Newark, Jan. 03, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 600 billion in 2022 global household appliances market will reach USD 1074.50 billion in 2032. A device used for domestic duties is called an appliance. Each appliance has the technology needed to perform the specific activities for which it is designed. Significant appliances include refrigerators, water heaters, stoves, washing machines, microwaves, induction cookers, dryers, dishwashers, and drying cabinets. These appliances are powered by electricity, gas, or both. By spending less time and effort on household chores, they provide homeowners with significant time savings. Giving them extra time allows them to remain energetic and increase productivity, resulting in cost savings. They are more productive and well-equipped to do more in less time. Furthermore, contemporary home appliances are becoming ecologically friendly, energy-efficient, and sustainable. Additionally, given the technological improvements, contemporary household appliances are now more ecologically friendly, energy-efficient, and sustainable.
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Key Insight of the Global Household Appliances Market
Asia Pacific will dominate the market during the forecast period.
The region's population on its own constitutes a sizeable portion of the market for home appliances. Additionally, because household appliances are practical and suitable for their busy lives, the growing number of working people in developing nations is driving demand. The existence of major industry participants and leading home appliance producers in China, India, Japan, and South Korea further aids the development of the regional market.
In 2022, the refrigerators segment dominated the market with the largest market share of 17% and market revenue of 101 billion.
The product type segment is divided into refrigerators, entertainment and information appliances, cleaning appliances, cooking appliances, heating and cooling appliances, washing and drying equipment, ovens, food processors, coffeemakers, humidifiers and others. In 2022, the refrigerators segment dominated the market with the largest market share of 17% and market revenue of 101 billion.
In 2022, the speciality stores segment dominated the market with the largest market share of 48% and market revenue of 288 billion.
The distribution channel segment is divided into supermarkets/hypermarkets, E-commerce, speciality stores and others. In 2022, the speciality stores segment dominated the market with the largest market share of 48% and market revenue of 288 billion.
Advancement in market
Samsung Electronics launched a new campaign to market its BESPOKE household appliances to challenge traditional conventions around weddings. Through mobile wedding invitations, couples can specify household goods they might require, and guests can contribute to that list instead of giving newlyweds wedding gifts. This initiative challenges the habit of giving newly married couples celebratory money. Considering how expensive it can be to outfit a house with appliances and furniture, Samsung Electronics and Cheil Worldwide introduced the "BESPOKE Wedding FUNding." As part of the new campaign, engaged couples can compile a wish list of the premium BESPOKE appliances from Samsung and include it in a mobile wedding invitation designed by the company.
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Market Dynamics
Driver: The growing number of people in employment.
Since many adult members of households throughout the world work full-time, having regular or smart home appliances helps them because it reduces the amount of effort that comes with daily chores and other activities. Increased disposable income is enabling the increased demand for home appliances. Furthermore, an increasing number of working women, professionals, young people in school, and the elderly are realizing how easy, quick, and practical it is to take care of household chores with the help of domestic appliances.
Restraints: There is a rising number of recorded cases of household appliance accidents.
Home appliances are frequently fueled by gas or electricity. In low- and middle-income countries, these devices are virtually useless when fuel and energy are scarce and infrastructure is insufficient. Furthermore, reports of dangerous radiation from appliances and short circuits in devices that run on electricity have surfaced. Smart appliance technical issues are causing emotional distress for customers. These could have severe effects, including fire and harm to property and people. As a result, worries over home appliance safety will hinder the industry's expansion.
Opportunities: the release of cutting-edge, new and advanced home appliances.
Customers desire eco-friendly and energy-efficient products, such as household appliances, because they are becoming more aware of climate change and global warming. Technological and product innovation leads to developing of complex, intelligent, environmentally friendly, and energy-efficient household appliances. These products save money, time, and the environment. The players' ongoing investment in innovation through research and development drives the market's expansion. The market will also profit from the beneficial environment created by the government with rules and regulations that encourage it.
Challenges: concerns over the rising energy demands.
Global energy price increases and the ensuing crises in the cost of living are partly caused by the depletion of fossil fuel resources and the escalation of geopolitical tensions. Due to the nation's skyrocketing electricity expenses, more people are turning to traditional domestic duties instead of purchasing energy-intensive appliances. Consequently, the market's expansion would be hampered by the rising cost of energy.
Some of the major players operating in the global household appliances market are:
• AB Electrolux
• Hitachi, Ltd.
• LG Electronics Inc.
• Midea Group Co., Ltd.
• Panasonic Corporation
• Qingdao Haier Co., Ltd.
• Robert Bosch GmbH
• Samsung Electronics Co., Ltd.
• Sharp Corporation
• Whirlpool Corporation
Key Segments covered in the market:
By Product Type
• Refrigerators
• Entertainment and Information Appliances
• Cleaning Appliances
• Cooking Appliances
• Heating and Cooling Appliances
• Washing and Drying Equipment
• Ovens
• Food Processors
• Coffeemakers
• Humidifiers
• Others
By Distribution Channel
• Supermarkets/Hypermarkets
• E-Commerce
• Speciality Stores
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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