New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global Home Appliances Market is expected to witness significant growth at a remarkable CAGR of 4.3% during the forecast period of 2023-2030. Factors such as technological advancements in home appliances, improving living standards, and others are accelerating the demand for home appliances, which, in turn, is boosting the market growth. In addition, increasing R&D investments by the key players will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the home appliances market is poised for strong expansion and is expected to reach USD 814.14 Billion by 2030. The market, which was valued at USD 582.08 Billion in 2022, is predicted to grow at a compound annual growth rate of 4.3% during the period 2023-2030. The report highlights the increasing urbanization along with rising disposable income levels, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the home appliances market.
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Home appliances, also referred to as household appliances are the machines that are used to assist the household functions such as cleaning, cooking, food preparation, and others. Home appliances help to manage time on daily tasks by reducing the effort on those activities. Appliances such as dishwashers and washing machines are used for cleaning kitchen utensils and doing everyday laundry. A refrigerator in the household helps to keep the fruits, vegetables, and other food items fresh. Other equipment such as food processors and ovens are used in the kitchen for various applications to reduce the overall efforts. These high benefits associated with home appliances are increasingly becoming popular among consumers worldwide.
Growing urbanization and rising income levels along with increasing preference for modern easy-to-use home appliances are the factors driving the growth of the global home appliances market worldwide. The increasing production of consumer electronics in the developing economies is also propelling the market growth. For instance, according to the Federation of Indian Chambers of Commerce & Industry (FICCI) in March 2021, India's television production was USD 4.24 billion in 2020-21 and is anticipated to reach USD 10.22 billion by 2026 with a CAFR of 20%.
Global Home Appliances Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Billion) | USD 814.14 Billion |
| CAGR (2023-2030) | 4.3% |
| By Type | Major Appliances, Small Appliances, and Smart Home Appliances |
| By Product Type | Refrigeration Equipment, Cooking Appliances, Washing & Drying Equipment, Heating & Cooling Equipment, Food Processing Equipment, and Others |
| By Distribution Channel | Online (Company Owned Websites and E-Commerce Channels) and Offline (Supermarkets/Hypermarkets, Specialty Stores, and Others) |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Whirlpool Corporation, Samsung Electronics Co. Ltd., Haier Inc., Bajaj Electricals Ltd., IFB Appliances, Panasonic Holdings Corporation, LG Electronics, Bosch-Siemens Hausgeräte, Electrolux AB, and Voltas Limited |
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Global Home Appliances Market Segmentation Details:
Based on Type, the major appliances segment contributed the largest shares to the market growth in 2022. Major home appliances consist of equipment such as freezers, refrigerators, washing machines, dishwashers, air conditioners, ovens, and others. The kitchen and laundry have become an essential part of the home, which is creating a high demand for home essential appliances such as dishwashers, refrigerators, and washing machines. Thus, due to the above benefits, the adoption of major appliances is increasing in household applications, thereby fueling market growth.
Based on Product Type, the refrigeration equipment segment contributed the largest shares to the market growth in 2022. Refrigerators offer a convenient, easy, and safe solution for preserving food and food products. The increasing innovations in smart refrigerator technology are driving segment growth across the globe.
Based on Distribution Channel, the offline segment accounted for the largest market share in the year 2022. The growth of the segment is attributed to the high presence of various brand stores and electronic stores, the presence of the home appliances section in supermarkets and hypermarkets, and the existence of a strong distributor network of key manufacturers across the globe.
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Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth, owing to the high presence of large market players across the region, increasing adoption of growth strategies by key players across the region, and high manufacturing capabilities of the region. For instance, according to the report published by The Government of China in January 2022, the revenue of China's home appliance sector reached USD 95.3 billion in 2021, which was 7.1% high compared with the previous year 2020.
Competitive Landscape
Whirlpool Corporation, Samsung Electronics Co. Ltd., Haier Inc., and IFB Appliances are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of home appliances. Further, the home appliances market is expected to grow steadily due to increasing R&D investments by the key players, especially in regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of home appliances players in the international market is expected to increase the competition in the industry.
Recent Developments
- In December 2021, Haier Europe a subsidiary of Haier Inc. announced the launch of a new refrigerator manufacturing facility in Romania. This new facility has a production capacity of over 1 million refrigerators per year to serve both domestic and international markets.
- In October 2021, Whirlpool Corporation announced the launch of its W Series range of premium 4-door refrigerators. The new product has 665L storage space with a quattro format to provide convenience and ample space for refrigeration needs.
- In October 2021, Panasonic Holdings Corporation, announced the expansion of its home appliance segment, with the launch of 43 new models of refrigerators and 24 new models of washing machines for the Indian market.
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Key Market Takeaways
- Asia Pacific accounted for the highest market share at 37.78% and was valued at USD 219.91 billion in 2022 and is expected to reach USD 309.29 billion in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 25.20% during the base year of 2022.
- Based on type, the major appliances segment accounted for the highest share contribution to the home appliances market statistics in 2022.
- Based on product type, the refrigeration equipment segment accounted for the highest share contribution to the home appliances market statistics in 2022.
- In the context of the distribution channel, the offline segment is expected to contribute significant shares to the growth of home appliances market statistics during the forecast period.
- Europe is expected to boost the market demand for home appliances due to the rise in demand for energy-efficient appliances and the high expenditure capability of end-users on smart home appliances is driving the market growth across the region.
List of Major Global Home Appliances Market:
- Whirlpool Corporation
- Samsung Electronics Co. Ltd.
- Haier Inc.
- Bajaj Electricals Ltd.
- IFB Appliances
- Panasonic Holdings Corporation
- LG Electronics
- Bosch-Siemens Hausgeräte
- Electrolux AB
- Voltas Limited
Global Home Appliances Market Segmentation:
- By Type
- Major Appliances
- Small Appliances
- Smart Home Appliances
- By Product Type
- Refrigeration Equipment
- Cooking Appliances
- Washing & Drying Equipment
- Heating & Cooling Equipment
- Food Processing Equipment
- Others
- By Distribution Channel
- Online
- Company Owned Websites
- E-Commerce Channels
- Offline
- Supermarket/Hypermarket
- Specialty Stores
- Others
- Online
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Frequently Asked Questions in the Home Appliances Market Report
- What was the market size of the home appliances industry in 2022?
- In 2022, the market size of home appliances was USD 582.08 billion.
- What will be the potential market valuation for the home appliances industry by 2030?
- In 2030, the market size of home appliances will be expected to reach USD 814.14 billion.
- What are the key factors restraining the growth of the home appliances market?
- Increasing semiconductor chip shortage is restraining the market growth.
- What is the dominating segment in the home appliances market by distribution channel?
- In 2022, the offline segment accounted for the highest market share in the overall home appliances market.
- Based on current market trends and future predictions, which geographical region is the dominating region in the home appliances market?
- Asia Pacific accounted for the highest market share in the overall home appliances market.
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