United States Major Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States Major Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

United States major home appliance market has been growing for the past several years and improvement in lifestyle is also one of the key factors. The United States home appliance market is concentrating more on designing innovative and user-friendly products to provide the consumer better. Home appliances are used for various day-to-day functions like cooking, cleaning, purifying, food preservation, and major home appliances, usually used in bedrooms, bathrooms, halls, and the kitchen. When there is growth in the housing sector, there will be demand for home appliances and the market will continue to grow.

The major home appliances market is expected to exhibit considerable growth in the coming years due to the rise in disposable incomes coupled with rapid urbanization, leading to enhanced consumer spending. Technological advancements have led to the development of appliances like refrigerators, washing machines, and dishwashers and are expected to drive the growth of the home appliances market during the forecast period and there is a rapid growth in major home appliances. The United States is a matured and homogenous market for home appliances with high product penetration. Consumers generally opt for modern and stylish home appliances that complement their living standards The market is introducing products equipped with advanced features to cater to their demands.

The increasing online sales over the past few years is expected to play a major role in the growth of the market throughout the forecast period. Over the recent five years, the online sales of major home appliances grew steadily, as both rising e-commerce sales and recovering construction activity boosted the demand for industrial goods. ​Growth in wired and wireless communication technology has created new potential for major smart home appliances in the market. The weak product differentiation has led to industry players focus on brand value, energy efficiency, and technological innovation. The wave of IoT and smart homes is driving the adoption of smart and advanced appliances. In the battle to achieve differentiation by leveraging technology, the market is witnessing a defining growth in the mature markets of the United States. This is augmented by increasing internet penetration, which has demographically expanded the potential consumer base for connected devices.​

The rapid spread of COVID-19 across the world led to serious challenges for most suppliers of manufactured products, including large home appliances in the United States, in the form of supply chain disruptions. ​Limited availability of components, restricted labour supply, and other supply chain-related costs are some of the major challenges that most industry players are focusing on at present. ​

Key Market TrendsRaising Residential Housing is Driving the Market for Major Home Appliances

With an increase in residential housing, demand for major home appliances is increased to push the production data moderately high. The performance of the housing market has a direct impact on the manufacturing of major home appliances. The residential housing sector in the United States is likely to generate increased demand for major home appliances in the country, thus boosting the future growth prospects of the market. Additionally, increasing home renovation activities in the country may drive the demand for major appliances in the short term.​ The United States home improvement industry is stronger than it has been in over ten years and encompasses the sale of building materials, appliances, décor, and other home enhancements, and the services offered by contractors, tradespeople, and other workers who help build, install, modify, and upgrade homes. The business of homeownership represents a significant portion of the US economy.​ With a nationwide shortage of housing and record-high home prices, more homeowners prefer to stay in their properties versus move or upgrade to new ones in the United States.​ Moreover, researches indicate that during these renovation activities, consumers are most likely to upgrade their major home appliances, such as refrigerators, freezers, ranges, washing machines, etc.​ The new housing construction is one of the primary factors determining the demand for new refrigerators and freezers in the country. Though most households already have one or more refrigerators at their homes, due to the rapid technological developments in the industry, most customers are willing to trade their old ones with the new models more frequently. ​

Refrigerator Segment is Taking Largest Share in the Market

A refrigerator is an appliance used for food storage in cold temperatures to help food stay fresh longer. The refrigerator has become an essential part of a household and is one of the first appliances that is purchased once the household income reaches an adequate level. The refrigerator market is the major contributor in the United States major home appliance market. Refrigerators are used to preserve edible items at a range of different temperatures and the introduction of advanced refrigerators provided with smart technologies is expected to drive the market in the future. The demand for refrigerators is primarily driven by the residential sector and improved standards of living thus led to a demand for major home appliances market in the United States.

Competitive Landscape

The report covers major international players operating in the United States Major Home Appliances Market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets. Major players operating in the market are LG Electronics, Haier Group, Whirlpool Corporation, Midea Group, Samsung Electronics, Bosch, Electrolux AB, Gorenje Group, Panasonic Corporation​, Arcelik AS, and Others.

Additional Benefits:

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

Companies Mentioned
 
LG Electronics
Haier Group
Whirlpool Corporation
Midea Group
Samsung Electronics
Bosch
Electrolux AB
Gorenje Group
Panasonic Corporation
Arcelik AS*

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