Market Size of South Korea Major Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 9.18 Billion |
| Market Size (2029) | USD 10.13 Billion |
| CAGR (2024 - 2029) | > 2.00 % |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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South Korea Major Home Appliances Market Analysis
The South Korea Major Home Appliances Market size is estimated at USD 9.18 billion in 2024, and is expected to reach USD 10.13 billion by 2029, growing at a CAGR of greater than 2% during the forecast period (2024-2029).
Major home appliances in South Korea are witnessing growth in the market due to constant innovation by the manufacturers. Samsung and LG are innovating new products such as refrigerators and washing machines with larger capacity for greater food storage. Product innovations and government policies are fostering the growth of IoT in the major appliances segment. The major home appliances market in South Korea is driven by increasing single families, premiumization of products, personalization, and cost reduction by automation in the home appliances market. Fine articulation, on the other hand, has been an issue in the major home appliances market for some of the consumers seeking a healthy lifestyle. Advancements in Technologies and speed of development are supporting the growth of the South Korean major home appliances market. Smart Home appliances have become a vital part of the home appliances market in South Korea.
The COVID-19 pandemic led to a change in South Korea's major home appliance consumption trends; the popularity of electronics helping with household chores increased as most of the population worked from home, and spending more time at home required many appliances that could complete tasks quickly.
