Home Appliance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Home Appliance Market Analysis

The Home Appliances Market size is estimated at USD 514.93 billion in 2023, and is expected to reach USD 636.89 billion by 2028, growing at a CAGR of 4.34% during the forecast period (2023-2028).

COVID-19 has disrupted the global supply chain of the major home appliances and consumer electronic brands. China is one of the largest consumers and producers of various home appliances and consumer electronics products, but it also caters to a wide range of countries by exporting several input supplies that are essentially used to produce finished goods. The shutdown of the production in China has forced other consumer electronics makers based in the United States and Europe to temporarily hold the production of the finished goods. This is leading to an increase in the supply and demand gap.

Technological advancements have led to the development of smart appliances and are expected to drive the market growth over the forecast period. Smart appliances offer advanced features and are more energy-efficient. The rise in consumer disposable income, high living standards, and the need for comfort encourage consumers to upgrade their existing appliances to smarter versions, which is further expected to coerce the market demand. Consumers widely purchase home appliances as they offer ease, diminish efforts, and save time. Product innovation, new product development, product differentiation, and integration of numerous value-added features are further expected to catapult the market demand over the next few years. The market is considerably driven by trends such as effectiveness, diversity, sustainability, stylish design, and smart functionality of home appliances. The home appliance market offers significant growth opportunities as they are easy to use and help improve the quality of life. Moreover, the market is beholding new trends in terms of sustainability and energy efficiency, thereby simplifying several household tasks while endorsing well-being. High-quality materials and aesthetically pleasing designs combined with innovative and diverse functionalities offer avenues for market growth. Design is an important aspect of these white goods.

Wireless technologies like Wi-Fi and Bluetooth can be used in or accessed by smartphones and tablets. But the inclusion of these technologies in home appliances (like air conditioners) is a means of product differentiation by manufacturers that is enticing tech-savvy consumers. The improvement in network infrastructure has translated into better broadband and internet penetration. Therefore, consumers are increasingly opting for wireless and technologically advanced products, mostly for the convenience they offer. The low cost associated with the ownership of white goods, particularly in developing economies, also provides opportunities for market growth. Furthermore, a rise in replacement sales in developed regions is also expected to drive the market demand. This may be attributed to a rise in per capita income, coupled with rapid urbanization.

Home Appliance Market Trends

This section covers the major market trends shaping the Home Appliances Market according to our research experts:

The Refrigerators Segment Accounts for a Significant Market Share

Home Appliance Industry Segmentation

A home appliance, also referred to as a domestic appliance, an electric appliance, or a household appliance, is a machine that assists in household functions such as cooking, cleaning, and food preservation. A complete background analysis of the home appliances market, which includes an assessment of the national accounts, economy, and the emerging market trends by segments, significant changes in the market dynamics, and the market overview, is covered in the report. The Market is Segmented By Product (Major Appliances (Refrigerators, Freezers, Dish Washing Machines, Ovens, Air Conditioners, and Other Major Appliances) and Small Appliances (Coffee/Tea Makers, Food Processors, Grills And Roasters, Vacuum Cleaners, and Other Small Appliances)), By Distribution Channel (Multi-Branded Stores, Specialty Stores, Online, and Other Distribution Channels), and By Geography (North America, South America, Europe, Asia-Pacific, and Middle-East And Africa). The report offers the market size and forecasts in value (USD Billion) for the above segments.