Market Size of US Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Home Appliances Market Analysis
The United States Home Appliances Market has achieved approximately a revenue of USD 60 billion and is poised to grow at a CAGR of approximately 3% during the forecast period.
The market for home appliances in the United States is highly saturated, with most of the product categories in home appliances exhibiting a high rate of penetration. Manufacturers are investing heavily in R&D for disruptive innovation, innovating on the size of products, further increasing the number of value-added services of the products. The volume growth of appliances sold was much higher than in the previous several years, indicating the kind of growth to be expected in the next few years in the home appliances market. The invasion of Chinese products in the local market has led to fierce competition and competitive pricing has led to a very active market scenario in the country.
Technological innovation has improved the standard of living of people across the world. An astronomical change in the way things can be observed due to the increased disposable incomes of people and the rapid urbanization trends catching up to the different parts of the world.
The rapid spread of COVID-19 led to serious challenges for most suppliers of manufactured products, including home appliances in the United States, in the form of supply chain disruptions. limited availability of components, restricted labor supply, and other supply chain-related costs are some of the major challenges that the industry witnessed. Post Covid the market has witnessed steady growth in revenue, and sustainable solutions were brought into the market under product innovations.
US Home Appliances Industry Segmentation
A complete background analysis of the United States Home Appliances Market, which includes a complete assessment of the market, key players, emerging market trends by segments, significant changes in the market dynamics, and the market overview is covered in the report. The United States home appliances market is segmented by Product (Major Appliances (Refrigerators, Freezers, Dishwashing Machines, Washing Machines, Ovens, Air Conditioners, and Other Major Appliances), Small Appliances (Coffee or Tea Makers, Food Processors, Grills and roasters, Vacuum Cleaners, Other Small Appliances)), and by Distribution Channel (Multibrand Stores, Exclusive Stores, Online, and Other Distribution Channels). The report offers market size and forecasts for the United States Home Appliances Market in value (USD Million) for all the above segments.
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US Home Appliances Market Size Summary
The United States home appliances market is characterized by a high level of saturation, with most product categories achieving significant penetration. This has prompted manufacturers to invest substantially in research and development to drive disruptive innovations, focusing on product size and enhancing value-added services. The market has experienced a notable increase in the volume of appliances sold, surpassing previous years' figures, which suggests a positive growth trajectory. The entry of Chinese products has intensified competition, leading to competitive pricing and a dynamic market environment. Technological advancements have played a crucial role in elevating living standards, influenced by rising disposable incomes and rapid urbanization. The COVID-19 pandemic posed challenges such as supply chain disruptions and labor shortages, but the market has rebounded with steady revenue growth and sustainable product innovations.
The housing sector's expansion in the United States is expected to fuel demand for home appliances, thereby enhancing the market's growth prospects. The correlation between housing market performance and appliance manufacturing underscores the sector's importance. E-commerce is anticipated to experience rapid growth due to increased internet and smartphone penetration, digital shopping behavior changes, and attractive online offers. Improved after-sales services have further bolstered market growth. Major international players like Whirlpool Corporation, LG Electronics, and Samsung dominate the market, but technological advancements and product innovations are enabling mid-size and smaller companies to expand their presence. Recent developments include Philips Domestic Appliances' appointment of Omnicom Media Group for global media strategy and Samsung's launch of the Bespoke Infinite Line refrigerator, highlighting ongoing innovation and strategic partnerships in the industry.
US Home Appliances Market Size - Table of Contents
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1. MARKET DYNAMICS
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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 Market Opportunities
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1.5 Industry Value Chain Analysis
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1.6 Insights On Consumer Behavior Analysis
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1.7 Insights on Technology Innovations in the Industry
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1.8 Industry Attractiveness: Porter's Five Forces Analysis
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1.8.1 Threat of New Entrants
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1.8.2 Bargaining Power of Buyers/Consumers
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1.8.3 Bargaining Power of Suppliers
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1.8.4 Threat of Substitute Products
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1.8.5 Intensity of Competitive Rivalry
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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 Product
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2.1.1 Major Appliances
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2.1.1.1 Refrigerators
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2.1.1.2 Freezers
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2.1.1.3 Dishwashing Machines
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2.1.1.4 Washing Machines
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2.1.1.5 Cookers and Ovens
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2.1.2 Small Appliances
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2.1.2.1 Vacuum Cleaners
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2.1.2.2 Small Kitchen Appliances
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2.1.2.3 Hair Clippers
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2.1.2.4 Irons
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2.1.2.5 Toasters
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2.1.2.6 Hair Dryers
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2.1.2.7 Other Small Appliances
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2.2 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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US Home Appliances Market Size FAQs
What is the current United States Home Appliances Market size?
The United States Home Appliances Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in United States Home Appliances Market?
Whirlpool Corporation, LG Electronics, Electrolux , Samsung , Panasonic and Haier are the major companies operating in the United States Home Appliances Market.
