Europe Major Home Appliances - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

Europe Major Home Appliances - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The European Major Home Appliances market has achieved a revenue of USD 51.62 Billion and is poised to grow at a CAGR of less than 3% during the forecast period.

Major home appliances include a fridge, microwave ovens, water heater appliances, and dishwashers. Major home appliances hold a major share of the household appliances market in Europe. Growing competition and increased consumer demand for innovative products are expected to drive the growth of the major home appliances market in Europe. The product innovations introduced are in terms of technology, performance, features, and design. Customers also look for home appliances that can perform multiple tasks with minimal resources. Thus the growing demand for innovative and advanced products has driven the demand for and popularity of multifunctional home appliances in Europe. The growing purchasing power, increasing disposable income among customers, and changing style trends in home appliances have propelled the demand for home appliances market in Europe.

As the COVID-19 pandemic continued to challenge public health, it has also abruptly affected economies, society, and people's lives in Europe. With many people confined to their homes, working remotely and home-schooling, interest in appliances and consumer electronics has risen. It is vital that new appliances bought during and after the pandemic are as efficient as possible to outpace higher ownership patterns and avoid increased energy consumption levels after the crisis.

Europe Major Home Appliances Market Trends

Growth in Smart Appliances is Driving the Market

Smart home appliances include refrigerators, air conditioners, dishwashers, washing machines, and others. These smart appliances have a huge growth potential especially in major European markets including Belgium, France, Ireland, the UK, Austria, Finland, Denmark, Germany, the Netherlands and Sweden. Factors such as the rising need for energy-efficient appliances, and demand for comfort, coupled with high spending capability of end-users is driving the demand for home appliances. The main driving factor behind the fast adoption and growth rate of smart home appliances in the European market include universal access to high speed internet, introduction of smart meters, energy efficiency and energy savings.

Germany is Dominating the Europe Major Home Appliances Market

Germany is the most important producer of home appliances in Europe. The market has witnessed growth in the major household appliances sector prominently. The factors responsible for the growth of major home appliances in Germany are due to the improving lifestyles of consumers, improvement in purchasing power, and migration of the rural population to the urban areas. The home appliances market in Germany is extremely competitive and fragmented due to the presence of both multinational and local players across the country.

Europe Major Home Appliances Industry Overview

The report covers international players operating in the European Major Home Appliances Market. In terms of market share, some of the major players currently dominate the market like Arcelik AS, BSH Hausgerate GmbH, AB Electrolux, Daikin Industries Ltd, and Gorenje Group. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support