Home Appliances Market Report
Home Appliances Market Trends, Dynamics & Market Insights See less
Home Appliances Market Trends, Dynamics & Market Insights
Home Appliances Market, By Product (Refrigerator, Air Conditioner & Heater, Entertainment & Information Appliances, Washing Machine, Cleaning Appliance, Cooktop, Cooking Range, Microwave & Oven; Others), By Distribution Channel (Supermarket & Hypermarket, Specialty Stores, E-Commerce, Others), and Region - COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global home appliances market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Home Appliances Market, By Product (Refrigerator, Air Conditioner & Heater, Entertainment & Information Appliances, Washing Machine, Cleaning Appliance, Cooktop, Cooking Range, Microwave & Oven; Others), By Distribution Channel (Supermarket & Hypermarket, Specialty Stores, E-Commerce, Others), and Region - ...
The Home Appliances Market is estimated to grow from USD 610.5 million in 2020 to USD 845.7 million by 2026 at a healthy CAGR of 5.6% during the forecast period.
Home appliances can be broadly classified into three categories, namely major appliances or white goods, consumer electronics, and small appliances. Major appliances are large home appliances used for regular housekeeping tasks such as washing laundry, cooking, food preservation, etc.
Key players operating in the home appliances market are-
Rising technological developments, rapid urbanization, significant growth in the housing sector, rise in per capita income, and better living standards are some of the key factors boosting the market growth. Also, the surge in need for comfort in household chores and change in consumer lifestyle toward energy-efficient and eco-friendly appliances further augment the product demand. Moreover, favorable government initiatives for energy-efficient appliances in developed economies offer immense growth opportunities to the industry players.
Based on product, the home appliances market is classified into the refrigerator, air conditioner & heater, entertainment & information appliances, washing machine, cleaning appliance, cooktop, cooking range, microwave & oven; and others. The refrigerator segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Refrigerators are generally operated continuously throughout the year. It has become a vital part of a household and is one of the first appliances, which is purchased once the household income reaches an adequate level, further bolsters the segment growth.
By region, the Asia Pacific market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to a rise in household income, increase in the middle-class population, rapid urbanization, easy access to consumer finance, easy access to goods through the development of retail channels, and change in lifestyles of the population, further proliferates the regional market growth.
The COVID-19 outbreak has moderately affected the home appliances industry. The virus outbreak has turned the lives of people worldwide, with the number of cases increasing rapidly. The pandemic disrupted the global supply chain of the major home appliances and consumer electronic brands, thus affecting the market growth.
Here is the list of the group of customers that the home appliances market hopes to have the greatest opportunity to convert-
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The home appliances market is expected to witness an impressive growth of 5.6% CAGR in the coming years.
Haier (China), Whirlpool Corporation (US), Samsung Electronics (South Korea), LG Electronics (South Korea), Bosch (Germany), Sony (Japan), Midea (China), Electrolux (Sweden), Philips (Netherlands), and Panasonic Corporation (Japan) are among the key players in the home appliances market.
The home appliances market size is expected to reach USD 845.7 million in the foreseeable future.
The refrigerator segment is expected to register a healthy growth in the home appliances market in the coming years.
Asia-pacific accounted for a significant share in the home appliances market in 2020.
Home appliances vendors, Home appliances retailers, Consumer electronic companies, Electronic companies are the target audience in the home appliances market.