Household appliances serve a wide range of applications, providing convenience and efficiency in various aspects of daily life. They include appliances such as refrigerators, washing machines, dishwashers, ovens, vacuum cleaners, and air conditioners. These appliances offer features like advanced temperature control, energy efficiency, programmable settings, and smart connectivity. They are used for food storage, cooking, cleaning, laundry, and maintaining a comfortable living environment. Household appliances play a vital role in simplifying household tasks, saving time and effort, and enhancing the overall quality of life for individuals and families.
According to Data Bridge Market Research, the Global Household Appliances Market is accounted at USD 501.5 billion in 2021 and is expected to reach USD 729.73 billion by 2029. The market is expected to grow with a CAGR of 4.80% in the forecast period of 2022 to 2029.
“Growing demand for aesthetic appliances boosts the market’s growth”
The growing demand for aesthetic appliances, driven by evolving consumer preferences and lifestyle trends, is a significant driver for the household appliances market. Consumers are increasingly seeking appliances that not only provide functionality but also enhance the visual appeal of their homes. Aesthetic appliances, such as stylish and sleek designs, vibrant colors, and innovative features, are gaining popularity. This trend is fueling the growth of the household appliances market as manufacturers strive to meet the rising need for visually appealing and modern appliances that complement the overall aesthetics of residential spaces.
What restraints the growth of the global household appliances market?
“High initial capital and maintenance costs restraints the market’s growth”
While high initial capital and maintenance costs are commonly considered restraints, they can actually contribute to the growth of the household appliances market. Although these costs may deter some consumers, they also act as a barrier to entry for new competitors, allowing established appliance manufacturers to maintain market dominance. Moreover, the perception of higher quality and durability associated with higher-priced appliances often attracts discerning consumers who prioritize long-term value over immediate savings. This leads to increased demand for premium appliances, driving the growth of the household appliances market.
Segmentation: Global Household Appliances Market
The household appliances market is segmented on the basis of product type and distribution channel.
- On the basis of cable product type, the household appliances market has been segmented into refrigerators and freezers, washers and dryers, dishwashers, air conditioners, and cooking appliances.
- On the basis of distribution channel, the household appliances market has been segmented into supermarket and hypermarket, specialty stores, e-commerce, and others.
Regional Insights: North America dominates the global household appliances market
North America's household appliance market due to the demand for household appliances is primarily driven by product replacement, as consumers seek to upgrade their existing appliances. The market is expanding due to factors such as low interest rates and a favorable economic environment. In particular, there is a growing demand for premium built-in or integrated appliances, including ovens with integrated steam functions, flexible induction hobs, integrated hob extractors, and built-in dishwashers.
Asia-Pacific household appliances market is expected to grow rapidly because of rising household income, rapid urbanization, and an increase in the middle-class population, the development of retail channels for easy access to goods, availability of consumer finance options, and a shift in population lifestyles. These factors collectively contribute to increased consumer demand for household appliances, as individuals seek to improve their living standards, convenience, and overall quality of life.
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Recent Developments
- In a collaborative effort with Google, Electrolux is expanding its range of household products by integrating Google Assistant. This integration enables users to conveniently control their household appliances through voice commands.
- In 2019, B.S.H. Hausgeräte GmbH has acquired a majority stake of approximately 65 percent in the global food platform Household Stories. This acquisition has facilitated the transformation of Household Stories into a comprehensive provider of software, hardware, and services, offering integrated solutions in the industry.
- In August 2021, Samsung is set to introduce a new Smart Induction in Built-in Cooktop featuring Wi-Fi connectivity. This innovative technology is designed to expedite cooking processes, leading to faster meal preparation, while simultaneously reducing energy consumption and emissions.
- In January 2021, Samsung and Deutsche Telekom have successfully concluded the inaugural 5G Standalone (5G SA) trial in the Czech Republic. During the trial, both companies showcased exceptional performance, with Samsung's MU-MIMO (Multi-User, Multiple-Input, Multiple-Output) technology demonstrating a remarkable three-fold increase in spectrum efficiency compared to LTE technology.
- In December 2020, South Korean company L.G. Electronics Inc. and automotive supplier Magna International Inc. have announced their collaboration in establishing a joint venture. This joint venture aims to manufacture crucial components specifically designed for electric vehicles (EVs).
The Prominent Key Players Operating in the Global Household Appliances Market Include:
- Friedr. Dick GmbH & Co (Germany)
- GLOBAL APPLIANCES USA (U.S)
- KAI USA LTD (U.S)
- Kiya corp. (Japan)
- M.A.C. Knife (U.S)
- Messermeister (Germany)
- Victorinox AG (Switzerland)
- Anker Innovation Technology Co., Ltd. (China)
- Samsung Electronics Co., Ltd (South Korea)
- Shenzhen Proscenic Technology Co. Ltd. (China)
- Neato Robotics, Inc. (U.S.)
- Cecotec Innovaciones S.L. (Spain)
- L.G. Electronics Inc (South Korea)
- Dyson Limited (U.K.)
- Panasonic Corporation (Japan)
- Sharp Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global household appliances market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Household Appliances Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
