The global home appliances market is anticipated to witness substantial growth, with a projected increase from USD 675.59 billion in 2022 to USD 987.35 billion by 2029, reflecting a CAGR of 5.57% during the forecast period. Key drivers fueling this growth include the rising demand for enhancing individuals’ lifestyles and the high per capita income, especially in regions like North America and Europe. Factors such as increasing urbanization and population growth further contribute to market development.
Report Coverage
Fortune Business Insights™ provides detailed insights into the market, including top segments, emerging trends, and the impact of COVID-19. The report also analyzes regional developments and strategies adopted by major market players.
Information Source: https://www.fortunebusinessinsights.com/home-appliances-market-107020
List of Key Players Profiled in the Home Appliances Market Report:
- Koninklijke Philips N.V. (South Korea)
- IFB Appliances (India)
- KENT (India)
- Eureka Forbes Ltd. (India)
- Panasonic Holdings Corporation (Japan)
- Orient Electric (India)
- Whirlpool Corporation (U.S.)
- Samsung Electronics Co. Ltd. (South Korea)
- Haier Inc. (China)
- Bajaj Electricals Ltd (India)
Drivers and Restraints
Increasing Disposable Incomes to Drive Market Growth
Rising consumer spending and disposable incomes are expected to propel the home appliances market, with manufacturers focusing on energy-efficient appliances to meet consumer demands. However, a shortage of semiconductor chips may hinder market growth.
Factors Affecting Market Growth
Technological advancements, changing consumer lifestyles, urbanization, and population growth are significant factors influencing market dynamics. Additionally, the emphasis on energy efficiency, the rise of e-commerce, replacement cycles, government initiatives, and after-sales services play crucial roles in shaping market trends.
Market Segments
Smart Home Appliances to Lead
The market is segmented into major appliances, small appliances, and smart home appliances. Smart home appliances are expected to dominate the market, driven by increasing digitalization and the trend towards smart homes.
Distribution Channels
Specialty stores are expected to account for a significant portion of sales due to various discounts offered to consumers. The online/e-commerce segment is also projected to grow rapidly, driven by convenience and changing consumer lifestyles.
Regional Insights
North America to Lead, Asia Pacific to Witness Substantial Growth
North America is poised to dominate the market, driven by high consumer spending and demand for smart devices. Asia Pacific is expected to experience significant growth, particularly in countries like India and China, due to increasing demand for energy-efficient appliances. Western Europe is also witnessing growth, driven by construction activities and demand for innovative products.
Competitive Landscape
Focus on Technological Innovations
Key players are focusing on technological innovations, new product launches, and strategic partnerships to expand their market presence. For instance, Hisense introduced Wi-Fi-enabled smart home appliances in the Middle East, while Crompton Greaves Consumer Electricals acquired Butterfly Gandhimath Appliances Ltd. to strengthen its small domestic appliances category.
Key Industry Development
Maytag Launches Innovative Laundry Washer-Dryer System
In August 2022, Maytag, a brand of Whirlpool, introduced a new laundry washer-dryer system designed to effectively remove pet hair from household fabric items, catering to evolving consumer needs.
