Household Appliances Market, Anticipated to Grow at a Significant...

Household Appliances Market, Anticipated to Grow at a Significant CAGR of 6.50% by 2033: Consumer Behavior Insights

Posted 2024-05-20 09:43:44

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In 2023, the household appliances market is anticipated to reach a valuation of US$707.52 billion, with projections indicating an increase to US$1,328.11 billion by 2033. Sales of household appliances are poised for substantial growth, expected to maintain a significant compound annual growth rate (CAGR) of 6.50% throughout the forecast period.

Germany is experiencing a surge in demand for advanced consumer appliances, including kitchen and small appliances, driven by the growing trend of single-living and a fast-paced lifestyle. The country’s market is witnessing notable growth as consumers seek convenience and efficiency in their daily lives.

Moreover, a rising sense of environmental awareness is influencing consumer choices, leading to an increased adoption of energy-efficient electronic products. Consumers in Germany are increasingly prioritizing eco-friendly options that not only offer superior performance but also contribute to cost-effectiveness and sustainability.

The convergence of these factors is propelling the consumer appliance market in Germany towards a more innovative and eco-conscious landscape, catering to the evolving needs and preferences of modern consumers.

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What’s powering this surge in kitchen and laundry essentials? Here are some key ingredients:

- Tech-savvy consumers: People are increasingly drawn to smart appliances with connectivity, automation, and voice control features.
- Energy efficiency focus: Rising energy costs and environmental concerns are driving demand for energy-saving appliances.
- Lifestyle changes: More time spent at home leads to increased reliance on reliable and efficient appliances.
- Urbanization and rising disposable incomes: Growing middle class in developing economies fuels demand for modern home appliances.
- Focus on healthy cooking and laundry: Consumers are seeking appliances that promote healthier lifestyles and convenience.

There is a growing demand for personalized appliances that complement the overall theme of the house and meet the household’s utilitarian needs.
Regular new product launches and the introduction of advanced and innovative features in household appliances entice consumers and boost household appliance sales.
The US and Canada are driving the consumption rate of various appliances, including refrigerators, and washing machines. High efficiency, improved design, and better-insulated appliances are gaining market traction and leading the market toward a growth rate of 6.2%
China generates revenue of US$ 166.20 billion in 2023 and has become increasingly reliant on innovative technology in its fight against COVID-19. Manufacturers are heavily investing in research and development activities in the region.
The Middle East and Africa are expected to experience a CAGR of 7.7% from 2021 to 2028, primarily due to the rising popularity of i-wave microwave ovens.
Europe is expected to capture approximately 25.7% of the value share by 2022. Demand for advanced consumer appliances such as kitchen appliances and small appliances is rapidly increasing in the region, particularly in Germany.
E-commerce sales are anticipated to account for 31.3% of total revenue in the household appliances market by 2023. Rising smartphone adoption, increasing internet penetration, rising manufacturer investments in digital distribution channels, huge discounts, easy return and replacement policies of e-commerce platforms, and fast home delivery are the major factors driving the growth of the e-commerce segment.
Overall, the recent trend of smart homes, combined with major companies’ increasing focus on developing and launching innovative and connected home appliances, is expected to fuel market growth.

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Competitive Landscape

Whirlpool Corporation
Samsung Electronics
LG Electronics
Haier Group Corporation
AB Electrolux
Panasonic Corporation
Midea Group Co., Ltd.
Hitachi, Ltd.
Robert Bosch GmbH
GE Appliances

The household appliance market is highly competitive and moderately consolidated, with top players holding a large market share in both the big and small appliance industries. Consumers are becoming more technically savvy, and manufacturers should be prepared to provide the best technological advancements to users, thereby increasing R&D investment.

Godrej Appliances, a division of the Godrej & Boyce Group, announced the launch of ultra-low temperature refrigerators, portable mobile freezers for highly storing temperature-sensitive vaccines, in August 2021.
Whirlpool Corporation used virtual reality to display its latest appliance innovations in kitchen and laundry appliances at the 2021 NAHB International Builder’s show in February 2021. Similarly, LG Electronics introduced an improved ThinQ app in November 2019 to provide consumers with a more enriching smart home experience that incorporates the AI strategy.