Home Appliance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2030)

Type Insights :

The type segment is categorized into major appliances, small appliances, and smart home appliances. In 2022, the major appliances segment accounted for the highest market share of 40.30% in the overall household appliances market. Major home appliances consist of equipment such as freezers, refrigerators, washing machines, dishwashers, air conditioners, ovens, and others. The kitchen and laundry have become an essential part of the home, which is creating a high demand for home essential appliances such as dishwashers, refrigerators, and washing machines. Various key players across the globe are focusing on the launch of new products to meet the growing demand from consumers worldwide. For instance, in October 2022, Whirlpool Corporation, an America-based home appliances manufacturing company, announced the launch of a high-capacity dishwasher. However, the smart appliances segment is expected to grow at the fastest CAGR in the market during the forecast period. The growth of the segment is attributed to the increasing focus of the key players on developing remote monitoring IoT and AI-based large home appliances.

Businesses in the global market are focusing on the development of food recognition, remote monitoring, automating heat sensing, and other technologies and integrating them into kitchen applications such as ovens and refrigerators. Companies such as Samsung, Panasonic, and others, have been introducing concepts such as refrigerator that identifies and monitors food, remote monitoring of a stovetop, and integrating artificial intelligence (AI) into appliances for recommendations. Hence, technological advancements, and contributions by market players will further foster market growth over the forecast period.

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Product Insights :

The product type segment is categorized into refrigeration equipment, cooking appliances, washing & drying equipment, heating & and cooling equipment, food processing equipment, and others. In 2022, the refrigeration equipment segment accounted for the highest market share in overall household appliances market. Increasing innovations in smart refrigerator technology are driving segment growth across the globe. For instance, in January 2020, Samsung Electronics Co., Ltd. introduced a new refrigerator with artificial intelligence (AI) features that can plan meals and connect with Samsung devices around the home. This new refrigerator is equipped with the company's AI ViewInside technology which scans items, identifies them, and sends updates when new or old items are out.

However, the food processing equipment segment is expected to grow at the fastest CAGR in the overall household appliances market. Food processing equipment is the kitchen appliances that allow users to quickly perform food preparation activities such as chopping, grinding, slicing, mixing, blending, kneading, and other activities. This food processing equipment comes in various categories such as dryers, mixers, chillers, feeders, fryers, grinders, homogenizers, separators, roasters, slicers, and others. Rising per capita income along with the increasing consumer spending on household and kitchen appliances are expected to drive the segment growth across the globe over the forecast period.

Distribution Channel Insights :

The distribution channel segment is categorized into online and offline. In 2022, the offline segment accounted for the highest market share in the overall home appliances market. Further, the offline segment is categorized into supermarkets/hypermarkets, specialty stores, and others. The growth of the segment is attributed to the high presence of various brand stores, electronic stores, the presence of the home appliances section in supermarkets and hypermarkets, and the existence of a strong distributor network of key manufacturers across the globe. The increasing launch of new brand outlets and stores is further driving segment growth across the globe. For instance, in July 2023, LG Electronics announced the launch of its new store in Srinagar, India to elevate the shopping experience and provide a one-stop shop for all lifestyle needs of a household for their consumers.

However, the online segment is expected to grow at the fastest CAGR in the overall home appliances market. The online segment is further categorized into company-owned websites and e-commerce channels. Online distribution channels provide the convenience of home delivery, easy purchasing, and convenience of purchasing from anywhere across the globe. The rising consumer preference for e-commerce purchases worldwide is expected to drive the segment growth over the forecast period.

Regional Insights :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share of 37.78% valued at USD 219.91 billion and is expected to reach USD 309.29 billion in 2030. In the Asia Pacific region, China accounted for the highest market share of 25.20% during the base year 2022 owing to the high presence of large market players across the region, increasing adoption of growth strategies by key players across the region, and high manufacturing capabilities of the region. For instance, according to the report published by The Government of China in January 2022, the revenue of China's home appliance sector reached USD 95.3 billion in 2021, which was 7.1% higher compared with the previous year 2020. According to the same report, China is the largest manufacturing hub for home appliances across the globe accounting for 60-70% of the global production capacity. Furthermore, the Asia Pacific region is dominated by some of the largest home appliances manufacturers across the globe such as Samsung Electronics Co. Ltd., Haier Inc., Bajaj Electricals Ltd., Panasonic Holdings Corporation, and LG Electronics. This presence of large market players along with the high production capacity for home appliances in the region is driving the home appliances market growth.

Moreover, Europe is expected to grow at the fastest CAGR of 4.9% during the forecast period due to rising demand for energy-efficient appliances and the high expenditure capability of end-users on smart homes appliances is driving the market growth factors across the region. Furthermore, various key players in the home appliances market are focusing on expanding their business across the Europe region, which is also driving the market growth. For instance, in August 2022, Samsung Electronics Co. Ltd. announced its plan to grow its home appliances business in the European market. Therefore, the aforementioned factors are anticipated to bolster the market growth in the Europe region.