NEW YORK, April 25, 2024 /PRNewswire/ — The household appliances market size in US is estimated to grow by USD 13.03 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.05% during the forecast period.
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Key Trends Fueling Growth:
- Increased adoption of multi- and advanced products:
- Multi-functional products in the market can serve multiple household applications and are therefore they are cost-effective. Multifunctional products are believed to save customers time and resources. Multifunctional home & household appliances also save space, money, and effort, providing convenience and better results.
- Moreover, to meet the rising demand for multifunctional home & household appliances, US – household appliances market players are continuously innovating to stay competitive, increase customer awareness, expand their customer base, and increase demand for their products. The increasing number of such multifunctional products is a major US household appliance market trends.
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Major Challenge
- Fluctuations in raw material prices and operational costs:
- The market price of equipment is determined by various factors such as manufacturing cost, labor cost, raw material price, transportation cost, and marketing cost. Many of these costs are due to manufacturing costs, labor costs, and raw material prices. Fluctuations in raw material prices have a direct impact on product prices and manufacturers’ profit margins.
- Additionally, the US – household appliance market is highly competitive, with multiple international and domestic players. Typically, market players reduce profit margins and impact operating costs and R&D.
- Fluctuations in raw material prices therefore create challenges for manufacturers to produce efficient and innovative home & household appliances at affordable prices. As a result, such concerns are anticipated to impede the growth of the market during the forecast period.
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Analyst Review
The Household Appliances Market encompasses Major Appliances and Small Appliances, with B2C enterprises and Industry associations playing significant roles. Smart technology solutions, including Artificial Intelligence and the Internet of Things, are transforming household tasks such as food preservation, cleaning, and cooking. White goods like washer-dryers and Smart home appliances are popular choices for working professionals.
However, the Semiconductor chip shortage may impact production and availability. Specialty stores and Online/e-commerce platforms cater to consumer demand. The Consumer Technology Association provides industry insights through Trade data and Survey results, shedding light on Performance factors and consumer preferences.
Market Overview
The Household Appliances Market encompasses a wide range of products, including Major Appliances such as refrigerators, dishwashers, cooktops, ovens, and washing machines. Smaller appliances like mixers, toasters, and coffee makers are also part of this market. Consumers seek energy-efficient and technologically advanced appliances, such as smart refrigerators and self-cleaning ovens.
The market is expected to grow due to increasing urbanization, rising disposable income, and changing consumer preferences. The use of advanced technologies like IoT and AI is driving innovation in the Household Appliances Market. Companies are focusing on sustainability and eco-friendliness to cater to the growing demand for environmentally conscious products. The market is segmented by product type, technology, and region.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
- Distribution Channel
- Offline
- Online
- Product
- Major Household Appliances
- Small Household Appliances
- Geography
- North America
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
