Market Size of Mexico Major Home Appliance Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR (2024 - 2029) | 3.50 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Mexico Major Home Appliance Market Analysis
The Mexico Major Home Appliance Market is expected to register a CAGR of greater than 3.5% during the forecast period(2024-2029).
The global COVID-19 epidemic altered consumer and buying behavior. Due to lockdown procedures, digital classrooms, and home offices, people were obliged to spend more time at home and they began to utilize their kitchens more frequently. Households frequently saw a requirement for or lack of home appliances, which was extremely advantageous for electro-domestic makers and their providers. Moreover, COVID-19 negatively impacted the market due to supply chain and production disturbances. But the online distribution channel saw increased demand for appliances due to the COVID-19 impact besides an increase in sales in the market. The same trend is expected to continue in the coming years.
With the increased demand for appliances, the appliance manufacturing industry in Mexico is booming. The country's home appliance production has increased due to the flourishing manufacturing industry. The country's expanding urbanization, brand advancements, diverse customer tastes, and corporate marketing and advertising are the main factors driving the market for major home appliances in Mexico. Many consumers are buying large household appliances due to rising levels of income. The demand for upscale goods like air conditioners and washing machines is also rising. Also, smart vendors of consumer electronics see a lot of promise in the market for major home appliances.
Customers in the market are constantly looking for goods that make their daily tasks-like cooking, cleaning, and laundry-easier. The growth in the number of smart homes in the nation and the increase in internet users have led to the combination of many appliances with cutting-edge technologies like IoT, artificial intelligence, and Wi-Fi, creating smart major home appliances. As people learn more about the costs and effects on the environment, they prefer to buy appliances that are sustainable and good for the environment.
Also, Mexico is one of the best places in the world to make things, and the investments made possible by nearshoring will make this position even stronger. Companies that produce refrigerators, washing machines, air conditioners, and other home appliances invested more than USD 1.15 billion in Mexico in 2022, demonstrating this.
Mexico Major Home Appliance Industry Segmentation
The major home appliances include all the primary equipment required for household activities. A complete background analysis of Mexico's major home appliance market, which includes an assessment of the national accounts, the economy, emerging market trends by segments, significant changes in the market dynamics, and a market overview, is covered in the report.
Mexico'S Major Home Appliance Market Is Segmented By Product (Refrigerators, Freezers, Dishwashers, Washing Machines, Ranges, Ovens/Cooktops, And Others) And By Distribution Channel (Multi-Brand Stores, Specialty Stores, Online, And Other Distribution Channels). The Market Size And Forecasts Are Provided In Terms Of Value (USD) For All The Above Segments.
By Product | |
Refrigerators | |
Freezers | |
Dishwashing Machines | |
Washing Machines | |
Cookers/Ovens | |
Air Conditioners | |
Other Products |
By Distribution Channel | |
Multi-Branded Stores | |
Specialty Stores | |
Online | |
Other Distribution Channels |
Mexico Major Home Appliance Market Size Summary
The Mexico Major Home Appliance Market is experiencing significant growth, driven by increased consumer demand and a robust manufacturing sector. The market is benefiting from the rising urbanization, diverse consumer preferences, and the growing middle class with higher disposable incomes. This has led to a surge in the purchase of large household appliances, including air conditioners and washing machines. The integration of advanced technologies such as IoT, artificial intelligence, and Wi-Fi into appliances has further fueled the demand for smart home devices. The market is also seeing a shift towards sustainable and environmentally friendly products as consumers become more aware of their impact. The COVID-19 pandemic initially disrupted supply chains but also accelerated the shift towards online sales channels, a trend that is expected to continue.
Mexico's strategic position as a manufacturing hub, bolstered by nearshoring investments, has attracted significant capital into the home appliance sector. Major companies like LG Electronics, Samsung, and Bosch are expanding their operations in the country, contributing to the market's growth. The demand for essential appliances like refrigerators is high, supported by the prevalence of vapor compression technology in households and the hospitality sector's needs. Despite relatively low internet penetration, online sales of major household appliances are on the rise, presenting opportunities for e-commerce growth. The market is moderately consolidated, with key players benefiting from government partnerships and a skilled labor force, which provides a competitive edge in manufacturing large appliances.
Mexico Major Home Appliance Market Size - Table of Contents
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1. INDUSTRY DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Value Chain / Supply Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Bargaining Power of Buyers/Consumers
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1.5.2 Bargaining Power of Suppliers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insights of Technology Innovations in the Market
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Product
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2.1.1 Refrigerators
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2.1.2 Freezers
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2.1.3 Dishwashing Machines
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2.1.4 Washing Machines
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2.1.5 Cookers/Ovens
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2.1.6 Air Conditioners
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2.1.7 Other Products
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2.2 By Distribution Channel
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2.2.1 Multi-Branded Stores
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2.2.2 Specialty Stores
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2.2.3 Online
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2.2.4 Other Distribution Channels
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Mexico Major Home Appliance Market Size FAQs
What is the current Mexico Major Home Appliance Market size?
The Mexico Major Home Appliance Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Mexico Major Home Appliance Market?
LG Electronics, Panasonic de México S.A. de C.V., Fisher & Paykel, BSH and Electrolux AB are the major companies operating in the Mexico Major Home Appliance Market.