Home Technology Home Appliance Market Size, Growth and Forecast to 2031

Home Appliances Market

Home Appliances Market Size, Share & Trends Analysis Report By Product Type (Refrigerators & Freezers, Washers & Dryers, Dishwashers), By Price Range (Low, Medium, High) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Report Code: SRTE1458DR
Study Period 2019-2031 CAGR 5.1%
Historical Period 2019-2021 Forecast Period 2023-2031
Base Year 2022 Base Year Market Size USD 644 Billion 
Forecast Year 2031 Forecast Year Market Size USD 241.74 Billion
Largest Market Asia-Pacific Fastest Growing Market Middle East and Africa
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Market Overview

The Global Home Appliances Market size was valued at USD 644 billion in 2022 and is projected to reach USD 1059.04 billion by 2031, with a CAGR of 5.1% during the forecast period 2023–2031.

A home appliance is an equipment, typically electrically powered, used primarily in the home or for domestic tasks such as cooking, cleaning, or food preservation. It is also known as home appliances and consists primarily of white goods like refrigerators, air conditioners, dishwashers, clothes dryers, drying cabinets, freezers, kitchen stoves, water heaters, and washing machines. They are available through various distribution channels, including Supermarkets and Hypermarkets, Specialty Stores, E-Commerce, and Others.

Small domestic appliances are widely used in homes because they enable users to perform indoor activities such as cooking, cleaning, and personal grooming more efficiently. These small kitchen appliances significantly reduce the time and labor required for these tasks. Various electronic retailers, including Walmart, Reliance Digital, Croma, etc., offer a wide selection of manual, semi-automatic, and automatic small home appliances.

Market Dynamics

What are the Driving Factors for The Global Home Appliances Market?

Technological advancements are expected to fuel the growth of the home appliance market. Many regulations and initiatives have been put in place to encourage improvements in home appliances as countries work to reduce carbon emissions. The EU has set minimum energy standards in addition to requiring eco-design and energy labeling of appliances in most countries. Vendors have been investing in the development of mobile-controlled appliances. For example, the Internet of Things (IoT) can easily monitor air conditioners and space heaters. IoT simplifies energy waste reduction by analyzing energy consumption trends and adjusting temperature settings accordingly.

Smart appliances have been developed due to technological advancements expected to drive market growth over the forecast period. Smart appliances have more advanced features and use less energy. Consumers are encouraged to upgrade their current appliances to smarter models due to rising disposable income, high living standards, and a desire for comfort, which is predicted to further boost market demand. Consumers widely purchase home appliances because they offer convenience, reduce effort, and save time. Product innovation, new product development, product differentiation, and incorporation of numerous value-added features are anticipated to further propel market demand in the coming years. Effectiveness, diversity, sustainability, stylish design, and intelligent functionality of home appliances drive the market significantly. The home appliance market is ripe for expansion because these products are simple to use and improve the quality of life.

Moreover, the market is witnessing new trends in sustainability and energy efficiency, simplifying and promoting various household tasks. Combining high-quality materials and aesthetically pleasing designs with innovative and diverse functionalities provides opportunities for market expansion. Design is an essential aspect of these home appliances.

What are the Restraints for The Global Home Appliances Market?

The expansion of the global market for home appliances is being significantly hampered by several factors that are not favorable. The inability to automate technologically and operationally can affect consumers' purchasing decisions. In addition, power outages in rural areas can make household appliances less reliable, which is expected to have a negative impact on the overall revenue growth of the market throughout the forecast period.

What are the Future Opportunities for The Global Home Appliances Market?

Wi-Fi and Bluetooth are wireless technologies that can be used in or accessed by smartphones and tablets. However, manufacturers are enticing tech-savvy consumers by incorporating these technologies into home appliances (such as air conditioners). The advancement of network infrastructure has resulted in increased broadband and internet penetration. As a result, consumers are increasingly choosing wireless and technologically advanced products, owing to the convenience they provide. The low cost of white goods ownership, particularly in developing economies, creates opportunities for market growth. In addition, an increase in replacement sales in developed regions is expected to drive market demand. This could be attributed to rising per capita income and rapid urbanization.

Regional Analysis

The global market for Home Appliances has been segmented based on geography into North America, Europe, Asia Pacific, and LAMEA.

Asia-Pacific held the largest revenue share in 2021, exceeding 35.0% due to the growing demand for jet spray washing machines in emerging economies such as India and China. High consumption value of home appliances among people in countries such as China, Japan, and India, which results in higher revenues from small domestic appliances in the region. According to the China Household Electrical Appliances Association, domestic retail sales of home appliances in China reached nearly USD 62,280.0 million during the first half of 2019. Furthermore, the region's growing middle-class population, combined with the increasing penetration of kitchen appliances, is expected to drive market growth. A rise in the consumption of major and minor home appliances in Japan is anticipated to stimulate market expansion. The rising demand for small kitchen appliances propels market expansion. In addition, industrial expansion and rising appliance production in China are anticipated to boost the market growth.

The European region is anticipated to hold a significant market share due to rising demand for energy-efficient electronic appliance items in countries such as the United Kingdom, France, and Italy. This will drive the region's market growth. According to APPLIA Home Appliance Europe data, 7,900 million home appliances were installed in European households in 2018. Furthermore, the growing trend of cooking activities among the people in the region is expected to drive further growth in the region's market.

The Middle East and Africa are anticipated to have the highest CAGR between 2023 and 2031, at 7.7%. This is because the demand for i-wave microwave ovens is growing. The emerging trend in Saudi Arabia to adopt appliances with cordless technology will drive market demand. The rising popularity of irons, grills, roasters, and coffee machines in South Africa is anticipated to drive market expansion over the forecast period. In addition, the rising demand for refrigerators with shelves made of tempered glass in Middle Eastern nations is anticipated to boost the market growth.

