Household Appliances Market

GMI Research analysis indicates that the Household Appliances Market is slated to register a CAGR of 4.5% over the forecast period, till 2029.

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Key Drivers

The global household appliances market is primarily driven by increasing digitalization, rising per capita income, and growing consumer demand for technologically advanced products at the global level. The growing trend of using powered and automatic household appliances to ease the housekeeping chores driven by the changing consumer lifestyle will drastically increase the demand for household appliances in the coming years. Various home appliances offer numerous advantages such as saving labor cost, time, and highly convenience. In addition to this, the continuous development of smart homes is leading to accelerated adoption of smart appliances, followed by rapid urbanization, and rising adoption of connected solutions will attract a large number of consumers to opt for household appliances over the forecast period. An increase in the female labor force participation rates as the household appliances reduces the time spend on the chores, which is further boosting the market growth. Continuous technological advancements in household appliances such as the implementation of artificial intelligence, IoT and rising investments in the research & development activities to reduce cost, complexity, and enable energy savings are some other factors fuelling the growth of the global household appliances market worldwide. The factors that are responsible for hindering the growth of the global household appliances market include the high cost of household appliances and an increase in the number of counterfeit products.

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Product – Segment Analysis

Based on the product, the Refrigerator segment is expected to increase at a higher CAGR during the forecast period owing to the rising implementation of advanced technologies in the refrigerators and growth in the customer’s spending. In addition to this, the strong demand for energy-efficient refrigerators and smart appliances in the kitchen will further drive the market growth of this segment.

Distribution Channel – Segment Analysis

Based on the distribution channel, the E-Commerce segment is anticipated to grow at a higher CAGR over the forecast period due to the increasing penetration of smartphones and enhanced speed internet is leading to an increase in the sales of home appliances from this distribution channel.

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Regional – Segment Analysis

Based on the region, Asia-Pacific is expected to grow at a higher compound annual growth rate during the forecast period owing to the rapid growth in the economy across developing countries such as China, India,  followed by the fundamental shift in the consumer’s preference towards technologically advanced products. In addition to this, increasing adoption of household appliances among the consumers and rapid growth in the middle-class population are some other factors driving the growth of the home appliances market in this region.

Top Market Players

Various notable players operating in the market include Haier lnc., AB Electrolux, Hitachi, Ltd., LG Electronics, Panasonic Corporation, Midea Group, Samsung, BSH Hausgeräte GmbH, Sharp Corporation, and Whirlpool Corporation, among others.

Key Developments:

• • In 2019, LG Electronics increased its output by scaling up the production volume of household appliances to meet the increasing demand of all the product segments among the consumers.
  • In 2019, Midea Group entered into a strategic collaboration agreement with BASF to develop solutions for more energy-efficient and cleaner household appliances. In this collaboration, the advanced materials and innovative solutions of BASF will be implemented into household appliances of Midea Group, such as air conditioners, refrigerators, and others.

Segments covered in the Report:

The global household appliances market has been segmented on the basis of product, distribution channel, and region. Based on the product, the market is segmented into air conditioner & heater, refrigerator, washing machine, entertainment & information appliances, cooktop, cooking range, microwave & oven, cleaning appliance, and others. Based on the distribution channel, the market is segmented into specialty stores, supermarket & hypermarket, e-commerce, and others.

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Key questions answered in this research report:

• • At what pace is the global household appliances market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global household appliances market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global household appliances market?
  • Which product generated maximum revenues in 2021 and identify the most promising product during the forecast period?
  • What are the various distribution channels of the household appliances, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues Currency (2021)	USD Million
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product, By Distribution Channel, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Haier lnc., AB Electrolux, Hitachi, Ltd., LG Electronics, Panasonic Corporation, Midea Group, Samsung, BSH Hausgeräte GmbH, Sharp Corporation, and Whirlpool Corporation among others; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Household Appliances Market by Product

• • Air Conditioner & Heater
  • Refrigerator
  • Washing Machine
  • Entertainment & Information Appliances
  • Cooktop, Cooking Range, Microwave & Oven
  • Cleaning Appliance
  • Others

Global Household Appliances Market by Distribution Channel

• • Specialty Stores
  • Supermarket & Hypermarket
  • E-Commerce
  • Others

Global Household Appliances Market by Region

• • North America Household Appliances Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Household Appliances Market (Option 2: As a part of the free 25% Customization)
    • By Product
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Household Appliances Market (Option 3: As a part of the free 25% Customization)
    • By Product
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Household Appliances Market (Option 4: As a part of the free 25% Customization)
    • By Product
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Household Appliances Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Haier lnc.
  • AB Electrolux
  • Hitachi, Ltd.
  • LG Electronics
  • Panasonic Corporation
  • Midea Group
  • Samsung
  • BSH Hausgeräte GmbH
  • Sharp Corporation
  • Whirlpool Corporation