Dublin, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The "U.S. Household Appliances Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The US household appliances market is on a robust growth trajectory, with a projected market size of USD 93.04 billion by 2030, exhibiting a CAGR of 6.7% during the forecast period. Several factors are contributing to this remarkable expansion, including rising fuel costs, an increasing number of nuclear families, and the proliferation of induction cooking technology.
Key Highlights:
- Shift in User Dependency: The rise in fuel prices and the surge in nuclear families are intensifying user reliance on household appliances. The growth of induction cooking technology further amplifies this dependence, driving significant demand in the market.
- Multi-Functionality and Innovation: The popularity of multi-functional and advanced household appliances is a driving force behind market growth. These innovative products offer consumers versatile solutions, adding value for money. Vendors are constantly innovating to meet this demand, enhancing customer satisfaction and expanding their customer base.
- Cooktops and Construction: The demand for cooktops is predicted to surge due to the rising standard of living and the increasing number of residential and non-residential construction projects. According to the United States Department of Agriculture, construction permits issued in July 2020 were 9.4% higher than the previous year, fueling the demand for cooktops.
- Technological Advancements: Technological progress is a significant driver of the vacuum cleaner market. Robotic vacuum cleaners, equipped with AI algorithms and mapping capabilities, are revolutionizing home cleaning. The convenience and time-saving nature of robotic vacuums are driving their popularity among consumers.
- E-Commerce Surge: The e-commerce segment is poised to exhibit the fastest CAGR over the forecast period. With significant e-commerce penetration in the US, platforms like Amazon are driving substantial sales in the home appliance sector. Benefits like quick returns and free and one-day delivery are attracting customers.
The market report sheds light on key segments within the household appliances market:
- Refrigerators: The smart refrigerator segment is witnessing significant growth due to increasing consumer demand for connected appliances with enhanced features. Rising internet and smartphone penetration are expected to drive the adoption of smart refrigerators.
- Air Conditioners: The air conditioner segment is projected to register the fastest CAGR during the forecast period. Public awareness of energy-efficient models and the introduction of technologically advanced options with inverter and air purification technologies are driving market growth.
- Regional Impact: The Southeast region accounted for the largest market share in 2022. Growth in the housing sector in this region is set to drive demand for various household appliances. For instance, 528,000 homes were sold in Florida in 2021, marking a 19% increase compared to the previous year.
The US household appliances market is undergoing significant transformation driven by changing lifestyles, technological innovation, and increasing consumer demand for efficiency and convenience. The market's growth trajectory promises lucrative opportunities for both vendors and consumers alike.
Market Dynamics
- Driver Impact Analysis
- Growth of the Luxury Residential Market
- Rising Home Remodeling Projects
- Emergence of Technologically Advanced Kitchen and Home Appliances
- Market Restraint Analysis
- Harmful Effects of Chemicals Used in Household Appliances
Key Topics Covered
Chapter 1 Methodology And Scope
Chapter 2 Executive Summary
Chapter 3 U.S. Household Appliances Market Variables, Trends, & Scope
Chapter 4 Consumer Behavior Analysis
Chapter 5 U.S. Household Appliances Market: Product Analysis and Estimates
Chapter 6 U.S. Household Appliances Market: Distribution Channel Analysis and Estimates
Chapter 7 U.S. Household Appliances Market: Regional Estimates & Trend Analysis
Chapter 8 Competitive and Vendor Landscape
Chapter 9 Company Profiles
- Whirlpool Corporation
- Electrolux AB
- Fisher & Paykel Appliances Holdings Ltd.
- Frigidaire
- GE Appliances
- Haier Group
- LG Electronics Inc.
- Panasonic Corporation
- Robert Bosch GmbH
- Samsung Electronics Co. Ltd.
- Miele & Cie. KG
- Smeg S.p.A.
- iRobot Corporation
For more information about this report visit https://www.researchandmarkets.com/r/tfmsb2
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