The global consumer appliances market is projected to reach USD 437.8 billion in 2023, driven by rising infrastructural development and construction activities. By 2033, the market is expected to grow to USD 679.8 billion, reflecting a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period from 2023 to 2033.
This growth is fueled by key factors such as increasing purchasing power, higher disposable incomes, and the rapid pace of urbanization. As consumers seek to improve their quality of life with more convenient and comfortable solutions, the demand for advanced appliances continues to rise. Urbanization, in particular, drives the need for compact, space-saving appliances, as smaller living spaces become more common.
Another significant driver of market expansion is the rise of smart homes and the integration of appliances into smart home ecosystems. Technological advancements, including Internet of Things (IoT) connectivity, artificial intelligence (AI), and automation, are paving the way for smart appliances, which are expected to further boost the market’s growth.
Regionally, North America is set to hold a substantial market share, thanks to increasing disposable incomes, ongoing technological innovations, and changing consumer preferences. Meanwhile, the Asia Pacific region is witnessing strong growth, driven by rising disposable incomes, better living standards, and evolving consumer lifestyles. The adoption of smart home technologies and the influence of Western consumer trends are also playing a key role in the robust expansion of the consumer appliances market in this region.
In-Depth Market Analysis: A Complete Report
Key Takeaways from the Market Study
- From 2018 to 2022, the consumer appliances market demand expanded at a CAGR of 0%
- Based on end-user, the domestic segment is expected to account for a CAGR of 4.4% during the forecast period.
- Based on the sales channel, the online segment dominates the market with a CAGR of 4.3% during the forecast period.
- North America to emerge as a promising consumer appliances market, capturing a CAGR of 4%
- The consumer appliances industry in the United Kingdom is predicted to reach US$ 456.5 billion by 2033
- South Asia and the Pacific to be an opportunistic consumer appliances market, expected to capture a CAGR of 1% during the forecast period.
Competitive Landscape
The global consumer appliances market is fragmented with the presence of several large and medium-scale players. The leading players in the consumer appliances market are investing in strategic agreements in order to capture market share.
Some of the recent development by prominent players in the consumer appliances market are:
- Samsung has been focusing on developing smart appliances with advanced features and connectivity capabilities. They have introduced technologies such as AI-powered assistants, voice control, and smart home integration in their appliances. Samsung’s recent developments aim to enhance user experiences, improve energy efficiency, and offer seamless connectivity within the smart home ecosystem.
- LG Electronics: LG has been investing in innovative technologies for their consumer appliances. They have introduced features such as advanced AI algorithms, self-cleaning capabilities, and energy-saving innovations in their products. LG’s recent developments focus on delivering efficient and sustainable appliances that meet the evolving needs of consumers.
Key Players
- AB Electrolux
- Qingdao Haier Co., Ltd. (Haier)
- Hitachi, Ltd.
- LG Electronics Inc. (LG)
- Midea Group Co., Ltd. (Midea)
- Panasonic Corporation (Panasonic)
- Robert Bosch GmbH
- Samsung Electronics Co., Ltd.
- Sharp Corporation (Sharp)
- Whirlpool Corporation
Know More about What the Consumer Appliances Market Report Covers
Future Market Insights offers an unbiased analysis of the global consumer appliances market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the consumer appliances market, the market is segmented based on product type and end-use across six major regions.
Key Segmentations
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/Tumblers
- 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
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
About Industrial Automation at Future Market Insights
The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube