Authored By: Sarah
28 Jun 2024

 Major Home Appliances Market Size to grow by USD 85.39 billion between 2024-2028

According to a research report “ Major Home Appliances Market” by Distribution Channel (Offline, Online) Product (Refrigerators and freezers, Washing and drying appliances, Heating and cooling appliances, Cooking appliances) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 85.39 billion, at a CAGR of  4.2% during the forecast period. In the major home appliances market, product innovation has been a significant driver of growth. Vendors have introduced advanced technologies, enhanced performance, expanded features, and sleek designs to cater to evolving consumer demands. Consumers increasingly prefer appliances that can multitask with minimal resource usage. To meet this need, companies are expanding their product offerings and implementing effective marketing strategies, including attractive discounts. Additionally, advancements in compressor technologies and insulation have fueled demand for high-quality refrigeration units. Overall, the major home appliances market continues to evolve, with vendors focusing on delivering innovative solutions to meet the changing needs of customers.

Browse market data tables, figures, and in-depth TOC on “Major Home Appliances Market” by Distribution Channel (Offline, Online) Product (Refrigerators and freezers, Washing and drying appliances, Heating and cooling appliances, Cooking appliances) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Distribution Channel, the Offline segment is projected to dominate the market size in 2024

The Major Home Appliances Market is experiencing significant advancements due to the integration of new technologies such as wireless communication and the Internet of Things. Market leaders prioritize product innovation through substantial research and development investments. However, the market landscape is becoming increasingly competitive with numerous new entrants in both the global market and its sub-markets. While major players possess larger resources and diversified distribution networks, smaller companies are predominantly entering the market in developed regions. Intense competition and product differentiation strategies are expected to shape the market dynamics. To thrive in this competitive environment, market participants must distinguish their offerings through unique features and value propositions.

By Product, Refrigerators and freezers  segment is expected to hold the largest market size for the year 2024

The offline distribution channel will continue to hold a significant market share in the global major home appliances industry by 2023. This segment includes sales through specialty stores, department stores, hypermarkets, supermarkets, convenience stores, and clubhouse stores. Despite a decline in sales due to the shift towards online shopping, offline retail outlets remain popular among consumers due to their ability to offer hands-on product evaluations and immediate purchase options. Consumbers prefer purchasing home appliances from department stores, which boast extensive product portfolios, facilitate product comparisons, and provide expert customer service.

APAC is forecasted to hold the largest market size by region in 2024

The major home appliances market in the Asia Pacific (APAC) region is projected to experience robust growth, outpacing other global markets. Factors fueling this expansion include the expanding middle class population and rising disposable income levels, enabling consumers to invest in premium home appliances. Furthermore, urbanization and changing lifestyles are driving demand for advanced appliances, particularly in China, where the adoption of smart, connected appliances is expected to accelerate due to various reasons. The increasing awareness of modern conveniences and technological advancements in home appliances is a significant contributor to market growth in the region.

The Major Home Appliances Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Electrolux AB
  • FRIGIDAIRE
  • Fujitsu Ltd.
  • Glen Dimplex Europe Holdings Ltd.
  • Godrej and Boyce Manufacturing Co. Ltd.
  • Haier Smart Home Co. Ltd.
  • Hisense International Co. Ltd.
  • Koc Holding AS
  • Koninklijke Philips N.V.
  • LG Electronics Inc.
  • MIDEA Group Co. Ltd.
  • Miele and Cie. KG
  • MIRC Electronics Ltd.
  • Panasonic Holdings Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Sharp Corp.
  • Toshiba Corp.
  • Transform SR Holding Management LLC
  • Whirlpool Corp.
.

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Research Analysis Overview

The Major Home Appliances Market encompasses a range of electrical and mechanical devices designed to make daily life easier in residential settings. These appliances include Temperature control devices like air conditioners and heating systems, Laundry appliances such as washing machines and dryers, Food preservation appliances like refrigerators and freezers, and Cooking appliances like ovens, stoves, and microwaves. In today's digital age, home appliances have undergone a transformation with the integration of Smart home tech, Internet of Things (IoT), Artificial Intelligence (AI), and wellness features. Cooking appliances now come with touchscreens and digital interfaces, allowing users to set cooking times and temperatures remotely. One of the most innovative developments in the home appliances market is the Family Hub Fridge, a smart connected refrigerator that can be controlled via the customer's smartphone. These Intelligent home appliances not only help with Daily tasks like Cooking, Cleaning, and Laundry but also offer Entertainment features like music streaming and TV screens. White goods, another term for Major Home Appliances, are undergoing a Digital transformation, with Refrigeration appliances now offering advanced features like temperature control and food preservation, while Cooking appliances offer energy efficiency and time-saving features. The integration of AI and IoT in household chores is making life easier and more convenient for families around the world.

Market Research Overview

The Major Home Appliances market encompasses a wide range of products, including Standalone outlets for Smart home ecosystems, Vacuum cleaners, Steam mops, Deep cleaners, Canister appliances, Juicers, Blenders, Coffee machines, Microwaves, Wall ovens, Dish washers, Washing machines, Refrigerators, and various Small appliances like Music systems, Humidifiers and de-humidifiers, Air purifiers, and Consumer electronics. These appliances cater to various needs in Residential settings, such as Laundry, Food preservation, Entertainment, and Cleaning in Daily life. Specialty stores and Shopping malls have long dominated the sales of Major Appliances. However, the rise of Online shopping and Popular online retailers has significantly impacted the market. Online shoppers can now purchase Genuine appliances from the comfort of their homes, and Online retail platforms offer a wide range of Multifunctional appliances and Advanced cooking appliances. The Digital transformation and Smart home tech revolution have led to the development of Connected appliances, including Smart home appliances like Smart refrigerators and Smart washing machines. These appliances offer features like Temperature control, Machine programming methods, Intelligent electronic control, and Self-directed appliances, making household chores more convenient. The Global chip shortage has affected the production of various Electronic appliances, including White goods and Home appliances. Tech-savvy consumers with disposable incomes are increasingly opting for High-end washing machines and Smart home appliances like Air frying and Sous vide cooking appliances. Wellness features like sensors, IoT, Artificial intelligence, and Digital transformation are also gaining popularity in appliances like smart connected refrigerators and smart integrated appliances. In conclusion, the Major Home Appliances market is witnessing a shift towards Smart home appliances and Connected devices, driven by consumer demand for advanced features and convenience. The integration of Microchips and IoT in appliances is revolutionizing the way we approach household chores and daily life tasks. Online retail is also playing a significant role in the market, with Virtual reality (VR) and Augmented reality (AR) offering new shopping experiences for consumers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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