Household Appliances Market is projected to grow
Household Appliances Market is projected to grow at a CAGR of 4.5% during the forecast period, till 2029.
The factors driving the growth of Household Appliances Market includes growing demand for environment friendly and energy efficient appliances, increasing number of smart homes around the world, Government regulations promoting the use of green technologies and improvements in the living standards. Moreover, growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Machine Learning (ML) by major companies, rise in the launch of innovative products, increasing domestic manufacturing and rapid urbanization, are some of the additional factors supplementing the Global Household Appliances Market. In addition, the rising investments by major players on research and development, increasing population growth rates and growing disposable incomes, are further contributing towards the market growth.
However, growth of the Household Appliances Market is hindered due to high cost of household appliances.
The prominent players operating in the market are Samsung, BSH Hausgeräte GmbH, Sharp Corporation, Haier lnc., AB Electrolux, Hitachi, Ltd., LG Electronics, Panasonic Corporation, Midea Group and Whirlpool Corporation, among others.
Based on Product, the Refrigerator segment is predicted to grow at a significant CAGR during the forecast period
Growing demand for energy-efficient, pocket friendly and easy-to-use refrigerators, is pushing growth of the segment.
Based on Distribution Channel, the E-Commerce segment is projected to expand at a faster CAGR over the forecast period
Increasing availability of wide range of household appliances at e-commerce platforms, rising smartphone penetration and improvement in internet connectivity, are propelling Household Appliances Market share.
Based on Region, the Asia-Pacific segment is anticipated to grow at a remarkable CAGR during the forecast period
Presence of the leading players such as Hitachi, Ltd., LG Electronics and Panasonic Corporation, easy availability of household appliances at distribution channels, rapid urbanization, growing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
- In 2019, LG Electronics enhanced its output by scaling up the production volume of household appliances to meet the growing demand of all the product segments among the consumers.
- In 2019, Midea Group collaborated with BASF for developing solutions for more energy-efficient and cleaner household appliances. In this collaboration, the advanced materials and innovative solutions of BASF will be used in the household appliances of Midea Group, such as air conditioners, refrigerators, and others.
Segmentation by Product
- Air Conditioner & Heater
- Washing Machine
- Entertainment & Information Appliances
- Cooktop, Cooking Range, Microwave & Oven
- Cleaning Appliance
Segmentation by Distribution Channel
- Specialty Stores
- Supermarket & Hypermarket
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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