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

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

The United States Home Appliances Market has achieved approximately a revenue of USD 60 billion and is poised to grow at a CAGR of approximately 3% during the forecast period.

The market for home appliances in the United States is highly saturated, with most of the product categories in home appliances exhibiting a high rate of penetration. Manufacturers are investing heavily in R&D for disruptive innovation, innovating on the size of products, further increasing the number of value-added services of the products. The volume growth of appliances sold was much higher than in the previous several years, indicating the kind of growth to be expected in the next few years in the home appliances market. The invasion of Chinese products in the local market has led to fierce competition and competitive pricing has led to a very active market scenario in the country.

Technological innovation has improved the standard of living of people across the world. An astronomical change in the way things can be observed due to the increased disposable incomes of people and the rapid urbanization trends catching up to the different parts of the world.

The rapid spread of COVID-19 led to serious challenges for most suppliers of manufactured products, including home appliances in the United States, in the form of supply chain disruptions. limited availability of components, restricted labor supply, and other supply chain-related costs are some of the major challenges that the industry witnessed. Post Covid the market has witnessed steady growth in revenue, and sustainable solutions were brought into the market under product innovations.

US Home Appliances Market Trends

The Growth of the Housing Sector is Driving the Market

The housing sector in the United States is likely to generate increased demand for home appliances in the country, thus boosting the future growth prospects of the market. When there is growth in the housing sector, there will be demand for home appliances and the market will continue to grow. The performance of the housing market has a direct impact on the manufacturing of home appliances. Improvement in living standards and the development of the housing sector fosters the growth of the market. Housing activities have always been there, and appliances like these are making life easier hence increasing the demand for these products.

E-Commerce is Driving the Market

The E-commerce segment is expected to witness rapid growth during the forecast period owing to the high penetration of the Internet and smartphones, along with technological advancements, changes in shopping behavior due to digitalization, availability of a wide range of products, and wide range of discounts and offers on online shopping sites. In addition, improvements in after-sales services have provided an impetus to the home appliances market growth. Manufacturers are working with several other companies to ensure timely delivery and installation after the online sales of the product.

US Home Appliances Industry Overview

The report covers major international players operating in the United States Home Appliances Market. In terms of market share, some of the major players currently dominate the market like Whirlpool Corporation, LG Electronics, Electrolux, Samsung, Panasonic, and Haier Electronics Group Co. Ltd. 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