Global Luxury Home Appliances Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Luxury Home Appliances Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Luxury home appliances are fashionable in appearance, but they can also be hidden behind customized cabinet panels, so kitchen design is the most popular. High-end devices are designed for top performance, so they are not only beautiful, but also fully functional. The use time of high-end household appliances is much longer than that of products with comparable budgets. Manufacturers have done a lot of research and testing on luxury goods. They are built with better materials, so they are built for a long time.

Market Overview:

The latest research study on the global Luxury Home Appliances market finds that the global Luxury Home Appliances market reached a value of USD 12027.45 million in 2022. It’s expected that the market will achieve USD 13842.35 million by 2028, exhibiting a CAGR of 2.37% during the forecast period.

In order to curb the COVID-19 epidemic, most countries have introduced many policies, including border blockade and social distancing. The epidemic prevention and control measures will affect the flow of people and activities, and in turn affect logistics, making the production of manufacturing, especially labor-intensive industries, affected by the supply of raw materials and labor shortages.

For the Luxury Home Appliances industry, the blockade policy will affect the supply of raw materials and export trade of products. The social distancing policy may have a great impact on the production of products, especially for some small factories, they will spend more money to maintain production during the epidemic, and factories may face the risk of closure in some areas. With the gradual control of the epidemic, some factories began to resume operation. However, while operating production, enterprises need to protect the life and health of employees, such as purchasing masks, disinfectants and other epidemic prevention materials, disinfecting the working environment before and after the production, and testing the body temperature of employees every day to ensure the health of employees. These measures will increase the production cost of enterprises and affect the development of enterprises.

But in the long term, the COVID-19 outbreak may cause more factories to start using more automated production lines to avoid the pandemic's impact on the industry. In addition, the application of IoT technology may also bring more opportunities for industry participants.

Development of online sales model of Luxury Home Appliances

With the rapid development of e-commerce industry, many industries have developed the synchronous operation mode of online websites and offline stores, and Luxury Home Appliances industry have joined in. Online sales websites reduce many business components, including employees, procurement costs, telephone calls, data input, and requirements for opening physical stores, thus reducing transaction costs; Business management becomes easier: compared with traditional physical store management, online sales websites are easier to record store inventory, transportation, logs and overall business transactions. Online sales website also provides real-time update function, which can explore all the latest business trends, communicate with customers in time, solve problems and improve customer satisfaction. Many dealers choose to receive goods online, and orders can be tracked and managed online. Among online retailers, Amazon.com and eBay are the big sellers in the United States. The rapid development of the internet provides development conditions for the new online sales model of Luxury Home Appliances.

Competition in the industry is fierce

For most industries the intensity of competitive rivalry is the major determinant of the competitiveness of the industry. Having an understanding of industry rivals is vital to successfully market a product. Positioning pertains to how the public perceives a product and distinguishes it from competitors. A business must be aware of its competitors marketing strategy and pricing and also be reactive to any changes made. The Luxury Home Appliances industry is facing a fierce competitive position. Many companies have been doing business in this industry. They pay more attention to R&D, product innovation, channel construction and customer relationship management, trying to gain greater market share and competitive advantage.

Region Overview:

In 2021, the share of the Luxury Home Appliances market in Asia Pacific stood at 30.61%.

Company Overview:

Miele is one of the major players operating in the Luxury Home Appliances market, holding a share of 23.09% in 2022.

Miele

Miele is a German manufacturer of high-end domestic appliances and commercial equipment, headquartered in Gütersloh, Ostwestfalen-Lippe. The company was founded in 1899 by Carl Miele and Reinhard Zinkann, and it has always been a family-owned and run company.

Monogram

GE Appliances is an American home appliance manufacturer based in Louisville, Kentucky. It has been majority owned by Chinese multinational home appliances company Haier since 2016. It is one of the largest appliance companies in the United States and manufactures appliances under several brands, including GE, GE Profile, Café, Monogram, Haier and Hotpoint. The company also owns FirstBuild, a co-creation community and micro-factory on the University of Louisville's campus in Louisville, Kentucky. Another FirstBuild location is in South Korea, and a FirstBuild location in India opened its doors in 2019.

Segmentation Overview:

By type, Refrigerators and Freezers segment accounted for the largest share of market in 2021.

Air Conditioners

Air conditioner quickly converts gas into a liquid and back again using chemicals that remove the warm air from inside home.

Coffee Machines

Coffee Machines is a cooking appliance used to brew coffee.

Refrigerators and Freezers

A refrigerator maintains a temperature a few degrees above the freezing point of water. A similar device that maintains a temperature below the freezing point of water is called a freezer.

Water Heaters

Water Heaters use an energy source to heat water above its initial temperature.

Washing Machines/Dryers

Washing Machines/Dryers is a home appliance used to wash laundry.

Blenders/Juicers

A blender is a kitchen appliance used to mix, crush, purée or emulsify food and other substances. A juicer is a tool used to extract juice from fruits, herbs, leafy greens and other types of vegetables in a process called juicing.

Cookers/Ranges

Cookers/Ranges is a kind of cooking utensils, which can cook food by heating it.

Dishwashers

A dishwasher is a machine used to clean dishware and cutlery automatically.

Application Overview:

The market's largest segment by application is the segment Specialty Store, with a market share of 62.36% in 2021.

Key Companies in the global Luxury Home Appliances market covered in Chapter 3:

Frigidaire
LG
Samsung Electronics (Dacor)
Fisher & Paykel
Miele
Thermador
Bertazzoni
Smeg
Sub-Zero Group
Middleby Corporation
Liebherr
BlueStar
Gaggenau
Monogram

In Chapter 4 and Chapter 14.2, on the basis of types, the Luxury Home Appliances market from 2018 to 2029 is primarily split into:

Air Conditioners
Coffee Machines
Refrigerators and Freezers
Water Heaters
Washing Machines/Dryers
Blenders/Juicers
Cookers/Ranges
Dishwashers
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Luxury Home Appliances market from 2018 to 2029 covers:

Supermarket & Hypermarket
Specialty Store
E-Commerce
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)