NEW YORK , Nov. 24, 2023 /PRNewswire/ — The household appliance market is estimated to grow by USD 120.36 billion from 2022 to 2027, growing at a CAGR of 5.23%. The household appliance market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer household appliance market are AB Electrolux, Breville USA Inc., Dyson Ltd., Glen Dimplex Group, Groupe SEB, Hamilton Beach Brands Inc., Hisense International Co. Ltd., Koc Holding AS, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, MIRC Electronics Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TEKA INDUSTRIAL SA, Transform SR Brands LLC, Whirlpool Corp., Haier Smart Home Co. Ltd., and Hitachi Ltd.
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Company Offering:
- AB Electrolux – The company offers household kitchen appliances that are designed to be used for domestic applications.
- Breville USA Inc. – The company offers smart oven air fryer pro which is designed to cook frozen products.
- Dyson Ltd. – The company offers a pure hot cool link HP02 purifying heater along with a fan which is designed to be used for cooling and heating the atmospheric air in residential space.
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By Geography, the market is classified as APAC, Europe, North America, South America, and Middle East and Africa.
- APAC is estimated to contribute 50% to the growth of the global market during the forecast period. The region’s market is growing because of an increasing population of the Middle Class, with higher incomes, urbanization, and evolving lifestyles. People in this region are moving to advanced household appliances and there is a growing demand for premium products. Also, small household appliances are becoming increasingly popular to provide convenience and simple solutions for daily needs, particularly amongst working people and single households.
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- Impactful driver- Product innovation and advancement leading to portfolio extension and product premiumization
- Key Trend – Increased adoption of multi- and advanced products
- Major Challenges – Fluctuations in raw material prices and operational costs
Market Segmentation
- Based on Product, the market is segmented into major household appliances and small household appliances. The household appliances segment is estimated to witness significant growth during the forecast period. The rising acceptance of room comforts and water heaters by young people who live in cities, which are characterized by the Modern lifestyle, has increased demand for these products. In all regions, large appliances such as refrigerators and washing machines have been in high demand because they have become fundamental and indispensable for every household.
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Related Reports
The residential microwave oven market size is estimated to grow by USD 4,313.45 million at a CAGR of 7.35% between 2022 and 2027.
The hot and cold water dispensers market size is estimated to grow by USD 1,200.03 million at a CAGR of 7.65% between 2022 and 2027.
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Household Appliance Market Scope |
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Report Coverage |
Details |
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Historic period |
2017-2021 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.23% |
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YoY growth 2022-2023 (%) |
4.36 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Key countries |
US, China, Japan, Germany, and France |
TOC:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Product
- Market Segmentation by Distribution Channel
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
