North America Home Appliance Market Size
Study Period | 2019-2028 |
Base Year For Estimation | 2022 |
Market Size (2023) | USD 64.30 Billion |
Market Size (2028) | USD 74.18 Billion |
CAGR (2023 - 2028) | 2.90 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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North America Home Appliance Market Analysis
The North America Home Appliances Market size is estimated at USD 64.30 billion in 2023, and is expected to reach USD 74.18 billion by 2028, growing at a CAGR of 2.90% during the forecast period (2023-2028).
It is thriving due to its potential to grow and address consumers' needs. Consumers are giving more preference to purchase products that are efficient and consume less power. The products with multi-utility features, which look simple yet more fashionable than the usual ones, and which are aesthetically pleasing, are gaining more significance. These products are widely appreciated by consumers, as most customers are youths in the region.
Moreover, environmentally friendly products are also gaining considerable significance in recent times, with an increasing focus on initiatives to control global warming by both the government and buyers. Replacement sales are driven by the products with enhanced quality standards, less power consumption, less or limited harmful emissions, technology advancements, better wireless goods, ease of access, and in-built and chargeable invertor have been the most prominent revenue form for manufacturers.
The influence of social media on consumers' decision-making process before purchasing a product or goods has been increasing. Social network users use social media to find product reviews and information before buying any products. Moreover, most users prefer to share their reviews about the products on different social networking sites after using them.
COVID - 19 had a marginal impact on the Home Appliances in the North American region. This is due to the increase in the proportion of Online sales to that of Offline sales. Although the supply chain was disrupted and the production was discontinued in the years 2020 and 2021. The already available goods were majorly sold through Online mode.
North America Home Appliance Market Trends
This section covers the major market trends shaping the North America Home Appliances Market according to our research experts:
Small Appliances are Dominating the Market
Small appliances, like vacuum cleaners, coffee makers, toasters, hairdryers, curlers, kettles, steam units, and fryers, are showing constant growth compared to large appliances, like refrigerators, washing machines, dryers, freezers, dishwashers, and microwave ovens, among others. Smart home appliance sales doubled in 2021 from the previous year and are constantly increasing.
The market for these intelligent and small home appliances is expected to increase, owing to factors like their less presence rate in the market, the improving innovation and automation they hold, affordable prices, and the precision they bring to the task at hand. These products ease the working population's lives (around 61% in the United States and 60.9% in Canada), which comforts consumers by minimizing their time on tasks.
Increasing Online Sales Driving the Market
In the North American region, the e-market's penetration is high, resulting in the sales volume generated through it. Major online platforms like Amazon lead most sales in the home appliances market. Though the region is a bit tough to penetrate for other region manufacturers, many global manufacturers have been trying to enter the market. The customers are highly open to experimenting in most regions. However, benefits, like easy returns, post-sale support provided by online retailers, and free and one-day delivery features, attract many customers.
North America Home Appliance Industry Overview
The report covers major international players operating in the North American home appliances market. Samsung is ahead of Whirlpool and LG Electronics in the home appliances business market in the United States. As of Q1 2022, the firm occupies 19.9% of the market share by value, followed by Whirlpool home appliances with 16.3%, while LG Electronics accounted for 15.7% of the home appliances market in the United States. Refrigerators occupy a significant share of the home appliances market in sales volume, followed by washing machines. Samsung accounted for 22.3% of the refrigerator segment and 20.4% of the washing machine segment in the United States. It has major players Whirlpool Corporation, Electrolux AB, Samsung Electronics, Panasonic Corporation, and LG Electronics
North America Home Appliance Market Leaders
Whirlpool Corporation
Electrolux AB
Samsung Electronics
Panasonic Corporation
LG Electronics
*Disclaimer: Major Players sorted in no particular order
North America Home Appliance Market News
- February 2022: Spectrum Brands acquired Tristar's Appliance and Cookware Business and combined it with its Home and Personal Care segment.
- January 2022: Exertis expanded in the United States with the acquisition of Almo Corp. DCC Technology, which trades as distributor Exertis, announced its acquisition of Almo Corp. in North America.
North America Home Appliance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Supply Chain/Value Chain Analysis
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Technological Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Major Appliances
5.1.1 Refrigerators
5.1.2 Freezers
5.1.3 Dishwashing Machines
5.1.4 Washing Machines
5.1.5 Cookers and Ovens
5.1.6 Other Major Appliances*
5.2 By Small Appliances
5.2.1 Vacuum Cleaners
5.2.2 Small Kitchen Appliances
5.2.3 Hair Clippers
5.2.4 Irons
5.2.5 Toasters
5.2.6 Grills and Roasters
5.2.7 Hair Dryers
5.2.8 Other Small Appliances*
5.3 By Distribution Channel
5.3.1 Supermarkets/Hypermarkets
5.3.2 Specialty Stores
5.3.3 E-Commerce Stores
5.3.4 Other Distribution Channels*
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Analysis
6.2 Company Profiles
6.2.1 Whirlpool Corporation
6.2.2 Electrolux AB
6.2.3 LG Electronics
6.2.4 Samsung Electronics
6.2.5 Panasonic Corporation
6.2.6 Haier Electronics Group Co. Ltd
6.2.7 BSH Hausgeräte GmbH
6.2.8 Arcelik AS
6.2.9 Gorenje Group
6.2.10 Mitsubishi Electric Corporation*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. APPENDIX AND ABOUT US
North America Home Appliance Industry Segmentation
The report contains a complete background analysis of the North American home appliances market, which includes an assessment of the industry associations, overall economy, and emerging market trends by segment. Moreover, significant changes in the market dynamics and market overview are covered in the report. The North American Home Appliances Market is segmented By Major Appliances (Refrigerators, Freezers, Dishwashing Machines, Washing Machines, Cookers and Ovens, and Other Appliances), By Small Appliances (Vacuum Cleaners, Small Kitchen Appliances, Hair Clippers, Irons, Toasters, Grills and Roasters, Hair Dryers, and Other Small Appliances), and By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, E-Commerce Stores, and Other Distribution Channels). The report offers market size and forecast values for the North America Home Appliances Market in USD billion for the above segments.
By Major Appliances | |
Refrigerators | |
Freezers | |
Dishwashing Machines | |
Washing Machines | |
Cookers and Ovens | |
Other Major Appliances* |
By Small Appliances | |
Vacuum Cleaners | |
Small Kitchen Appliances | |
Hair Clippers | |
Irons | |
Toasters | |
Grills and Roasters | |
Hair Dryers | |
Other Small Appliances* |
By Distribution Channel | |
Supermarkets/Hypermarkets | |
Specialty Stores | |
E-Commerce Stores | |
Other Distribution Channels* |
North America Home Appliance Market Research FAQs
How big is the North America Home Appliances Market?
The North America Home Appliances Market size is expected to reach USD 64.30 billion in 2023 and grow at a CAGR of 2.9% to reach USD 74.18 billion by 2028.
What is the current North America Home Appliances Market size?
In 2023, the North America Home Appliances Market size is expected to reach USD 64.30 billion.
Who are the key players in North America Home Appliances Market?
Whirlpool Corporation, Electrolux AB, Samsung Electronics, Panasonic Corporation and LG Electronics are the major companies operating in the North America Home Appliances Market.
North America Home Appliance Industry Report
Statistics for the 2023 North America Home Appliance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Home Appliance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.