Global Household Appliances Market Report and Forecast 2024-2032

Global Household Appliances Market Report and Forecast 2024-2032

Global Household Appliances Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global household appliances market reached a value of USD 670.98 billion in 2023. Aided by the technological advancements, changing consumer lifestyles, and the increasing emphasis on home comfort and energy efficiency, the market is projected to further grow at a CAGR of 5.2% between 2024 and 2032 to reach a value of USD 1,061 billion by 2032.

Household appliances, encompassing a wide array of products from refrigerators to washing machines and smart home devices, have evolved beyond mere utility to become integral components of the contemporary home ecosystem. This evolution is supported by the relentless pursuit of innovation, sustainability, and consumer-centric design, marking a new era in the domestic experience.

The household appliances market growth is propelled by several key factors. Foremost among these is the technological revolution, which has introduced a new dimension of smart and connected appliances. These devices, equipped with IoT capabilities, offer unprecedented levels of convenience, efficiency, and personalisation, catering to the sophisticated needs of the modern consumer.

Energy efficiency and sustainability have also emerged as critical market drivers. Amidst growing environmental concerns, consumers are increasingly opting for appliances that minimise energy consumption and reduce carbon footprints. Manufacturers have responded with products that boast superior energy ratings, innovative eco-friendly technologies, and recyclable materials, aligning product offerings with the global sustainability agenda.

Changing lifestyles and demographic shifts influence the household appliances market outlook. The rise of urbanisation, smaller household sizes, and the increasing participation of women in the workforce have led to a heightened demand for time-saving and convenient household solutions. Additionally, the global middle class's expansion has broadened the market's consumer base, increasing accessibility to a wider array of household appliances.

A notable trend is the rise of smart appliances, which integrate with home automation systems to offer remote control, maintenance diagnostics, and energy management features. These smart appliances are gaining traction among tech-savvy consumers seeking to enhance their home living experience.

According to the household appliances market analysis, customisation and aesthetics have also become important market factors, with consumers seeking appliances that not only perform efficiently but also complement their home décor. Manufacturers are thus offering products in various styles, colours, and finishes, blending functionality with design.

Market Segmentation

The market can be divided based on type, distribution channel, and region.

Market Breakup by Type

• Major Appliances
• Air Conditioners
• Refrigerators
• Washing Machines
• Dishwashing Machines
• Freezers
• Ovens
• Others
• Small Appliances
• Vacuum Cleaners
• Grills and Roasters
• Food Processors
• Coffee/Tea Makers
• Others

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Speciality Stores
• Online
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global household appliances market. Some of the major players explored in the report by Expert Market Research are as follows:

• Robert Bosch GmbH
• LG Corporation
• Samsung Electronics Co., Ltd
• Sony Group Corporation
• Whirlpool Corporation
• Hitachi, Ltd.
• Panasonic Corporation
• Toshiba Corporation
• Midea Group
• Electrolux AB
• Haier Inc.
• Westinghouse Electric Corporation
• De' Longhi Group
• Nikai Group
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.