Dublin, March 19, 2024 (GLOBE NEWSWIRE) -- The "The US Small Household Appliances Market: Analysis By Category, By Product, By Distribution Channel, Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2029" report has been added to ResearchAndMarkets.com's offering.
In 2023, the US small household appliances market was valued at US$27.17 billion, and is probable to reach US$38.01 billion by 2029. The US small household appliances market volume is expected to grow to 456.58 million in 2029. The US small household appliances market is projected to grow at a CAGR of 5.87%, during the forecast period of 2024-2029.
The market growth is expected to be driven by the rapid adoption of IoT technology driving smart small household appliances, integration of intelligent features for domestic appliances, growth in consumer awareness about the evolvement, increasing trend of personalization or a premium experience, booming housing market, and use of latest technology products like humidifiers, smart light, Premiumization of home experiences, trendy multi feature applications, etc. Moreover, ecosystem partnerships are becoming pivotal for small appliances manufacturers.
Small household appliances market participants are mostly focused on product advancements through the implementation of advanced technologies. Signing partnerships, contracts, joint ventures, and financial agreements around the world allow the company to preserve its brand identity on a global scale.
For instance, in December 2023, Samsung Electronics Co., Ltd. announced that it would unveil a new vacuum cleaner lineup with advanced artificial intelligence (AI). The Bespoke Jet Bot ComboT, a vacuum and mop robot cleaner, would bring enhanced AI features and steam cleaning to realize an easier cleaning experience for users.
Market Segmentation Analysis:
Cooking segment acquired majority of share in the market in 2023. Rise in urban population, and growth in adoption of methods to conserve natural resources and reduce negative impact on the environment are the major factors that encouraged the use of cooking appliances in the US small household appliances industry.
Whereas, Personal Care segment would grow at the fastest CAGR, as the major factors driven the growth of the market are escalating disposable income of consumers, thus enabling them to spend on luxury personal care products, growth in consumer awareness about the evolvement of personal appliances and use of latest technology products in daily use, like trimmers etc.
Small kitchen appliances segment acquired majority of share in the US small household appliances market in 2023, due to rise in demand from consumers, surging urban population, growing number of single person household, rising urge of consumers to learn new cooking skills, paved favorable conditions for the growth of small kitchen appliances market.
Whereas, Electric Kettles segment is projected to rise at the fastest CAGR, as electric kettles are convenient, portable, easy to use, time-effective, and energy-saving, they are gaining immense popularity among individuals over other water heating methods. The US small household appliances market volume is also segmented on the basis of products. Where Small kitchen appliances held majority of share in the market and is expected to grow in the future due to the rising living standards, growing consumer purchasing power, and growing popularity of smart home & kitchen appliances in the region.
Online channel is expected to grow at a highest CAGR in the expected years. The online sales of small household appliances experienced an increase, during the ongoing COVID-19 pandemic. The US online small household appliance sales surged due to the emergence of numerous e-commerce website which offer attractive deals & discounts. In addition, the online purchase offers home delivery and easy return of products which make online shopping more reliable and convenient for millennial as well as for the working class population.
Market Dynamics
Growth Drivers
- Growing Number of Single-Person Households
- Rise in Disposable Income
- Surging Urban Population
- Growth in Number of Smart Homes
- Rising Millennial Population
- Surging Online Sales of Small Household Appliances
- Surging Smart Sensors Demand
- Rising Demand for Energy Optimization
Challenges
- Increased Tariffs on Raw Materials
- Rising Privacy Threats
- Changing Regulations
Market Trends
- Cloud Technology
- Integration of Artificial Intelligence in Small Appliances
- Surge in Adoption of Internet of Things (IoT)
- Growing Influence of Social Media
- Introduction of Innovative Small Household Appliances
- Wellness and Healthy Lifestyles
Key players in the US small household appliances market are:
- Haier Group Corporation
- Newell Brands Inc.
- Samsung Electronics Co., Ltd.
- LG Electronics Inc.
- Whirlpool Corporation
- Panasonic Corporation
- Electrolux AB
- Robert Bosch GmbH
- Spectrum Brands
- Dyson Limited
- Smeg SpA
- Hamilton Beach Brands Holding Company
For more information about this report visit https://www.researchandmarkets.com/r/nqyvj3
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