New York, United States , July 18, 2024 (GLOBE NEWSWIRE) -- The Global White Goods Market Size is to Grow from USD 758.78 Billion in 2023 to USD 1658.82 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.14% during the projected period.
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White goods are the more common term for large home appliances. These are electrical appliances used in the home for tasks like cooking, cleaning, preserving food, drying clothes, heating, and cooling, among many other tasks that are often performed in the hospitality industry. White goods include refrigerators, ovens, washing machines, air conditioners, and other appliances. The white goods industry is a significant revenue generator due to the widespread demand for both basic and complex products from consumers across all economic categories. It is projected that the industry will expand with the introduction of novel features and unique sizes and shapes. The growing number of hotels and restaurants, along with association and governmental regulations about sanitation and hygiene, are the main factors driving the white goods market. The growing inclination of customers towards online purchasing is driving growth in the white goods market. However, the high installation and maintenance costs of the present applications restrict the white goods market's growth. Growing raw material costs restored by worries about the supply chain are the cause of the white goods market declining growth rate.
Browse key industry insights spread across 200 pages with 90 Market data tables and figures & charts from the "Global White Goods Market Size, Share, and COVID-19 Impact Analysis, By Product (Air conditioners, Refrigerators, Washing Machine, Dishwasher, Microwave Oven, Others), By End User (Residential, Commercial), By Distribution Channel (Supermarket & Hypermarket, Specialty Store, Department store, E-commerce, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The refrigerator segment is anticipated to hold the greatest share of the global white goods market during the projected timeframe.
On the basis of product, the global white goods market is divided into air conditioners, refrigerators, washing machines, dishwashers, microwave ovens, and others. Among these, the refrigerator segment is anticipated to hold the greatest share of the global white goods market during the projected timeframe. A refrigerator is a type of equipment used in homes and businesses. It is made up of a thermally insulated chamber and a heating system that lowers the interior temperature of the appliance to below ambient temperature.
The residential segment is anticipated to hold the largest share of the global white goods market during the projected timeframe.
On the basis of end-users, the global white goods market is divided into residential and commercial. Among these, the residential segment is anticipated to hold the largest share of the global White Goods market during the projected timeframe. White goods are becoming much more in demand as people's lifestyles and living conditions get better. People actively engage in home remodeling, interior design, and changing out ineffective white goods for original, imaginative ones.
The specialty stores segment is predicted to hold the greatest share of the global white goods market during the estimated period.
On the basis of distribution channels, the global white goods market is divided into includes supermarkets & hypermarkets, specialty stores, department stores, e-commerce, and others. Among these, the specialty stores segment is predicted to hold the greatest share of the global white goods market during the estimated period. Specialty stores concentrate on particular product categories, while general merchants offer a range of consumer goods categories. Specialty stores offer a large selection of parameters for customers to purchase and compare.
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Asia Pacific is expected to hold the largest share of the global white goods market over the forecast period.
Asia Pacific is expected to hold the largest share of the global white goods market over the forecast period. Growing consumer lifestyles in the region are the primary driver of growth. The main growing economies in the Asia-Pacific region are witnessing a shift in consumer tastes. The population of cities and the growth of job opportunities are driving the regional market. Important market for white goods include Singapore, South Korea, Japan, China, India, and South Korea.
North America is predicted to grow at the fastest pace in the global white goods market during the projected timeframe. The North American refrigerator and air conditioner industry has changed as a result of the expansion of home and kitchen appliances as well as the presence of international companies in this region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global white goods market include Whirlpool Corporation, Havells India Limited, Samsung Electronics Co., Ltd, Panasonic Corporation, LG Electronics Inc., Hitachi, Ltd, Robert Bosch GMBH, TCL Corporation, IFB Industries, Symphony Limited, Blue Star Limited, Midea Group, Siemens, Dyson Limited, and Others Key players.
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Recent Developments
- In April 2024, Samsung Electronics Co., Ltd. presented its newest line of home appliances with several exclusive launch events held in Seoul, Paris, and New York City. Samsung showcased its goal of enhancing the complete home experience through product integration and the demonstration of artificial intelligence (AI) enhancing appliance performance.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global white goods market based on the below-mentioned segments:
Global White Goods Market, By Product
- Air conditioners
- Refrigerator
- Washing Machine
- Dishwasher
- Microwave Oven
- Others
Global White Goods Market, By End User
- Residential
- Commercial
Global White Goods Market, By Distribution Channels
- Supermarket & Hypermarket
- Specialty Store
- Department store
- E-commerce
- Others
Global White Goods Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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