Major Home Appliances Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Major Home Appliances Market Analysis
The major home appliances market is anticipated to grow at a positive CAGR in the forecast period. Some of the major factors driving the demand for home appliances in the world include rapid urbanization, rising housing developments at a global scale, an increase in per capita income of people and changing consumer preferences as people are willing to invest more in appliances to reduce their household chores.
Due to technological advancements and rising digitalization, consumers are becoming more tech-savvy and becoming increasingly inclined towards modern appliances due to all the benefits associated with them. There is also a rising global trend of smart home appliances which is gaining popularity. The number of smart appliances being introduced in the market is increasing rapidly and the rising emergence of smart homes is facilitating this increase of these smart appliances, which can be connected to the customer's smartphone and monitored remotely. Technological innovations in the industry are also anticipated to boost the demand for major home appliances.
Major Home Appliances Market Trends
This section covers the major market trends shaping the Major Home Appliances Market according to our research experts:
Refrigeration Appliances Account for Significant Market Share
Amongst the major appliances, refrigeration appliances segment account for a significant market share in terms of revenue. Companies like Samsung, GE and LG have paved their way into the smart connected refrigerator space, and are offering products with special features such as touchscreen and flexible user-controlled cooling options. These products are being largely targeted at developed markets.
Domestic refrigeration appliances are also witnessing increased demand in most of the developing countries such as India and China. As these countries have a rising middle-class population with increased consumer spending white-goods like refrigerators are witnessing significant growth.
The rise in consumer spending coupled with the introduction of technologically advanced models within the category is anticipated to propel the market growth further in the anticipated period.
Asia-Pacific Region is Expected to Witness the Highest Growth
The smart appliances market in Asia-Pacific is expected to grow at a rapid rate. Developed countries like Japan, Singapore, Hong Kong, and Indonesia are expected to register an increase in the sales of smart appliances, mostly owing to the rising energy and labor costs, the high purchasing power of consumers, and greater awareness about smart cities and smart integrated appliances. China has the highest demand for conventional air conditioners, by volume, across the globe, owing to government policies that favor energy-saving appliances, a growing property market, and hot weather. The merger of Haier and GE appliances has given Haier access to the latter's smart appliance technology expertise, which will make it a strong player in China.
Major Home Appliances Industry Overview
The major home appliances market is highly competitive with some of the major companies such as LG, Samsung, GE electronics, Haier and Whirlpool. Companies are becoming technologically advanced and coming up with innovative features such as integrating their products with the IoT to make customers' lives comfortable and convenient. IoT is the interconnectivity of physical objects and devices that are integrated with sensors and software that allows them to exchange and collect data. Furthermore, manufacturers are mainly focusing on the development of self-directed, smart appliances with the integration of intelligent electronic control, sensors, and machine programming methods. Several companies such as LG and Samsung are getting ahead of the smart technologies revolution by offering products including smart washing machines and smart refrigerators.
Major Home Appliances Market Leaders
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Haier Group
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Whirlpool Corporation
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AB Electrolux
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BSH Hausgeräte GmBh
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Samsung Electronics
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GE
*Disclaimer: Major Players sorted in no particular order
Major Home Appliances Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Opportunities
- 4.4 Market Restraints
- 4.5 Industry Value Chain Analysis
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4.6 Porters 5 Forces Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Insights on household Appliances Consumption
- 4.8 Insights on household appliances production
- 4.9 Insights on technological innovations in the home appliances market
5. MARKET SEGMENTATION
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5.1 By Product
- 5.1.1 Refrigerators
- 5.1.2 Washing Machines
- 5.1.3 Dishwashers
- 5.1.4 Cookers and ovens
- 5.1.5 Freezers
- 5.1.6 Others (Microwaves, vacuum cleaners)
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5.2 By Distribution Channel
- 5.2.1 Supermarkets/Hypermarkets
- 5.2.2 Specialty Stores
- 5.2.3 Online
- 5.2.4 Other Distribution Channels
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5.3 By Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 South America
- 5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Market Competion Overview
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6.2 Company Profiles
- 6.2.1 Whirlpool Corporation
- 6.2.2 Electrolux AB
- 6.2.3 Haier Group
- 6.2.4 LG Corp
- 6.2.5 Samsung Electronics
- 6.2.6 General Electric (GE)
- 6.2.7 Panasonic Corp
- 6.2.8 BSH Hausgerte GmbH
- 6.2.9 Toshiba Corporation
- 6.2.10 Philips
- 6.2.11 Robert Bosch
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Major Home Appliances Industry Segmentation
The major home appliances market report provides in-depth coverage of the global home appliances market which includes an assessment of the parental market, emerging trends by segments and regional markets and insights on consumption and production of home appliances at regional levels. Additionally, the report also provides a qualitative and quantitative assessment of the market and competitive landscape covering the major players present in the home appliances industry.
| By Product | Refrigerators |
| Washing Machines | |
| Dishwashers | |
| Cookers and ovens | |
| Freezers | |
| Others (Microwaves, vacuum cleaners) | |
| By Distribution Channel | Supermarkets/Hypermarkets |
| Specialty Stores | |
| Online | |
| Other Distribution Channels | |
| By Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East and Africa |
Major Home Appliances Market Research FAQs
What is the current Major Home Appliances Market size?
The Major Home Appliances Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Major Home Appliances Market?
Haier Group, Whirlpool Corporation, AB Electrolux, BSH Hausgeräte GmBh, Samsung Electronics and GE are the major companies operating in the Major Home Appliances Market.
Which is the fastest growing region in Major Home Appliances Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Major Home Appliances Market?
In 2024, the North America accounts for the largest market share in Major Home Appliances Market.
What years does this Major Home Appliances Market cover?
The report covers the Major Home Appliances Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Major Home Appliances Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Major Home Appliances Industry Report
Statistics for the 2024 Major Home Appliances market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Major Home Appliances analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
