.1.7 Grills and Roasters
5.1.8 Other Products
5.2 By Distribution Channel
5.2.2 Specialty Stores
5.2.3 Online Stores
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.4 South America
5.3.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Competion Overview
6.2 Company Profiles
6.2.1 Russell Hobbs Inc.
6.2.2 Proctor Silex
6.2.4 Meyer Coroporation
6.2.6 Hamilton Beach Brands
6.2.8 GlenDimplex (Morphy Richards)
6.2.9 Robert Bosch GmbH
6.2.10 Whirlpool Corporation
6.2.11 Dyson Ltd
6.2.12 Groupe SEB
6.2.13 Stanley Black & Decker Inc.
6.2.14 Kenwood Limited*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Small Home Appliances Market Research FAQs
What is the study period of this market?
The Small Home Appliances Market is studied from 2018 - 2028.
What is the growth rate of Small Home Appliances Market?
The Small Home Appliances Market is growing at a CAGR of 7.2% over the next 5 years.
Which region has highest growth rate in Small Home Appliances Market?
Asia Pacific is growing at the highest CAGR over 2018- 2028.
Which region has largest share in Small Home Appliances Market?
North America holds highest share in 2022.
Who are the key players in Small Home Appliances Market?
Russell Hobbs Inc, Proctor Silex, Philips, Kitchen Aid, Haier are the major companies operating in Small Home Appliances Market.
Small Home Appliances Industry Report
Statistics for the 2023 Small Home Appliances market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Small Home Appliances 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.