Home Appliances Market Size to Grow USD 282150 Million by 2029 at a CAGR of 4.4% | Valuates Reports
BANGALORE, India, Oct. 9, 2023 /PRNewswire/ -- Home Appliances Market is Segmented by Type (Refrigerators, Washing Machines, Air Conditioner, Kitchen Appliances), by Application (Online Sales, Offline Sales): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Home Appliances.
The Home Appliances market was valued at USD 207980 million in 2022 and is anticipated to reach USD 282150 million by 2029, witnessing a CAGR of 4.4% during the forecast period 2023-2029.
Major Factors driving the growth of Home Appliances Market
Home appliances market growth is influenced by a number of variables, including rising consumer expenditure, including per capita income, and changing customer preferences. During the pandemic, the work-from-home movement gained popularity, which helped to fuel an increase in demand for white goods on a global scale. People spent more time at home in 2020, which prompted them to remodel and improve their living quarters, helping to drive up demand for home appliances. In both industrialized and emerging nations, rising purchasing power among the populace encouraged a variety of lifestyle changes that fueled the market. During the holiday season, it is predicted that sales of appliances from upscale companies would increase globally.
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TRENDS INFLUENCING THE GROWTH OF HOME APPLIANCES MARKET:
The longevity of high-quality home appliances is one of their most significant advantages. Superior appliances are more durable and frequently have longer warranties than their less expensive counterparts. As a result, you can rest easy knowing that your appliances are long-lasting and save money over time on repairs and replacements. By making an investment in energy-efficient appliances, you may reduce your carbon impact and minimize your monthly electricity costs. Less energy is used by home appliances with the Energy Star certification than standard versions, which adds up over time and can be a great way to promote a more ecologically responsible way of life. This factor is expected to drive the growth of Home Appliances Market.
The integration of cutting-edge technologies by intelligent home appliances, including artificial intelligence, the Internet of Things, touchless technology, and integrated smart home technology, provides customers with various advantages, including safety, security, and convenience for their homes. The market for smart home appliances is expanding due to the strong potential for growth in electronic appliances with new features due to the increased demand from high-tech customers worldwide. The Home Appliances Market is expanding more quickly due to the increasing use of smart household products, such as energy-efficient refrigerators and cooking appliances, brilliant air conditioning/external units, and Heating, Ventilation, and Air Conditioning (HVAC). This factor is expected to drive the growth of Home Appliances Market.
The increasing levels of disposable income, expanding global population, and raising living standards of the populace are all factors that contribute to the purchase of white goods like refrigerators, cooking and washing equipment, heating and cooling appliances, etc. There was a high demand for these products due to customers' increasing purchasing power. A population with high disposable income may purchase brand-new white goods like refrigerators, washing machines, air conditioners (AC), and cooking equipment despite their high cost.
Consumers who are familiar with technology are prepared to make investments in smart home products. The retail environment for this industry has transformed as a result of the constantly expanding number of internet users. The market value was enhanced significantly by new technological advancements for intelligent and energy-efficient appliances. The introduction of energy-efficient appliances with intelligent services that maximize energy savings in order to provide users sustainable solutions, is a top priority for major household appliance makers.
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HOME APPLIANCES MARKET SHARE ANALYSIS:
The top companies in the world market for home appliances include Haier, Midea, Whirlpool, etc., who together account for around 33%.
The largest market is in Asia-Pacific, where it accounts for around 40% of sales, with about 26% and 25% of sales respectively in Europe and North America.
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Key Players:
- Koninklijke Philips
- SEB
- Midea
- JS Global
- Panasonic
- Donlin
- Whirlpool
- Haier
- LG Electronics
- Spectrum Brands Holdings
- Electrolux Group
- Bears
- Xiaomi
- Samsung Electronics
- Bosch
- Samsung
- Hisense
- Arcelik
- Meiling
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- Smart Kitchen Appliances market was valued at USD 1862.2 million in 2020 and is expected to reach USD 14560 million by the end of 2027, growing at a CAGR of 34.9% during 2021-2027.
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