Global Home Appliances Market growing at a CAGR of 4.3% from 2023 to 2030
Category : Consumer Goods | Published Date : Aug 2023 | Type : Press Release
Key Market Overview
Consegic Business Intelligence analyzes that the home appliances market is predicted to grow at a compound annual growth rate of 4.3% from 2023 to 2030 and is expected to reach USD 814.14 billion in 2030 which was valued at USD 582.08 billion in 2022.
The report highlights the increasing urbanization along with rising disposable income levels, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the home appliances market.
Global Home Appliances Market By Overview
The home appliances market is bifurcated into type, product type, and distribution channel. Based on type, the market is segmented into major appliances, small appliances, and smart home appliances. In 2022, the major appliances segment accounted for the highest market share in the overall home appliances market. The product type segment is categorized into refrigeration equipment, cooking appliances, washing & drying equipment, heating & and cooling equipment, food processing equipment, and others. In 2022, the refrigeration equipment segment accounted for the highest market share in the home appliances market. Based on the distribution channel, the market is segmented into online and offline. In 2022, the offline segment accounted for the highest market share in the overall home appliances market.
Get Free SampleMarket Dynamics
Driver:
- Increasing urbanization along with rising disposable income levels is propelling the home appliances market growth.
- Technological advancements in home appliances are driving the market growth.
Restraints:
- Increasing semiconductor chip shortage is restraining the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Type | Major Appliances, Small Appliances, and Smart Home Appliances |
| By Product Type | Refrigeration Equipment, Cooking Appliances, Washing & Drying Equipment, Heating & Cooling Equipment, Food Processing Equipment, and Others |
| By Distribution Channel | Online (Company Owned Websites and E-Commerce Channels) and Offline (Supermarkets/Hypermarkets, Specialty Stores, and Others) |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
The market is dominated by certain major companies such as Whirlpool Corporation, Samsung Electronics Co. Ltd., Haier Inc., and IFB Appliances which have a strong market position in the current market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions. Furthermore, the home appliances market is expected to witness substantial growth in the coming years due to the increasing development of new healthcare facilities in key regions such as North America, Asia Pacific, and others.
The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
- Whirlpool Corporation
- Samsung Electronics Co. Ltd.
- Haier Inc.
- Bajaj Electricals Ltd.
- IFB Appliances
- Panasonic Holdings Corporation
- LG Electronics
- Bosch-Siemens Hausgeräte
- Electrolux AB
- Voltas Limited
