Future Market Insights, in its recent survey, states that the sales in the global consumer appliances market are estimated to rise at 4.3% CAGR over the forecast period from 2022 to 2029. As per FMI, Europe is anticipated to remain the most remunerating consumer appliances market, contributing nearly more than 1/4th of the overall sales through 2031. The U.S., Germany, China, and India are estimated to emerge as highly lucrative markets between 2022 and 2029.
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2014-2021 Consumer Appliances Market Outlook in Comparison to 2022-2029 Growth Forecast
Over the past few years, the consumer electronics industry has witnessed rapid transformation with the launch of novel appliances such as food processors, kitchen appliances, home appliances, and others. Driven by this, the global consumer appliances market totaled US$ 383.8 Bn in 2021, growing at a CAGR of 3.9% between 2014 and 2021.
Increasing availability of devices enabling automation of day-to-day activities is drastically changing consumer preferences from general single-purpose electronic products to multi-purpose smart devices.
As a result, leading consumer appliances manufacturers are increasingly focusing on developing novel multi-functional appliances devices to meet the surging demand. Driven by this, the sales in the global consumer appliances market are anticipated to spur at a CAGR of 4.3% during the forecast period.
Demand for advanced consumer appliances products and connected devices such as smart kitchen appliances is rapidly increasing in the household sector owing to surging investment towards building smart homes across developed countries such as the U.S. Germany, and Japan. This also is favoring the growth in the market.
Against this backdrop, key players in the market are increasingly investing in research and development activities for launching novel devices integrated with technologies such as artificial intelligence and the internet of things.
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Consumer Appliances Market by Category
By Product Type :
- Kitchen Appliances
- Refrigerators
- Ranges and Ovens
- Microwave
- Conventional Grill
- Dishwashers
- Chimneys
- Electric Stove
- Induction Cooktops
- Small Appliances
- Hair Dryers
- Irons
- Toasters
- Bread Makers
- Coffee Machines
- Grinders & Mixers
- Food Processors
- Washing Machine
- Air Purifiers
- Water Heaters
- Water Purifiers
- Cloth Dryers/Tumbler
- Air Conditioners
- Vacuum Cleaners
By End Use :
- Domestic
- Professional
- Hotels
- Salon & Grooming Parlors
- Cafeteria & Restaurants
- Offices & Institute
- Others
By Sales Channel :
- Offline
- Organized Retailer
- Unorganized
- Online
- Company Direct Sales
- Independent Vendor/E Commerce
By Region :
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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For instance, INALSA, a leading home appliance company, announced introducing an internet of things integrated smart all-in-one cleaning solution for homes, the Robotic Vacuum Cleaner. The product offers 6 cleaning modes along with 2-in-1 sweeping and mopping functionalities. A multiplicity of such developments are estimated to accelerate the sales of consumer appliances in the coming years.
With rising demand for innovative consumer appliance such as induction cooktops, conventional grills, and others across the modern homes in the China, consumer electronics giants are increasingly aiming at launching new showrooms and outlets to capitalize on existing opportunities.
For instance, in October 2019, Panasonic, a leading electronic appliance brand announced opening its flagship showroom in Hangzhou, China. It showcases a wide range of home appliance, kitchen appliances, and others. These developments are estimated to accelerate the sales in China, assisting the East Asia market to hold nearly 19.1% of the revenue share through 2022.