The Household Appliances Market Is Estimated To Reach $859.71 Billion By 2027 At A CAGR Of 9.1% – Includes Household Appliances Market Share
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The rising trend of weekend and holiday outdoor parties and cookouts is expected to drive innovation in household appliance manufacturing, driving the market during the forecast period.
The global household appliances market is expected to grow from $551.29 billion in 2022 to $606.58 billion in 2023 at a compound annual growth rate (CAGR) of 10.0%. The household appliances market is expected to grow to $859.71 billion in 2027 at a CAGR of 9.1%.
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Global household appliances Market Segments Include:
- By Type: Small Electrical Appliance, Household Cooking Appliance, Household Refrigerator And Home Freezer, Household Laundry Equipment, Other Major Household Appliance
- By Application: Cooking, Cleaning, Other Applications
- By Mode: Online, Offline
- Subsegments Covered: Household Type Fans, Household Type Vacuum Cleaners, Other Household Type Small Electric Appliances, Electric Stoves, Microwave Ovens, Barbecues And Grills, Other Household Cooking Appliance, Refrigerators, Freezers, Ice Boxes, Refrigerator/Freezer Combinations, Washing Machines, Ironers, Dryers, Other Household Laundry Equipment, Dishwashers, Waste Disposable Units, Water Heaters, All Other Major Household Appliance
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global household appliances market in 2021.
Major Market Players in the household appliances market include Samsung Electronics Co. Ltd., Haier Smart Home Co. Ltd., LG Electronics, Qingdao Haier Co. Ltd., Daikin Industries Ltd., Whirlpool Corp.
LED lights are being embedded in household appliance products to reduce power consumption. LED lights consume less energy than CFL or incandescent light bulbs. Manufacturers of household appliances are focusing more on introducing products with LED lighting for reduced power consumption and improved visual appearance. For example, GE’s LED refrigerator lighting system consumes 80% less energy than halogen lamps. With this lighting, the company has introduced products such as café’s French door refrigerators and profile wall ovens. For instance, some of the major companies manufacturing LED lighting include Philip Electronics N.V., Osram Opto, Digital Lumens Inc., and Cree Corporation.
The Household Appliances Global Market Report 2023 provides a household appliances market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The household appliances market forecast analyzes household appliances market size, household appliances market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
A home appliance, also known as a domestic electric appliance, is a device that helps with daily chores including cooking, cleaning, and preserving food.
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