NEW
YORK, June 19, 2024 /PRNewswire/ -- The global
household appliance market size is estimated to grow by
USD 121.1 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of over 5.06% during the forecast period. Product innovation and
advancement leading to portfolio extension and product
premiumization is driving market growth, with a trend
towards increased adoption of multi- and advanced products.
However, fluctuations in raw material prices and operational
costs poses a challenge. Key market players include Electrolux AB,
Breville Group Ltd., Dyson Group Co., Glen Dimplex Group., SEB
Developpement SA, Haier Smart Home Co. Ltd., Hamilton Beach Brands
Holding Co., Hisense International Co. Ltd., Hitachi Ltd., Koc
Holding AS, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and
Cie. KG, MIRC Electronics Ltd., Panasonic Holdings Corp., Robert
Bosch GmbH, Samsung Electronics Co. Ltd., TEKA INDUSTRIAL SA,
Transform Holdco LLC, and Whirlpool Corp.
![Technavio has announced its latest market research report titled Global household appliance market 2024-2028 Technavio has announced its latest market research report titled Global household appliance market 2024-2028](https://mma.prnewswire.com/media/2441685/TECHNAVIO_Household_Appliance_Market.jpg)
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Household Appliance Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.06%
|
Market growth
2024-2028
|
USD 121.1
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.55
|
Regional
analysis
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Performing market
contribution
|
APAC at 54%
|
Key
countries
|
China, US, Germany,
Japan, and France
|
Key companies
profiled
|
Electrolux AB, Breville
Group Ltd., Dyson Group Co., Glen Dimplex Group., SEB Developpement
SA, Haier Smart Home Co. Ltd., Hamilton Beach Brands Holding Co.,
Hisense International Co. Ltd., Hitachi Ltd., Koc Holding AS, LG
Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, MIRC
Electronics Ltd., Panasonic Holdings Corp., Robert Bosch GmbH,
Samsung Electronics Co. Ltd., TEKA INDUSTRIAL SA, Transform Holdco
LLC, and Whirlpool Corp.
|
Market Driver
The household appliance market experiences significant growth
due to the increasing demand for multifunctional products. These
appliances cater to multiple household applications, providing
excellent value for money. Consumers prefer multifunctional
appliances as they save time, resources, and eliminate the need for
purchasing separate products. Vendors innovate continuously to meet
this demand and offer convenience through space-saving,
cost-effective, and efficient multifunctional appliances, such as
multicookers and automatic washing machines. This trend drives the
adoption of multifunctional household appliances and increases new
and replacement purchases, fueling the global household appliance
market's growth.
The household appliance market is experiencing significant
growth with various trends shaping the industry. Smart appliances,
such as refrigerators and dishwashers, are becoming increasingly
popular due to their energy efficiency and convenience. Producers
are focusing on Artificial Intelligence and the Internet of Things
to enhance the functionality of these appliances. Disposable and
reusable filters in vacuum cleaners and air purifiers are gaining
traction as consumers prioritize sustainability. Additionally, the
demand for energy-star certified appliances is on the rise as
governments and organizations promote energy conservation.
Consumers are also seeking appliances with larger capacities to
accommodate growing families and households. Overall, the household
appliance market is witnessing innovation and advancement in
technology, design, and sustainability.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The household appliance market is influenced by the cost of raw
materials, which can fluctuate due to international prices and
transportation costs. Major materials like steel, iron, plastic,
and petroleum products have seen increased volatility, impacting
product prices or manufacturer profit margins. Transportation
costs, including fuels and taxes, also rise with raw material
prices, increasing the final product cost. Competition in the
market restricts vendors from raising prices, forcing them to
reduce profit margins and impacting operational costs and research
and development. These challenges may negatively affect the growth
of the global household appliance market.
- The household appliance market faces several challenges in
today's technological landscape. One major challenge is keeping up
with the latest advancements in technology. Consumers expect smart
and energy-efficient appliances, which require continuous
innovation. Another challenge is maintaining a competitive price
point while incorporating new features. Additionally, ensuring
compatibility with various home automation systems can be complex.
Furthermore, ensuring durability and reliability is crucial to
retain customer trust. Lastly, adhering to regulatory standards and
ensuring cybersecurity are ongoing concerns. Overall, the household
appliance industry must balance innovation, affordability, and
consumer expectations to thrive in the market.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This household appliance market report extensively covers market
segmentation by
- Product
- 1.1 Major household appliances
- 1.2 Small household appliances
- Distribution Channel
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Major household appliances- Household appliance
market experiences consistent growth due to increasing consumer
demand for convenience and efficiency. Major players include
Whirlpool, LG, and Samsung. These companies offer a range of
products such as refrigerators, washing machines, and dishwashers.
Innovations like energy efficiency and smart technology drive
market expansion. Consumers prioritize brands that provide
reliable, high-quality appliances at affordable prices. Market size
is expected to reach significant figures by 2025.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Household Appliance Market is experiencing significant
growth due to the integration of smart technologies, such as Wi-Fi,
Bluetooth, and artificial intelligence. Consumers, particularly
those in single-person households, are increasingly adopting
technologically advanced appliances for energy optimization and
sustainability. Rising disposable income and improving living
standards are driving demand for energy-efficient appliances. Novel
technologies, including wireless sensors and cloud technology, are
enabling real-time energy usage monitoring and optimization.
However, supply chain disruptions and regulations pose challenges
to market growth. Do-it-yourself pursuits and changing consumer
lifestyles are also influencing the market dynamics. E-commerce
channels are becoming crucial distribution channels, while AR/VR
technologies are offering new opportunities for product innovation.
Overall, the household appliance market is poised for continued
growth, driven by consumer disposable income, product innovation,
and sustainability concerns.
Market Research Overview
The Household Appliance Market encompasses a wide range of
consumer goods designed to make daily living easier and more
efficient. These include refrigerators, freezers, washing machines,
dishwashers, ovens, cooktops, air conditioners, and more. The
market is driven by factors such as increasing disposable income,
urbanization, and technological advancements. Consumers seek
appliances that offer energy efficiency, convenience, and advanced
features. The market is segmented based on product type,
technology, and geography. Companies are focusing on innovation and
sustainability to meet evolving consumer demands and stay
competitive. The future of the household appliance market looks
promising, with continued growth expected due to increasing global
population and rising standards of living.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Major Household Appliances
- Small Household Appliances
- Distribution Channel
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio