Household Appliances Global Market Report 2024

The household appliances market size has grown strongly in recent years. It will grow from $596.03 billion in 2023 to $644.42 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historic period can be attributed to several factors, including the upswing in home renovation activities, expansion in the housing market, the electrification of homes, evolving lifestyles, increased awareness of energy efficiency, and demographic shifts. These factors collectively contributed to the positive trajectory of growth during that period.

The household appliances market size is expected to see strong growth in the next few years. It will grow to $854.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The forecasted growth in the home appliance market is driven by factors such as increased smart home integration, a growing middle-class population, health and wellness features, catering to the needs of an aging population, and the integration of energy storage. Key trends include sustainable design, IoT adoption, voice and AI integration, compact and multi-functional appliances, advanced cooking technologies, and a focus on customization and personalization.

The anticipated surge in outdoor gatherings and cookouts during weekends and holidays is poised to be a significant driver for the household appliances market in the forecast period. The dynamic evolution of lifestyles, coupled with the growing popularity of outdoor recreational activities, is expected to fuel the demand for household appliances. Projections indicate that the Europe household appliances market is set to achieve a valuation of $5.98 million by 2026. The global market for household appliances is expected to witness a boost, propelled by factors such as increased access to distinctive camping sites, a rise in adventure camping, and an upswing in disposable income.

The escalating prevalence of e-commerce is anticipated to propel the expansion of the household appliances market in the coming years. E-commerce, denoting the online buying and selling of goods and services, has brought about a transformative impact on the household appliances sector. It offers consumers a convenient, transparent, and efficient platform for researching, comparing, and purchasing appliances, while simultaneously affording businesses the opportunity to broaden their customer base and streamline operational processes. As of August 2023, data from the United States Census Bureau, a government agency in the U.S., reveals a 7.5% increase (or 1.4%) in e-commerce estimates for the second quarter of 2023 compared to the same period in 2022. In contrast, overall retail sales witnessed a 0.6% increase (or 0.4%). The escalating prevalence of e-commerce is thus a driving force behind the household appliances market's growth trajectory.

The growing popularity of online on-demand laundry services is anticipated to pose a constraint on the household appliances market in the forecast period. The on-demand laundry services sector is expected to receive support from a projected stable economic growth in both developed and developing countries. According to the International Monetary Fund (IMF), global real GDP experienced a growth rate of 3.7% over the years 2019 and 2020, with a forecasted rate of 3.6% from 2021 to 2023. This stable economic growth, in conjunction with the increasing penetration of the internet and rising disposable incomes, is such as ly to contribute to the expansion of on-demand laundry services. The busy lifestyles of individuals further contribute to the inclination towards on-demand laundry services, consequently impacting the household appliances market by reducing the demand for traditional laundry appliances.

Household appliance manufacturers are incorporating LED lights into their products as a strategic approach to minimize power consumption. LED lights, with their lower wattage requirements in comparison to CFL or incandescent bulbs, have become a preferred choice. Manufacturers in the household appliance sector are placing a heightened emphasis on introducing products featuring LED lighting, aiming to achieve not only reduced power consumption but also an enhanced visual appearance. As an illustrative example, GE has implemented an LED refrigerator lighting system that achieves an impressive 80% reduction in power consumption compared to halogen lamps. This innovation is integrated into products such as café’s French door refrigerators and profile wall ovens. Noteworthy companies engaged in the manufacturing of LED lighting include Philip Electronics N.V., Osram Opto, Digital Lumens Inc., and Cree Corporation.

Prominent players in the household appliances market are directing their focus towards innovative offerings, exemplified by the introduction of dualcool inverter air conditioners. These air conditioners leverage inverter technology to operate with increased efficiency and variable speeds, adapting their cooling capacity to suit the room's temperature and cooling requirements. LG Corporation, a China-based household appliances manufacturer, exemplified this trend by launching new super convertible 5-in-1 air conditioners in January 2021. This product not only delivers exclusive health and hygiene-related smart benefits but also allows users to save a significant amount of energy by adjusting the cooling capacity from 100% to 80%, 60%, or 40%. Additionally, users have the capability to boost the cooling capacity to 110% when faster cooling is deemed crucial. This strategic approach aligns with the industry's commitment to providing reliable and energy-efficient solutions to meet customer needs.

Major companies operating in the household appliances market report are Samsung Electronics Co. Ltd.; Hitachi Appliances; LG Electronics; Panasonic Appliances; Qingdao Haier Co. Ltd.; Daikin Industries Ltd; Haier Smart Home Co. Ltd.; Gree Electric Appliances; Toshiba Corporation; Whirlpool Corporation; Sharp Corporation; Bosch-Siemens; Electrolux AB; Liebherr Group; Wolf Appliance; Candy Group; Hisense Group; Groupe SEB SA; Arçelik Global; Miele; Maytag Corporation; Vestel International; Fisher & Paykel; Indesit Company; Blue Star Limited; Thermador; Sub-Zero Group; DCS Appliances; Smeg; Viking Range; AGA Rangemaster; Gaggenau; Bertazzoni S.p.A.; Dacor Inc.; American Range; Asko Appliances; La Cornue; Hestan Commercial Corporation; Lynx Grills; ILVE Spa.

Asia-Pacific was the largest region in the household appliances market in 2023. Western Europe was the second largest region in the household appliances market. The regions covered in the household appliances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the household appliances market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary categories of household appliances include small electrical appliances, household cooking appliances, household refrigerators, Freezers, household laundry equipment, and other major household appliances. Household laundry equipment specifically pertains to machinery and devices used for residential laundry purposes, such as washing machines and dryers. These appliances can operate in both online and offline modes, serving diverse applications in cooking, cleaning, and other household tasks.

The household appliance market research report is one of a series of new reports that provides household appliance market statistics, including household appliance industry global market size, regional shares, competitors with a household appliance market share, detailed household appliance market segments, market trends and opportunities, and any further data you may need to thrive in the household appliance industry. This household appliance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The household appliance market consists of sales of household-type fans, household-type vacuum cleaners, electric stoves, microwave ovens, barbecues and grills, refrigerators, freezers, ice boxes, washing machines, ironers, dryers, dishwashers, waste disposable units, water heaters, and other household appliances. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.