Report Scope

Report Metric Details
By Product Type
  1. Refrigerators & Freezers
  2. Washers & Dryers
  3. Dishwashers
By Price Range
  1. Low
  2. Medium
  3. High
Company Profiles Haier Whirlpool Corporation Samsung Electronics LG Electronics Bosch Sony Midea Hitachi Electrolux Philips Videocon Panasonic Corporation
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global market for Home Appliances is categorized by Type, Distribution, and Product.

The market is segmented on Type into Major Appliances and Small Appliances.

The major appliances segment had more than 75.0% of revenue in 2021. The adoption of seamless and efficient cooktops in the United States and Canada is expected to drive market growth. Demand for low-cost chest freezers in Asia is driving demand for household appliances. The rising trend of consumers in Saudi Arabia and South Africa adopting multi-air flow cooling refrigerators will boost segment growth. The growing demand for QuadWash dishwashers among consumers in France and Germany can also be attributed to the growth of the major appliances segment.

During the forecast period, the small appliances segment is expected to grow significantly. This can be attributed to European consumers' increasing demand for blended drinks. The market is also growing due to increased demand for zoom wheel hair clippers. Consumers in France and Germany are driving segment growth by increasing their demand for auto cut-off anti-dry protection electric kettles. Furthermore, a surge in the adoption of heat-resistant microwave ovens among Central and South American consumers is propelling the market growth.

The market is segmented on Distribution into Offline and Online.

In 2021, the offline segment had more than 70.0% market share. This can be attributed to rising consumer demand for small appliances in the United States and China. Domestic household appliance stores, supermarkets, hypermarkets, and mid-scale retail appliance stores comprise the offline segment. During the forecast period, strong customer relationships and faster response times are expected to refuel market growth.

Dishwashing machines, cookers and ovens, grills and roasters, electric kettles, and a variety of other household appliances are available at domestic appliance stores. Policy changes for offline retailers and rising disposable income in developing countries will help build a network of household appliance stores. The immediate product offering, dependable communication with local suppliers, and effective aftermarket service are the major factors that are likely to accelerate household appliance demand. Household appliance distributors take supportive measures to provide marketing campaigns for domestic suppliers. In the offline trading platform, healthy relationships between suppliers, distributors, and consumers will aid market growth.

The online segment is expected to grow the fastest during the forecast period. This increase can be attributed to household appliance manufacturers' greater emphasis on e-commerce. The advantages of online trading include a faster buying process, no geographical limitations, quick responses to buyers, and low-cost advertising and marketing. Mobile trading applications, various payment methods, and flexible shopping hours will help the segment grow.

The market is segmented on Products into Refrigerators, Washing Machines, Air Conditioners & Heaters, Microwave & Oven, Vacuum Cleaners, and Others.

The refrigerator segment is expected to have the highest revenue share during the forecast period. Refrigerators are a simple and convenient way to keep food and products fresh. Refrigerators have become indispensable to every home and are among the most commonly purchased household appliances. They are used all year, so energy consumption is a major concern with regard to the product. Refrigerators with high energy star ratings are in high demand because they have an efficient compressor, defroster, and insulation installations, which aid in energy efficiency.

Market Size By Product Type

Impact of covid-19

COVID-19 has become an incomparable global public health emergency that has set back the development of the global home appliance market. Shut down of leading brands hypermarkets, stores, and showrooms have impacted sales of different home appliances goods and have changed the purchasing pattern of the customer. China is one of the largest suppliers of raw materials as well as finished goods are heavily affected, impacting international trade on a large-scale. The sector is facing a decline in production, instability in supply, and price volatility. Although this will significantly encourage local producers to step up and meet increasing demand, the raw material shortage can still pose a challenge to this field.

Recent Developments

  • In January 2021, Samsung and Deutsche Telekom concluded the first 5G SA trial in the Czech Republic. The two companies achieved remarkable results, with Samsung's MU-MIMO technology demonstrating spectrum efficiency three times greater than LTE.
  • In July 2021, Arcelik and Hitachi Global Life Solutions, Inc. announced the formation of Arcelik Hitachi Home Appliances B.V., a new Bangkok, Thailand-based joint venture formed by the transfer of 11 Hitachi GLS subsidiaries from Japan (two manufacture and nine sales organizations). Arcelik Hitachi Household Appliances manufactures, sells, and services refrigerators, washing machines, and vacuum cleaners bearing the Hitachi brand name outside of Japan.
  • LG created home chat, a smartphone application that enables users to remotely monitor their refrigerators, stoves, washing machines, and other appliances. Home chat technology was first introduced by LG in South Korea and is rapidly spreading worldwide.
  • In December 2020, LG Electronics Inc. of South Korea and Magna International Inc., an automotive supplier, formed a joint venture to manufacture key components for electric vehicles.

Top Key Players

Haier Whirlpool Corporation Samsung Electronics LG Electronics Bosch Sony Midea Hitachi Electrolux Philips Videocon Panasonic Corporation Others

Frequently Asked Questions (FAQs)

How big is the home appliances market?
The Global Home Appliances Market size was valued at USD 644 billion in 2022 and is projected to reach USD 1059.04 billion by 2031, with a CAGR of 5.1% during the forecast period 2023–2031.
Middle East and Africa has the highest growth in the global market.
Key verticals adopting the market include: Haier, Whirlpool Corporation, Samsung Electronics, LG Electronics, Bosch, Sony, Midea, Hitachi, Electrolux, Philips, Videocon, Panasonic Corporation.
an increase in replacement sales in developed regions is expected to drive market demand is the key drivers for the growth of the global market.
diverse functionalities provides opportunities for market expansion is one of the upcoming key trends in the global market.

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