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

Based on the Type :

The type segment is categorized into major appliances, small appliances, and smart appliances. In 2022, the major appliances segment accounted for the highest market share of 40.30% in the overall home appliances market. Major 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 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 household appliances. Businesses in the 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. Analysis of market trends concludes that technological advancements and contributions by market players will further foster home appliances market growth over the forecast period.

Based on the Product Type :

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 home appliances market share. Increasing innovations in smart refrigerator technology are driving segment proliferation 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 home 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. Examination of market trends concludes that the rising per capita income along with the increasing consumer spending on home and kitchen appliances are expected to drive the segment expansion across the globe over the forecast period.

Based on the Distribution Channel :

The distribution channel segment is categorized into online and offline. In 2022, the offline segment accounted for the highest home appliances market share. Further, the offline segment is categorized into supermarkets/hypermarkets, specialty stores, and others. The proliferation of the segment is attributed to the high presence of various brand stores, electronic stores, the presence of the household appliances section in supermarkets and hypermarkets, and the existence of a strong distributor network of key manufacturers across the globe. The home appliances market analysis concluded that the increasing launch of new brand outlets and stores is further driving segment proliferation 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.

Based on the Region :

The regional segment includes North America, Europe, Asia Pacific, the 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 domestic 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 household appliances manufacturers across the globe such as Samsung Electronics Co. Ltd., Haier Inc., Bajaj Electricals Ltd., Panasonic Holdings Corporation, and LG Electronics. Analysis of home appliances market trends concludes that the presence of large market players along with the high production capacity for domestic appliances in the region is driving the household 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 home appliances is driving the market proliferation across the region. Analysis of home appliances market trends concludes that 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 domestic appliances business in the European market. Therefore, the aforementioned factors are anticipated to bolster the market growth in the Europe region.