Household appliance market Size to Grow by USD 120.36 billion From 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics

NEW YORK, Dec. 5, 2022 /PRNewswire/ — Technavio categorizes the global household appliance market as a part of the household appliances market, the parent market. The global household appliances market includes power and hand tools, including garden improvement tools. The parent market is categorized into two segments, namely major household appliances and small household appliances. The global household appliance market size is estimated to increase by USD 120.36 billion from 2022 to 2027. The market’s growth momentum will accelerate at a CAGR of 5.23%.

Global household appliance market – Customer Landscape

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Global household appliance market – Vendor Analysis

Vendor Landscape – The global household appliance market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer household appliances in the market are AB Electrolux, Breville USA Inc., Dyson Ltd., Glen Dimplex Group, Groupe SEB, Hamilton Beach Brands Inc., Hisense International Co. Ltd., Koc Holding AS, LG Electronics Inc., MIDEA Group Co. Ltd., and others.

The global household appliance market is at its growing stage. The key inputs by these vendors include brand, labor, technology, CAPEX, and R&D. The vendors invest heavily in building infrastructure suitable for manufacturing and testing household appliances. In addition, they also emphasize high on technology for innovating products to sustain in the competitive market. Moreover, the deployment of labor is high in the global household appliance market but is expected to witness a decline during the forecast period owing to manufacturing process automation.

Vendor Offerings –

• AB Electrolux: The company offers household kitchen appliances that are designed to be used for domestic applications.

• Breville USA Inc.: The company offers a smart oven air fryer pro which is designed to cook frozen products.

• Dyson Ltd: The company offers a pure hot cool link HP02 purifying heater along with a fan which is designed to be used for cooling and heating the atmospheric air in residential space.

• Hisense International Co. Ltd.: The company offers a 22-quart electric roaster oven which is designed to roast nonveg food products like chicken and fish.

• Koc Holding AS: The company offers RQ 56 WC 452 liter cross-door refrigerator home appliance which is designed for residential purposes.

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Global household appliance market – Segmentation Assessment

Geography Overview

Based on geography, the global household appliance market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and an accurate estimation of the contribution of all regions to the growth of the global earphone and headphone market.

• APAC will account for 50% of the global household appliance market in 2022. The market growth in APAC is majorly driven by the growing middle-class population and their rising income, which empowered their spending power on household needs and appliances. Moreover, the evolving urbanization and lifestyle of the population in the region are also driving the market growth. Growing urbanization increased awareness among people about evolving appliances. This has compelled them to switch from traditional cooking, housekeeping, and home care methods to advanced household appliances for home care and other household applications. The rising income and a high standard of living coupled with modernization are also further propelling the demand for premium household appliances, fostering the growth of the focused market in APAC during the forecast period.

Segment Overview

Based on product, the global Household appliance market is segmented major household appliances and small household appliances.

• The market share growth of the segmented major household appliances will be higher than the other segments during the forecast period. Room comfort and water heater appliances witness high demand, which is mainly propelled by the growing adoption of these products among the millennial population residing in urban areas, which characterizes the modern lifestyle. Major appliances such as refrigerators and washing machines witnessed huge demand across the globe in all regions as they became basic and necessary amenities for every household. Another major trend witnessed in the major household appliances segment is reducing household sizes, which increases the growth potential of built-in appliances. Such factors will increase segment growth during the forecast period.

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Global Household appliance market – Market Dynamics

• Impactful Driver – The major product innovations introduced in the market are in terms of technology, performance, features, and design. Customers also seek appliances that are capable of performing multiple tasks with minimal resources. To meet such evolving customer needs, vendors are continuously widening their product portfolio as per the growing and varying consumer demand. In addition, with the growing purchasing power and rising disposable income, customers are gradually increasing their spending on household appliances. This has propelled the demand for premium household appliances and led to the growth of the market. The increased demand for premium household appliances has also fueled the investments by vendors for innovating product raw materials and technologies, which have a positive impact on market growth.

• Key Trend – The growing adoption of smartphones and Internet penetration encourages consumers to use smartphones to control their smart appliances. With the widespread Internet penetration all over the world, related industries that are dependent on the Internet are also experiencing massive growth. This increase in the number of smartphones is making it easier for customers to use smart home appliances. With improved network coverage and innovative technologies like 4G, or LTE, 5G data consumption across the world has increased. Thus, the increase in smartphone and Internet penetration is driving the demand for smart home appliances worldwide, fostering the growth of the market during the forecast period.

• Major Challenge – Appliances that are in constant contact with water, such as refrigerators and washing machines, have associated risks of rusting and are made of stainless steel or high-grade plastic materials that make these appliances lightweight and durable. Vendors are doing in-depth R&D and developing innovative and durable materials to extend the operational life of appliances. The long lifespan of such appliances reduces the frequency of product replacements, thereby adversely affecting the year-over-year growth of the market. The market is majorly characterized by replacement sales. Therefore, the factors mentioned above drive and raise the product lifespan of household appliances, thereby restricting frequent sales of household appliances.

Driver, Trends, & Challenges are the factors of market dynamics, which state about
consequences & sustainability of the businesses. Find a few insights from a sample
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What are the key data covered in this household appliance market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the Household appliance market between 2023 and 2027

• Precise estimation of the size of the household appliance market size and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the household appliance market industry across APAC, North America, Europe, Middle East and Africa, and South America

• Thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of household appliance market vendors

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• The household beauty appliances market size is forecasted to grow by CAGR of  6.58 % between 2021 and 2026. The size of the market is forecast to increase by USD 4.04 billion. The market is segmented by distribution channel (offline and online), product (hair styling appliances, hair removal appliances, and other beauty appliances), and geography (North America, APAC, Europe, South America, and Middle East and Africa).

• The household appliances market size in Europe is forecasted to grow by CAGR of 3.69%. The size of the market is forecast to increase by USD 20.4 billion. The market is segmented by distribution channel (offline and online) and product (major household appliances and small household appliances).

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Table Of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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