About Home Appliances
Changing lifestyles as well as preferences will help to drive the global home appliances market. Home appliances also are known as domestic appliances. It is electrical machines which support in household tasks, such as cleaning, cooking or food preservation. There are various types of home appliances including refrigerators, wine-coolers, washing machines, tumble dryers, air conditioners, air coolers, heaters, fans, rice cookers, vacuum cleaners, steam mops, shavers, trimmers, water heaters bread makers, toasters, irons, and juicers. The major opportunities in the global home appliances market exist in product differentiation and new product launch.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 4.86% |
The Home Appliances market is expected to grow in the coming years, driven by the increasing demand for minimally invasive procedures and the growing geriatric population. As the population ages, the demand for procedures such as angioplasty and angiography is expected to increase. This is because these procedures are less invasive than traditional surgery and are therefore better suited for older patients.The Vendors having a strong hold in the market are Haier (GE), Whirlpool Corporation, Midea Group, Panasonic Corporation. Analyst at AMA Research estimates that Asian Vendors will contribute the maximum growth to Global Home Appliances market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Haier (GE) (United States), Whirlpool Corporation (United States), Midea Group (China), Panasonic Corporation (Japan), Arçelik A.S. (Turkey), Samsung Group (South Korea), Sony Corporation (Japan), LG Electronics Inc. (South Korea), BSH Hausgeräte GmbH (Germany) and Hisense Co., Ltd. (China) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Electrolux AB (Sweden), Koninklijke Philips N.V. (Netherland), Gree Electric Appliances Inc. (China), TCL Corporation (China), Sichuan Changhong Electric Co., Ltd. (China), Skyworth Digital Holdings Co., Ltd (China) and Hefei Meiling Company Limited (China).
Segmentation Overview
AMA Research has segmented the market of Global Home Appliances market by Type (Refrigerators, Washing Machines, Televisions, Air Conditioners and Others) and Region.
On the basis of geography, the market of Home Appliances has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Home Appliances market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Introduction to Smart Home Appliances and Continues Product Innovations and New Product Developments
Market Growth Drivers:
Growing Economic Pressures across the Globe and Continuously Evolving Consumer Lifestyles
Challenges:
Upsurging Distribution Overheads as well as Labour Cost and Continues Technological Advancements leads to Maximum Manufacturing Cost
Restraints:
Volatile Demand and Continuously Changing Consumer Preferences and Availability of Numerous Substitutes
Opportunities:
Adoption of Smart and Energy Efficient Home Appliances will maximize Business Growth and Growing Population and Their respective Disposable Incomes
Market Leaders and their expansionary development strategies
On November 17, 2022, Whirlpool Corporation and IKEA, the world's largest furniture retailer, announced a strategic partnership to develop and sell a new line of smart home appliances. This collaboration focuses on integrating smart technology seamlessly into everyday kitchen appliances.
In January 2024, Electrolux, a leading European home appliance manufacturer, launched its new range of "PerfectBake" ovens equipped with AI technology. These ovens adjust cooking settings based on the type of food and desired level of doneness, aiming to simplify the baking process.
Key Target Audience
Home Appliances Distributors, Traders, Original Equipment Manufacturers, Government Regulators, Related Industry Associations, Upstream and Downstream Buyers and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.