United States Major Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The United States Major Home Appliances Market is estimated at USD 29.1 billion in the current year and is poised to grow at a CAGR of greater than 2.5% during the forecast period.

The rapid spread of COVID-19 across the world led to serious challenges for most suppliers of manufactured products, including large home appliances in the United States, in the form of supply chain disruptions. ?Limited availability of components, restricted labor supply, and other supply chain-related costs are some of the major challenges that the industry witnessed.

The United States major home appliance market has been growing for the past several years, and improvement in lifestyle is also one of the key factors. The market is concentrating more on designing innovative and user-friendly products to provide the consumer with energy-efficient and smart products.

The major home appliances market is expected to exhibit moderate growth in the coming years due to the rise in disposable incomes coupled with rapid urbanization, leading to enhanced consumer spending. Technological advancements have led to the development of appliances like refrigerators, washing machines, and dishwashers. They are expected to drive the growth of the home appliances market during the forecast period, and there is a rapid growth in major home appliances. The United States is a mature and homogenous market for home appliances with high product penetration. Consumers generally opt for modern and stylish home appliances that complement their living standards.

The increasing online sales over the past few years are expected to play a major role in the growth of the market throughout the forecast period. Over the recent five years, the online sales of major home appliances grew steadily, as both rising e-commerce sales and recovering construction activity boosted the demand for industrial goods. The weak product differentiation has led to industry players' focus on brand value, energy efficiency, and technological innovation. The wave of IoT and smart homes is driving the adoption of smart and advanced appliances.

United States Major Home Appliances Market Trends

Rising Residential Housing is Driving the Market for Major Home Appliances

With an increase in residential housing, demand for major home appliances is increased to push the production data moderately high. The performance of the housing market has a direct impact on the manufacturing of major home appliances. The residential housing sector in the United States will likely generate increased demand for major home appliances, thus boosting the market's prospects. Additionally, increasing home renovation activities in the country may drive the demand for major appliances in the short term.?

The United States home improvement industry is stronger than it has been in over ten years and encompasses the sale of building materials, appliances, decor, and other home enhancements, and the services offered by contractors, tradespeople, and other workers who help build, install, modify, and upgrade homes. The new housing construction is one of the primary factors determining the demand for new refrigerators and freezers in the country. Though most households already have one or more refrigerators at home, due to the rapid technological developments in the industry, most customers are willing to trade their old ones with new models more frequently. ?

Refrigerator Segment is Taking Largest Share in the Market

A refrigerator is an appliance used for food storage in cold temperatures to help food stay fresh longer. The refrigerator has become an essential part of a household and is one of the first appliances purchased once the household income reaches an adequate level. The refrigerator market is the major contributor to the United States major home appliance market. Refrigerators are used to preserve edible items at different temperatures, and the introduction of advanced refrigerators provided with smart technologies is expected to drive the market in the future. The residential sector primarily drives the demand for refrigerators, and improved living standards have led to a demand for major home appliances in the United States.

United States Major Home Appliances Market Competitor Analysis

The report covers major international players operating in the United States Major Home Appliances Market. Regarding market share, some major players currently dominate the market. Major players operating in the market are LG Electronics, Haier Group, Whirlpool Corporation, Midea Group, Samsung Electronics, Bosch, Electrolux AB, Gorenje Group, Panasonic Corporation?, Arcelik AS, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support