South Korea Major Home Appliances Market Size (2024 - 2029)

The South Korea Major Home Appliances Market is experiencing growth driven by continuous innovation from manufacturers, particularly in products like refrigerators and washing machines with enhanced capacity. The market's expansion is supported by advancements in technology and the increasing integration of smart home appliances. Factors such as the rise in single-family households, premiumization, and automation are contributing to the market's development. Additionally, changes in consumer behavior due to the COVID-19 pandemic have heightened the demand for appliances that facilitate household tasks, further influencing the market's trajectory.

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Market Size of South Korea Major Home Appliances Industry

South Korea Major Home Appliances Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Size (2024) USD 9.18 Billion
Market Size (2029) USD 10.13 Billion
CAGR (2024 - 2029) 2.00 %

Major Players

South Korea Major Home Appliances Market Major Players

*Disclaimer: Major Players sorted in no particular order

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South Korea Major Home Appliances Market Analysis

The South Korea Major Home Appliances Market size is estimated at USD 9.18 billion in 2024, and is expected to reach USD 10.13 billion by 2029, growing at a CAGR of greater than 2% during the forecast period (2024-2029).

Major home appliances in South Korea are witnessing growth in the market due to constant innovation by the manufacturers. Samsung and LG are innovating new products such as refrigerators and washing machines with larger capacity for greater food storage. Product innovations and government policies are fostering the growth of IoT in the major appliances segment. The major home appliances market in South Korea is driven by increasing single families, premiumization of products, personalization, and cost reduction by automation in the home appliances market. Fine articulation, on the other hand, has been an issue in the major home appliances market for some of the consumers seeking a healthy lifestyle. Advancements in Technologies and speed of development are supporting the growth of the South Korean major home appliances market. Smart Home appliances have become a vital part of the home appliances market in South Korea.

The COVID-19 pandemic led to a change in South Korea's major home appliance consumption trends; the popularity of electronics helping with household chores increased as most of the population worked from home, and spending more time at home required many appliances that could complete tasks quickly.

South Korea Major Home Appliances Industry Segmentation

Major appliances comprise major household appliances such as refrigerators, freezers, dishwashers, and ovens, among others. A complete background analysis of the South Korean major home appliances Industry, which includes an assessment of the industry associations, overall economy, emerging market trends by segments, significant changes in the market dynamics, and market overview, is covered in the report. The report also offers profiles of key players operating in the market.

The South Korean major home appliances market is segmented by product into refrigerators, freezers, dishwashers, washing machines, cookers and ovens, and other products, by distribution channel into supermarkets and hypermarkets, specialty stores, E-Commerce, and other distribution channels.

The report offers market size and forecasts for the South Korean major home appliances market in value (USD) for all the above segments.

By Product
Refrigerators
Freezers
Dishwashers
Washing Machines
Cookers and Ovens
Other Products
By Distribution Channel
Hypermarkets/Supermarkets
Specialty Stores
E-commerce/Online
Other Distribution Channels
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South Korea Major Home Appliances Market Size Summary

The South Korean major home appliances market is experiencing a steady expansion, driven by continuous innovation and technological advancements from leading manufacturers like Samsung and LG. These companies are introducing products with enhanced features, such as larger capacity refrigerators and washing machines, to meet the evolving consumer demands. The market is also benefiting from the integration of IoT technologies, supported by favorable government policies, which are enhancing the functionality and appeal of home appliances. The trend towards premiumization and personalization, along with automation for cost reduction, is further propelling market growth. However, some consumers are facing challenges with fine articulation in appliances, particularly those seeking a healthier lifestyle. The rise of smart home appliances has become a significant trend, reflecting the increasing consumer preference for convenience and efficiency in their daily lives.

The COVID-19 pandemic has notably shifted consumption patterns, with a growing demand for appliances that facilitate household chores as more people work from home. This has led to an increased preference for front-load washing machines and automatic dryers, which are gaining popularity for their superior functionality. Dishwashers are also becoming essential, particularly among millennials and working couples, as they significantly reduce household labor. The competitive landscape of the South Korean major home appliances market is marked by the presence of both local and international players, including Japanese and Chinese manufacturers. Key companies such as LG Electronics, Samsung Electronics, Electrolux, Whirlpool, and Bosch are actively engaging in the market, with recent developments like LG's launch of upgradeable home appliances and Samsung's supply agreement for steel sheets, highlighting the dynamic nature of the industry.

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South Korea Major Home Appliances Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Online Sales are Witnessing a Major Share of the Market

      2. 1.2.2 Increasing Technological Advancements is Driving the Demand for Energy-Efficient Home Appliances

    3. 1.3 Market Restraints

      1. 1.3.1 Changing Consumer Preferences

    4. 1.4 Market Opportunities

      1. 1.4.1 Growing Demand for Energy-Efficient Appliances

      2. 1.4.2 Rise in Smart Home Technology Integration

    5. 1.5 Value Chain Analysis

    6. 1.6 Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Suppliers

      2. 1.6.2 Bargaining Power of Buyers/Consumers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Insights on Technological Innovations in the Industry

    8. 1.8 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Product

      1. 2.1.1 Refrigerators

      2. 2.1.2 Freezers

      3. 2.1.3 Dishwashers

      4. 2.1.4 Washing Machines

      5. 2.1.5 Cookers and Ovens

      6. 2.1.6 Other Products

    2. 2.2 By Distribution Channel

      1. 2.2.1 Hypermarkets/Supermarkets

      2. 2.2.2 Specialty Stores

      3. 2.2.3 E-commerce/Online

      4. 2.2.4 Other Distribution Channels

South Korea Major Home Appliances Market Size FAQs

The South Korea Major Home Appliances Market size is expected to reach USD 9.18 billion in 2024 and grow at a CAGR of greater than 2% to reach USD 10.13 billion by 2029.

In 2024, the South Korea Major Home Appliances Market size is expected to reach USD 9.18 billion.

South Korea Major Home Appliances Market Report Snapshots

South Korea Major Home Appliances Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)