Home Appliances Market worth US$ 1287.5 Billion by 2034 with a CAGR of 5.50%

Published Date: April 2024

Growing awareness regarding energy-efficient & eco-friendly appliances among individuals coupled with increasing adoption of technologically and innovative advanced products are some of the major factors expected to drive the growth of the home appliances market. Increasing investment in R&D activities to innovate energy-efficient products, changing lifestyle patterns, and product innovations in terms of performance, technology, features, and design, is also projected to boost the growth of the target market to a significant extent. Moreover, inclination towards luxury and tech-savvy appliances, increasing disposable income coupled with the rising number of working women population are some of the other factors fueling the growth of the target market. Further, the development of smart homes is supporting the demand for smart appliances that can be connected to the smartphone and monitored remotely which the current trend is observed in the global market. Growing usage of the mode of connectivity as a separating feature like Bluetooth and Wi-Fi that can be used in and read by smartphones and tablets, giving an innovative way for the growth of the target market.

The report "Home Appliances Market, By Product Type (Kitchen Appliances (Electric/Microwave Oven, OTG Oven, Dishwashers, Refrigerators, Cooktops and Cookware (includes Hobs), Small Cooking Appliances, and Hoods), Washing Appliances, Cleaning Appliances, Entertainment Appliances, HVAC Appliances, and Other Product Types), By Distribution Channel (Specialty Stores and Online Retail Stores), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034

Key Highlights:

  • In January 2018, Bosch launched its double-door refrigerators range Series 4 in the market which noted its entry in the double-door refrigerator sector.
  • In October 2018, LG declared the launch of InstaView door-in-door refrigerators, which is projected to feature a glass panel that lightens the interior with two soft knocks on the glass panel. As the frequent opening of the refrigerator door consumes more electricity. Thus, making the door transparent increases the energy efficiency of the household.

Key Market Insights from the report:        

The home appliances market accounted for US$ 1287.5 Billion by 2034 and is projected to register a moderate CAGR over the forecast period. The market report has been segmented based on product type, distribution channel, and region.

  • By product type, refrigeration segment accounts for significant market share, owing to increasing demand for smart connected kitchen appliances.
  • By distribution channel, speciality stores segment estimates for major market share revenue and is anticipated to maintain its dominance over the forecast period.
  • By region, North America market is anticipated to dominate the home appliances market in terms of revenue. Factors such as changing consumer preferences, technological advancements in appliances, government initiatives for energy-efficient appliances coupled with improved living standards in countries in the region is also expected to drive the growth of the target market during the forecast period.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Home Appliances Market”, By Product Type (Kitchen Appliances (Electric/Microwave Oven, OTG Oven, Dishwashers, Refrigerators, Cooktops and Cookware (includes Hobs), Small Cooking Appliances, and Hoods), Washing Appliances, Cleaning Appliances, Entertainment Appliances, HVAC Appliances, and Other Product Types), By Distribution Channel (Specialty Stores and Online Retail Stores), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

The prominent player operating in the home appliances market includes Newell Brand, Midea Group Co. Ltd., Panasonic Corporation, Samsung Electronics Co. Ltd., AB Electrolux, Hitachi Ltd., Whirlpool Corporation, Haier Group Corporation, Breville Group Limited, and Robert Bosch Gmbh.

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