Household Appliance Market size is set to grow by USD 121.1 billion from 2024-2028, product innovation and advancement leading to portfolio extension and product premiumization boost the market, Technavio

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.

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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. 

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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.

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Segment Overview 

This household appliance market report extensively covers market segmentation by

1. Product 
• 1.1 Major household appliances
• 1.2 Small household appliances
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. 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.

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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
• Offline
• Online
• 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.

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SOURCE Technavio