Market Size of South Korea Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.40 % |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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South Korean Home Appliances Market Analysis
A technology-driven country, South Korea, holds greater scope for the home appliances market. The majority of the existing technology innovations were first introduced in the South Korean market to match the dynamically changing consumer preferences. The electronics giants, like LG Electronics and Samsung, are retaining their global top positions by addressing these customer preferences in a timely manner. The market for major home appliances is greater than that of the small home appliances in this region. Technology up-gradation and the adoptability it holds for applications in every segment of the home appliance are making the market an evergreen one for manufacturers. Despite being a developed country with saturated market conditions, the South Korean home appliances market still holds the power to penetrate and grab a positive market share. This astronomical change that is being observed is due to the increased disposable incomes of people and the rapid urbanization trends that can be seen in different parts of the country. Large home appliances are still scoring a positive number when compared to small home appliances.
COVID-19 had a mixed impact on retail volume sales in the South Korean home appliances market in 2020, thus, significantly boosting the demand for coffee machines, coffee mills, and breadmakers. On the other hand, the pandemic may have a modest negative impact on the demand for light fryers and rice cookers.
