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The Major Home Appliances market size is forecast to increase by USD 85.39 billion at a CAGR of 4.2% between 2023 and 2028. In today's rapidly evolving marketplace, innovation and product launches play a pivotal role in driving consumer interest and growth. One such area witnessing significant advancements is the smart home appliance sector. With the increasing adoption of these technologically advanced devices, homeowners can now automate and optimize various aspects of their daily lives. The rise in discretionary income among consumers, fueled by economic stability and increasing wages, further bolsters the demand for these high-end appliances. Companies are responding by introducing new and improved products, featuring advanced features such as voice control, energy efficiency, and seamless integration with other smart devices. This fusion of innovation, consumer demand, and technological advancements is set to redefine the home appliance landscape and create new opportunities for businesses.
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The offline segment is estimated to witness significant growth during the forecast period. The offline distribution channel includes the sale of products via specialty stores, department stores, hypermarkets, supermarkets, convenience stores, and clubhouse stores. Sales through the offline distribution channel have decreased due to the rapid transition in consumer preference toward online shopping.
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The offline segment was the largest segment and was valued at USD 263.46 billion in 2018. Consumers prefer buying household appliances from department stores, as they are characterized by a large portfolio of products, facilitate product evaluations, and offer consumers the required support and information via expert customer service personnel. These stores offer a wide range of products at affordable or discounted prices. Thus, such factors will drive the offline segment, which, in turn, will drive the growth of the market during the forecast period.
The market is experiencing significant growth due to the integration of modern technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and Digital Transformation. Household chores in residential settings are being revolutionized by the adoption of smart home appliances, including smart refrigerators with touchscreens and wellness features, smart connected laundry machines, and intelligent cooking appliances. These devices offer temperature control, food preservation, and entertainment, making daily life more convenient and efficient. White goods, or household appliances, are no longer just electrical/mechanical devices, but rather intelligent home appliances that can be controlled via a customer's smartphone. The market for these appliances is expected to continue growing as more families embrace the benefits of smart home tech. Key appliance categories include refrigeration appliances, cooking appliances, and laundry appliances.
The rise in discretionary income of consumers is the key factor driving market growth. Most sales in the global market are led by repeated purchase of and are driven by the raised demand for smart, innovative, and premium products. This increase in demand for advanced, innovative, and premium major household appliances is led by the rise in income of the population and their growing disposable income.
Moreover, the increase in the disposable income of consumers is leading to an increase in annual household expenses in several regions of the world. Therefore, a rise in the discretionary income of consumers will drive the growth of the global market during the forecast period.
Smart and connected appliances gaining traction is the primary trend shaping market growth. The market is positively affected by, among other things, the increase in the purchasing power of consumers, the increase in the number of nuclear families, the increase in popularity of modular kitchens, and changes in eating habits. Furthermore, smart-connected electrical appliances can be controlled through a mobile application, in which different controls are provided. Through the mobile application, users are informed every moment about the status of their appliances. Remote access convenience is a major factor in the high demand for major household appliances.
In addition, smart electronic devices reduce the human effort involved on a daily basis by allowing integration with mobile apps and other interfaces that record, monitor, and control temperatures in accordance with the surrounding environment. The growing adoption of smart home appliances in Germany major home appliance market is expected to witness significant growth during the forecast period. These innovations cater to consumer preferences for seamless connectivity and automation, enhancing convenience and energy efficiency in household operations. As smart technology becomes more accessible and affordable, it is anticipated to drive market expansion, transforming traditional home appliances into intelligent systems capable of personalized performance and remote management.
Fluctuations in raw material prices and operating costs is a challenge that affects market growth. The market price of home appliances depends on many factors such as labor costs, raw materials, distribution, and marketing. Additionally, market players need to spend on R&D to update their products with the latest technology to survive in the tough competition.
Moreover, the main raw materials needed for the production of equipment are plastic, steel, and rubber. The prices of these products are very sensitive and can vary significantly internationally. Furthermore, fluctuations in oil prices affect the transportation costs of raw materials and end products. Therefore, fluctuations in prices may impede market growth during the forecast period.
The market research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Electrolux AB: The company offers home appliances such as Ultimatetaste 500 bottom freezer refrigerator, Ultimatecare 500 front load washing machine and Ultimatetaste 900 built-in single oven.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth of the market in the APAC region is mainly attributed to the rising middle-class population and the increasing income of people, which encourages them to spend more on household appliances. In addition, the evolving urbanization and the change in lifestyle of the population in the region are driving the growth of the market in the APAC region.
Moreover, China is foreseen to be one of the key countries in adopting smart connected appliances for various reasons. It has the highest demand for connected devices such as smart air conditioners by volume across the globe. Besides, market players are entering into partnerships to gain a foothold in the major home appliance market. Hence, such factors are expected to drive market growth in this region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market encompasses a wide range of products that cater to modern household needs. These appliances include refrigerators, dishwashers, ovens, hobs, washing machines, and smart home devices. The market is driven by factors such as increasing disposable income, urbanization, and technological advancements. Homeowners are increasingly investing in energy-efficient and high-performance appliances to enhance their living standards. The washing machine segment holds a significant market share due to its high demand. The refrigerator segment is also expected to witness steady growth due to the rising trend of large families and the increasing popularity of frozen food. The smart home devices segment is gaining traction as consumers seek convenience and connectivity in their daily lives. Overall, the major home appliances market is poised for steady growth in the coming years. The market is experiencing a profound transformation driven by smart technologies and tech-savvy consumers.
In addition, products like smart connected refrigerators and smart washing machines with touchscreen interfaces are gaining traction, enhancing convenience in domestic tasks. The rise of smart homes and work-from-home culture has spurred demand for advanced cooking appliances such as sous vide and air frying devices. Despite challenges like the global chip shortage, manufacturers innovate with intelligent electronic controls and sensors for efficient data exchange and machine programming. Consumers with disposable incomes increasingly favor online retail platforms offering augmented reality (AR) and virtual reality (VR) for immersive shopping experiences. The market landscape is diverse, encompassing everything from dishwashers to vacuum cleaners, catering to both online shoppers and traditional retail outlets like specialty stores and shopping malls.
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Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.2% |
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Market Growth 2024-2028 |
USD 85.39 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.5 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Electrolux AB, FRIGIDAIRE, Fujitsu Ltd., Glen Dimplex Europe Holdings Ltd., Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Hisense International Co. Ltd., Koc Holding AS, Koninklijke Philips N.V., LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, MIRC Electronics Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Toshiba Corp., Transform SR Holding Management LLC, and Whirlpool Corp. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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