The household appliances market is anticipated to witness
significant growth owing to several unique factors. Firstly, the
rise of smart technology and Internet of Things (IoT) integration
has revolutionized the industry, offering consumers enhanced
convenience, connectivity, and efficiency in their daily lives.
Smart appliances allow remote monitoring, control, and automation,
enabling users to optimize energy usage, customize settings, and
receive alerts or notifications, thus aligning with the growing
demand for connected living solutions. Secondly, increasing
environmental consciousness and stringent regulations have spurred
the development of energy-efficient and eco-friendly appliances.
Manufacturers are focusing on sustainability initiatives,
incorporating features such as energy and water-saving
capabilities, eco-friendly materials, and recyclability, appealing
to environmentally conscious consumers and meeting regulatory
standards.
WILMINGTON, Del., May 9, 2024
/PRNewswire/ -- Allied Market Research published a report, titled,
"Household Appliances Market by by Product
(Refrigerator, Air Conditioner & Heater, Entertainment &
Information Appliances, Washing Machine, Dish Washer, Wall Oven,
Microwave, Cooking Appliances, Coffee Machine, Blender, Juicer,
Canister, Deep Cleaners, Other Vacuum Cleaners, Steam Mop, and
Other Appliances) and Distribution Channel (Supermarket &
Hypermarket, Specialty Store, E-Commerce, and Others):
Global Opportunity Analysis and Industry Forecast, 2024-2035".
According to the report, The global household appliances market
was valued at $490,452.88 million in
2023, and is projected to reach $983,193.41
million by 2035, growing at a CAGR of 6.03% from 2024 to
2035.
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https://www.alliedmarketresearch.com/request-sample/5137
Prime determinants of growth
The growth of the household appliances market is primarily
determined by several key factors. Technological advancements play
a pivotal role, with innovations such as smart home integration,
energy-efficient designs, and enhanced functionalities captivating
consumers seeking convenience and sustainability. In addition,
shifting consumer lifestyles, influenced by factors such as
urbanization, dual-income households, and time constraints, fuel
demand for appliances offering time-saving features and
compatibility with modern living arrangements. Environmental
concerns also drive growth, as consumers increasingly prioritize
eco-friendly options, motivating manufacturers to develop greener
products to meet regulatory standards and consumer preferences.
Economic factors such as disposable income levels and consumer
confidence further impact purchasing decisions, influencing demand
for household appliances.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2035
|
Base Year
|
2023
|
Market Size in
2023
|
$490,452.88
million
|
Market Size in
2035
|
$983,193.41
million
|
CAGR
|
6.03 %
|
No. of Pages in
Report
|
294
|
Segments
covered
|
Product, Distribution
Channel, and Region.
|
Drivers
|
Changing Consumer
Lifestyles
Urbanization and
Housing Trends
Technological
Innovation
|
Opportunities
|
Smart Home
Integration
E-commerce
Expansion
|
Restraint
|
The availability of
counterfeit brands
|
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Tables, and
Figures):
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The deep cleaners' segment to maintain its leadership status
throughout the forecast period.
By product, the entertainment and information appliances segment
held the highest market share in 2023, accounting for more than
one-fourth of the global household appliances market revenue and is
estimated to maintain its leadership status throughout the forecast
period. The increasing adoption of smart home integration and
Internet of Things (IoT) connectivity has made entertainment
appliances more versatile and interconnected, allowing for seamless
integration with other smart devices and services. Furthermore, the
growing popularity of home entertainment, driven by factors such as
the COVID-19 pandemic and the rise of streaming platforms, has
fuelled demand for high-quality audiovisual experiences within the
comfort of consumers' homes. Collectively, these factors have
propelled the entertainment and information appliances segment to
the forefront of the market, reflecting evolving consumer
preferences and technological trends shaping the industry.
The e-commerce segment to maintain its leadership status
throughout the forecast period.
By distribution channel, the specialty store segment held the
highest market share in 2023, accounting for more than two-fifths
of the global household appliances market revenue and is estimated
to maintain its leadership status throughout the forecast period.
Specialty stores offer a curated selection of household appliances,
providing consumers with a wide range of options and expert advice.
These stores often prioritize product knowledge and customer
service, creating a personalized shopping experience that fosters
trust and loyalty among consumers. In addition, specialty stores
are strategically located in high-traffic areas, enhancing their
visibility and accessibility to shoppers. Furthermore, the hands-on
experience provided by specialty stores allows consumers to
interact directly with products, compare different models, and
receive demonstrations, which can be particularly influential for
high-value purchases like household appliances.
North America to maintain
its dominance by 2035.
By region, North America held
the highest market share in terms of revenue in 2023 and is
expected to dominate the market during the forecast period. The
changing consumer lifestyles, including busy schedules and a
preference for time-saving solutions, contribute to the demand for
innovative household appliances in the region. Moreover, favourable
regulatory frameworks and initiatives promoting energy efficiency
and sustainability encourage the adoption of eco-friendly
appliances, further bolstering market growth. Collectively, these
factors position North America as
a lucrative market for household appliances, driving its continued
dominance in the industry.
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Strategies:
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Leading Market Players: -
- Haier Group Corporation
- Robert Bosch GmbH
- Samsung Electronics
- Whirlpool Corporation
- LG Electronics
- Hitachi, Ltd.
- Midea Group Co., Ltd.
- Panasonic Corporation
- Sharp Corporation
- AB Electrolux
The report analyzes government regulations, policies, and
patents to provide information on the current market trends and
suggests future growth opportunities globally. Furthermore, the
study highlights Porter's five forces analysis to determine the
factors affecting the market growth.
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