Major Home Appliances Market size to increase by USD 85.39 billion between 2023 to 2028| The rise in discretionary income of consumers drives the market growth - Technavio

NEW YORK, Dec. 6, 2023 /PRNewswire/ -- In a recent Technavio report titled Major Home Appliances Market is projected to grow at a rapid pace in the coming years. The market size is projected to grow by USD 85.39 billion, accelerating at a CAGR of 4.2%, during the forecast period. According to Technavio, it is anticipated that APAC is estimated to contribute 46% to the growth of the global market from 2023 to 2028. Buy the report now

The global major home appliances market is experiencing growth mainly due to consumers having more discretionary income. This rise in income allows people to spend more on innovative and premium household appliances, driving sales. Increased disposable income leads to higher annual household expenses worldwide, further boosting the demand for these products. Overall, the rise in discretionary income is expected to be a significant factor driving the market's growth. 

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The market's expansion in the APAC region primarily arises from the growing middle-class population and their increasing income, prompting higher expenditure on household appliances. Moreover, the market's growth in APAC is fueled by evolving urbanization and shifts in the lifestyle of the regional inhabitants.

 Technavio highlights the emerging trends of Major Home Appliances Market:

• Increased adoption of smart and connected appliances, driven by rising consumer purchasing power and the popularity of modular kitchens, shapes market growth.
• Smart appliances offer remote control via mobile apps, providing real-time updates on appliance status, catering to convenience, and driving high demand.
• Integration with mobile apps and interfaces reduces daily human effort by monitoring and controlling temperatures, contributing to the significant growth of smart home appliances in the global market forecast.

The market is segmented by Product (Refrigerators And Freezers, Washing And Drying Appliances, Heating And Cooling Appliances, and Cooking Appliances), Distribution Channel (Offline and Online), Geography (APAC, Europe, North America, South America, and Middle East And Africa).

Substantial growth is anticipated in the offline segment during the forecast period. This channel encompasses sales through specialty stores, department stores, hypermarkets, supermarkets, convenience stores, and clubhouse outlets. However, Sales via offline channels have declined due to the swift shift in consumer inclination towards online shopping.

Companies like General Electric Co., Fujitsu General Ltd., and Samsung Electronics Co. Ltd. are major players in the Major Home Appliances Market. For more information on companies or its offerings, download the sample report

According to Technavio, the Major Home Appliances Market is set to expand significantly, driven by rising consumer income, technological advancements, and regional trends such as increased urbanization and lifestyle changes. However, challenges related to fluctuating raw material prices and operational costs pose hurdles to sustained growth.

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Related Reports:

Smart Refrigerator Market: The smart refrigerator market size is estimated to grow at a CAGR of 15.1% between 2022 and 2027. The market size is forecasted to increase by USD 3,513.88 million.

Smart Home Appliances Market: The smart home appliances market is estimated to grow at a CAGR of 14.45% between 2022 and 2027. The size of the market is forecast to increase by USD 39.91 billion.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Product
7. Market Segmentation by Distribution Channel
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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SOURCE Technavio