Market Size of South Korea Small Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.00 % |
Major Players.webp "South Korea Small Home Appliances Market 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?
South Korean Small Home Appliances Market Analysis
The South Korean Small Home Appliance Market is expected to grow in the upcoming years, owing to the use of technology and innovations in the home appliance market. The growth of small home appliances is expected to continue due to the increase in single households and the spread of new consumption trends in the market. This is leading to the increasingly seeking personalized and premium products in the home appliances market.
The trend of satisfaction through consumption is spreading in the market. Consumers in the market are preferring luxury home appliances brands. As consumers are becoming more environmentally conscious, small environmental appliances, such as air cleaners, are witnessing significant demand.
The South Korean government is supporting the growth of the market. The government planned to boost the home appliance market of the country by making use of IoT technology to boost revenues from export.
COVID-19 will have a mixed impact on retail volume sales of South Korea small home appliances in 2020, significantly boosting demand for coffee machines, coffee mills and breadmakers, as consumers spent more time at home, visit coffee shops less frequently, bake their own bread in growing numbers. On the other hand, the pandemic will have a modest negative impact on demand for light fryers and rice cookers.
South Korean Small Home Appliances Industry Segmentation
The report covers a complete background analysis of the South Korean Small Home Appliance Market, which includes an assessment of the parental market, emerging trends in the segments and regional market, and significant changes in market dynamics and market overview. The report also offers qualitative and quantitative assessments, by analyzing the data gathered from industry analysts and market participants across various key points in the value chain. The market is segmented by Product into Vacuum Cleaners, Mixer/Juicer/Blenders, Toasters, Coffee Machines, Air Purifiers, and Other Products, Distribution Channel into Multi-Brand Stores, Exclusive Stores, Online, and Others. The report offers market size and forecasts for the South Korea Small Home Appliances Market in value (USD million) for all the above segments.
| By Product | |
| Vacuum Cleaners | |
| Mixer/Juicer/Blenders | |
| Toasters | |
| Coffee Machines | |
| Air Purifiers | |
| Other Products |
| By Distribution Channel | |
| Multibrand Stores | |
| Exclusive Stores | |
| Online | |
| Other Distribution Channels |
South Korea Small Home Appliances Market Size Summary
The South Korean small home appliance market is poised for growth, driven by technological advancements and innovative trends. The increasing number of single-person households and the emergence of new consumption patterns are fueling demand for personalized and premium home appliances. Consumers are increasingly leaning towards luxury brands and environmentally friendly products, such as air cleaners, reflecting a broader trend of satisfaction through consumption. Government initiatives aimed at integrating IoT technology are expected to further stimulate market expansion, enhancing export revenues. The COVID-19 pandemic has had a mixed impact, boosting demand for certain appliances like coffee machines and breadmakers, while moderately affecting others such as light fryers and rice cookers.
The market is characterized by intense competition, with numerous players, including multinational companies, vying for market share. Exclusive retail stores and online platforms remain the preferred channels for consumers. The rise in popularity of cordless vacuum cleaners and air cleaners highlights the market's response to consumer preferences and environmental concerns. The sale of premium small home appliances is on the rise, indicating a shift towards higher-quality products. Companies like Whirlpool and Samsung are innovating with smart features and user-friendly designs to enhance consumer engagement and satisfaction.
South Korea Small Home Appliances Market Size - Table of Contents
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1. MARKET 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 Mark Opportunities
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1.4 Market Restraints
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1.5 Value Chain Analysis
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1.6 Industry Value Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Threat of New Entrants
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1.7.2 Bargaining Power of Buyers/Consumers
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1.7.3 Bargaining Power of Suppliers
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1.7.4 Threat of Substitute Products
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1.7.5 Intensity of Competitive Rivalry
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1.8 Insights On Technological Innovations In The Small Home Appliances Market in South Korea
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1.9 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 Mixer/Juicer/Blenders
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2.1.3 Toasters
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2.1.4 Coffee Machines
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2.1.5 Air Purifiers
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2.1.6 Other Products
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2.2 By Distribution Channel
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2.2.1 Multibrand Stores
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2.2.2 Exclusive Stores
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2.2.3 Online
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2.2.4 Other Distribution Channels
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South Korea Small Home Appliances Market Size FAQs
What is the current South Korea Small Home Appliances Market size?
The South Korea Small Home Appliances Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in South Korea Small Home Appliances Market?
Whirlpool Corporation, Shinil Electronics. Co., Ltd, HANIL Electric, UNIX Electronics and Smeg are the major companies operating in the South Korea Small Home Appliances Market.
