Household Appliances Market Size, Share & Growth Report 2032

Household Appliances Industry Prospective:

The global household appliances market size was evaluated at $631 billion in 2023 and is slated to hit $709 billion by the end of 2032 with a CAGR of nearly 6% between 2024 and 2032.

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Household Appliances Market: Overview

Household appliances are major tools that can ease routine tasks and improve the quality of life of individuals.

Furthermore, key household appliances include washing machines, refrigerators, dishwashers, refrigerators, microwaves, dryers, freezers, ovens, cooktops, and air conditioners.

For the record, other household appliances include kettles, blenders & mixers, vacuum cleaners, toasters, coffee makers, irons, kettles, and fans.

Key Insights

• As per the analysis shared by our research analyst, the global household appliances market is projected to expand annually at the annual growth rate of around 6% over the forecast timespan (2024-2032)
• In terms of revenue, the global household appliances market size was evaluated at nearly $631 billion in 2023 and is expected to reach $709 billion by 2032.
• The global household appliances market is anticipated to grow rapidly over the forecast timeline owing to surging per capita income, altering customer lifestyles, and technological breakthroughs.
• In terms of product type, the major appliances segment is slated to register the highest CAGR over the forecast period.
• Based on distribution channel, the specialty stores segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Region-wise, the North American household appliances industry is projected to register the fastest CAGR during the assessment timespan.

Household Appliances Market: Growth Factors

Escalating disposable income and changing consumer lifestyles to prop up the global market trends

Surging per capita income and altering customer lifestyles along with technological breakthroughs will embellish the growth of the global household appliances market.

Furthermore, the flourishing e-commerce sector and swift urbanization are anticipated to foster the global market landscape in the forecasting timeline.

New product launches and a focus on improving energy efficacy are expected to bolster the progress of the market across the globe. Supportive government schemes and a rise in retail activities are likely to sketch a profitable roadmap for the global market.

In addition to this, rapidly altering customer lifestyles and focus on the use of water & air purifiers with a huge preference for good health will prop up the market expansion globally.

Household Appliances Market: Restraints

Huge costs of initial investment for installing the product can deter the global industry expansion over 2024-2032

Rising preliminary prices of smart devices and economic disruptions, along with a shortage of semiconductor chips, can obstruct the expansion of the global household appliances industry.

Increasing production costs of home appliances can further shrink the global industry progression. Apart from this, easy access to duplicate products can retard the global industry surge in the ensuing years.

Household Appliances Market: Opportunities

Need for reducing operating costs can open new growth avenues for the global market

Surging focus on increasing fuel efficacy and reducing fuel emissions from vehicles has led to massive manufacturing of electric & lightweight vehicles, thereby creating numerous opportunities for the global household appliances market.

Flexible ownership, along with the reduction in the upfront charges, can open new facets of growth for the global market.

Household Appliances Market: Challenges

Cut-throat competition witnessed among the competitors can obstruct the global industry expansion by 2032

Supply chain oscillations and economic uncertainties can challenge the expansion of the global household appliances industry. Inflating product costs and tough competition from business rivals can pose a huge threat to the industry progression globally.   

Household Appliances Market: Segmentation

The global household appliances market is divided into product type, distribution channel, and region.                                             

In terms of product type, the household appliances market across the globe is segmented into major appliances, smart appliances, and small appliances segments.

Apparently, the major appliances segment, which gathered nearly two-thirds of the global market earnings in 2023, is expected to record the fastest CAGR in the coming eight years due to a rise in the sale of refrigerators and surging health awareness among customers about the benefits of using major appliances.  

Based on the distribution channel, the global household appliances industry is divided into direct sales, specialty stores, online retail, and department stores segments.

Apparently, the specialty stores segment, which led the global industry share in 2023, is anticipated to account majorly towards the segmental surge in the assessment timeframe. This can be as a result of the huge range of products available in specialty stores and improved post-sales services. 

Household Appliances Market: Report Scope

Household Appliances Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over the assessment period

Asia-Pacific, which contributed for about 50% of the global household appliances market size in 2023, is slated to establish a leading position in the global market in the forecast timespan.

Furthermore, the regional market expansion in the coming decade can be due to swift economic growth in countries such as India and China. Swift urbanization and supportive government schemes, along with a surge in the middle-income group population, will boost the regional market surge.   

The North American household appliances industry is expected to register the fastest compound growth rate yearly in the expected timespan.

The elevation of the industry in the region can be a result of a rise in the disposable income of the consumers, a preference for the purchase of premium products, and a focus on sustainable home appliances. Presence of key manufacturers in the region will drive the industry trends in the region.

Key Developments

• In April 2024, Samsung Electronics Company Limited, a consumer electronics goods manufacturer,  introduced AI-driven home appliances in India
• In September 2024, Electrolux Group launched three new small household devices in its Frigidaire portfolio.
• In April 2022, LG Electronics, a leading consumer durable product manufacturer, unleashed a new line of products such as InstaView Door-in-Door™ and Frost Free Refrigerators, AI Direct Drive Washing Machines, Puricare™ Wearable Air Purifier, VIRAAT Air Conditioners, UV+UF Water Purifiers.
• In April 2024, Xiaomi introduced smart home appliances such as the Robot Vacuum Cleaner S10 and Xiaomi Handheld Garment Steamer.

Household Appliances Market: Competitive Space

The global household appliances market profiles key players such as:

• Toshiba Corporation
• Panasonic Corporation
• Sharp Corporation
• Electrolux AB
• Haier Group Corporation
• Midea Group Co. Ltd.
• Whirlpool Corporation
• Hisense Group
• Samsung Electronics Co. Ltd.
• Groupe SEB
• LG Electronics Inc.
• BSH Hausgeräte GmbH
• General Electric Company
• Dyson Ltd.
• Arçelik A.Ş.
• Hitachi Ltd.

The global household appliances market is segmented as follows:

By Product Type

• Major Appliances
• Smart Appliances
• Small Appliances

By Distribution Channel

• Direct Sales
• Specialty Stores
• Online Retail
• Department Stores

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa