Market Size of Small Home Appliances Industry
Study Period | 2020 - 2029 |
Market Size (2024) | USD 60.20 Billion |
Market Size (2029) | USD 85.22 Billion |
CAGR (2024 - 2029) | 7.20 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Small Home Appliances Market Analysis
The Small Home Appliances Market size is estimated at USD 60.20 billion in 2024, and is expected to reach USD 85.22 billion by 2029, growing at a CAGR of 7.20% during the forecast period (2024-2029).
The COVID-19 pandemic impacted the global small home appliances market. As people spent more time at home due to lockdowns and social distancing measures, the demand for small home appliances increased as consumers focused on home improvement and convenience. The pandemic also led to an increase in remote working and virtual learning, which boosted the demand for products such as coffee makers, blenders, and microwaves. Despite these challenges, the small home appliances market has shown resilience and adapted to the changing consumer needs and preferences during the pandemic. The market has also seen an increased demand for energy-efficient and smart home appliances, which are expected to drive the growth of the market in the coming years.
Small appliances are semi-portable or portable machines, basically used on platforms such as countertops and tabletops to accomplish a certain household task. Some of the small appliances function equally as major appliances and perform similar tasks such as an oven. Small appliances are available in both commercials as well as home versions. The global market for small appliances is expected to witness significant growth over the coming years owing to the growing living standards of consumers, especially in developing regions. The market is likely to be primarily driven by the development of innovative products. Value-added features and upgrading the new products are also anticipated to trigger the demand for small appliances in the upcoming years.
Furthermore, small home appliances are gaining popularity due to changes in consumer lifestyle patterns which has further propelled the demand for these small appliances. Consumers are becoming tech-savvy and using small home appliances to save time. Due to the expansion of the e-commerce industry, the small home appliances market may witness more demand as online platforms offer several benefits such as free home delivery, discounts, product varieties, and easy exchange, which are major factors that makes online purchases highly attractive.
Small Home Appliances Industry Segmentation
The report offers a complete background analysis of the small home appliances market, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and market overview. The report also features the qualitative and quantitative assessment, by analyzing the data gathered from industry analysts and market participants across key points in the industry's value chain.
The small home appliances market is segmented by product, by distribution channel, and geography. By product, the market is segmented into vacuum cleaners, hair clippers, irons, toasters, hair dryers, coffee machines, grills and roasters, and other products. By distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, online stores, and other distribution channels, and by geography the market is segmented into North America, Europe, Asia-Pacific, South America, Middle East & Africa. The report offers market size and forecasts in value (USD) for all the above segments.
By Product | |
Vacuum Cleaners | |
Hair Clippers | |
Irons | |
Toasters | |
Hair Dryers | |
Coffee Machines | |
Grills and Roasters | |
Other Products |
By Distribution Channel | |
Supermarkets/Hypermarkets | |
Specialty Stores | |
Online Stores | |
Other Distribution Channels |
By Geography | |
North America | |
Europe | |
Asia-Pacific | |
South America | |
Middle East & Africa |
Small Home Appliances Market Size Summary
The small home appliances market is poised for substantial growth, driven by evolving consumer lifestyles and increased disposable incomes worldwide. The market has demonstrated resilience in the face of challenges such as the COVID-19 pandemic, which initially boosted demand as consumers sought convenience and home improvement solutions. The shift towards remote working and virtual learning further propelled the need for appliances like coffee makers and microwaves. As consumers become more tech-savvy, the demand for energy-efficient and smart appliances is expected to rise, supported by the expansion of e-commerce platforms offering convenience and variety. The trend towards urban living, smaller households, and the need for functional, space-saving solutions are also contributing to the market's expansion.
The Asia-Pacific region is leading the growth in small home appliances, with countries like India and Southeast Asia driving demand due to urbanization and health-conscious trends. The region's market is characterized by increasing disposable incomes and a competitive landscape with both regional and global players vying for market share. Companies such as Haier and Midea are prominent in the region, with strategic expansions and product innovations enhancing their market positions. The market's competitive nature is further underscored by the activities of key players like Russell Hobbs Inc., Proctor Silex, and Philips, who are actively expanding their product portfolios and regional presence to capitalize on the growing demand for small home appliances.
Small Home Appliances Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Urbanization and High Disposable Income is Driving the Market
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1.2.2 Increase in Online Sales is Driving the Market
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1.3 Market Restraints
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1.3.1 Volatility in Raw Material Prices
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1.4 Industry Value Chain Analysis
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1.5 Industry Attractiveness - Porters' Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitutes
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insights on Technological Innovations in the Small Home Appliances 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 Vacuum Cleaners
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2.1.2 Hair Clippers
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2.1.3 Irons
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2.1.4 Toasters
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2.1.5 Hair Dryers
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2.1.6 Coffee Machines
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2.1.7 Grills and Roasters
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2.1.8 Other Products
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2.2 By Distribution Channel
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2.2.1 Supermarkets/Hypermarkets
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2.2.2 Specialty Stores
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2.2.3 Online Stores
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2.2.4 Other Distribution Channels
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2.3 By Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle East & Africa
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Small Home Appliances Market Size FAQs
How big is the Small Home Appliances Market?
The Small Home Appliances Market size is expected to reach USD 60.20 billion in 2024 and grow at a CAGR of 7.20% to reach USD 85.22 billion by 2029.
What is the current Small Home Appliances Market size?
In 2024, the Small Home Appliances Market size is expected to reach USD 60.20 billion.