Market Size of South Korea Small Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
South Korean Small Home Appliances Market Analysis
The South Korean Small Home Appliance Market is expected to grow in the upcoming years, owing to the use of technology and innovations in the home appliance market. The growth of small home appliances is expected to continue due to the increase in single households and the spread of new consumption trends in the market. This is leading to the increasingly seeking personalized and premium products in the home appliances market.
The trend of satisfaction through consumption is spreading in the market. Consumers in the market are preferring luxury home appliances brands. As consumers are becoming more environmentally conscious, small environmental appliances, such as air cleaners, are witnessing significant demand.
The South Korean government is supporting the growth of the market. The government planned to boost the home appliance market of the country by making use of IoT technology to boost revenues from export.
COVID-19 will have a mixed impact on retail volume sales of South Korea small home appliances in 2020, significantly boosting demand for coffee machines, coffee mills and breadmakers, as consumers spent more time at home, visit coffee shops less frequently, bake their own bread in growing numbers. On the other hand, the pandemic will have a modest negative impact on demand for light fryers and rice cookers.
