Market Size of Small Home Appliances Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
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?
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.
