Energy-Efficient Appliances Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Energy-Efficient Appliances Industry Prospective:

The global energy-efficient appliances market size was evaluated at $221 billion in 2023 and is slated to hit $441 billion by the end of 2032 with a CAGR of nearly 8% between 2024 and 2032.

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Energy-Efficient Appliances Market: Overview

Allocation of funds to energy-efficient devices is a smarter way of reducing carbon footprints along with reducing energy bills. Moreover, these products reduce power consumption, minimizing power utility bills, and environmental benefits. Moreover, demand for power-efficient devices has increased the use of energy-efficient appliances. For the record, refrigerators, cloth washers, heat pumps, smart thermostats, and dishwashers are a few of the top energy-efficiency devices.

Key Insights

• As per the analysis shared by our research analyst, the global energy-efficient appliances market is projected to expand annually at the annual growth rate of around 8% over the forecast timespan (2024-2032)
• In terms of revenue, the global energy-efficient appliances market size was evaluated at nearly $221 billion in 2023 and is expected to reach $441 billion by 2032.
• The global energy-efficient appliances market is anticipated to grow rapidly over the forecast timespan owing to escalating energy prices and rising customer awareness about the benefits of power-efficient devices.
• In terms of application, the residential segment is slated to register the highest CAGR over the forecast period.
• Based on enterprise size, the consumer electronics & appliances segment is predicted to contribute majorly towards the global industry growth in the upcoming years.
• Region-wise, the Asia-Pacific energy-efficient appliances industry is projected to register the fastest CAGR during the projected timespan.

Energy-Efficient Appliances Market: Growth Factors

Humungous costs of electricity can uplift the growth of the global market in the forecast period

Escalating energy prices and rising customer awareness about the benefits of power-efficient devices will steer the expansion of the global energy-efficient appliances market. A rise in the number of smart households along with the preference of customers for smart kitchen devices and home automation systems is predicted to spur global market trends. Growing demand for high-quality devices for durability and high-performance yield is likely to scale up the expansion of the market globally.

Energy-Efficient Appliances Market: Restraints

Lack of uniformity in product manufacture can hinder the expansion of the global industry

An increase in product prices and a lack of awareness about the benefits offered by the product can impede the expansion of the global energy-efficient appliances industry. Less awareness about the product benefits and financial obstacles are predicted to obstruct the growth of the global industry. Moreover, factors such as resistance to change and less standardization of products can impede the global industry progression.

Energy-Efficient Appliances Market: Opportunities

Supportive government policies can open new growth avenues for the global market in the next decade

Growing customer awareness about a clean environment along with economic benefits derived through energy bill savings are predicted to carve a profitable roadmap for the global energy-efficient appliances market. Furthermore, favorable government schemes in the form of tax rebates and product discounts have translated into a humungous expansion of the market in recent years.

Energy-Efficient Appliances Market: Challenges

Need for high R&D expenditure to develop new products can pose a huge threat to global industry growth

Surging costs of research & development activities and technological barriers are likely to challenge the expansion of the global energy-efficient appliances industry. Furthermore, disruptions in supply chain activities can create ripples in the growth of the global industry.

Energy-Efficient Appliances Market: Segmentation

The global energy-efficient appliances market is divided into application, product type, and region.                                             

In terms of application, the energy-efficient appliances market across the globe is segmented as commercial, industrial, and residential segments. Apparently, the residential segment, which accumulated nearly 61% of the global market share in 2023, is anticipated to register the fastest CAGR during the ensuing years as a result of the rise in the use of smart meters & home energy management tools. Moreover, customers are accepting energy-efficient equipment to reduce power bills and carbon emissions, thereby driving the segmental surge.

Based on the product type, the global energy-efficient appliances industry is segmented into smart lightning, consumer electronics & appliances, HVAC energy efficient devices, and smart electric meters segments. Apparently, the consumer electronics & appliances segment, which dominated the global industry share in 2023, is predicted to account remarkably toward the expansion of the industry globally in the upcoming years. This can be owing to a rise in the purchasing power of consumers resulting in demand for energy-efficient devices. Apart from this, the need for increasing power conservation and improving energy security is anticipated to boost the segmental surge in the years ahead.

Energy-Efficient Appliances Market: Report Scope

Energy-Efficient Appliances Market: Regional Insights

North America is forecast to maintain leadership status in the global market over the projected timeline

North America, which contributed about 52% of the global energy-efficient appliances market share in 2023, is slated to establish a leadership position in the global market in the coming few years. In addition to this, the regional market surge in the coming eight years can be credited to strict laws pertaining to power usage and GHG emissions in Canada and the U.S. Presence of key manufacturers and vendors in these countries will drive the growth of the market in the region.

Asia-Pacific energy-efficient appliances industry is slated to register the highest gains annually in the coming eight years. The expansion of the industry in the APAC region can be subject to rising urbanization, surging per capita income, and favorable government initiatives. Countries such as China and India are promoting the use of power-efficient products, thereby steering the industry growth trends in the region.

Key Developments

• In August 2023, Godrej Appliances introduced Edge Neo, the most energy-efficient refrigerator in India.
• In March 2023, Crompton Greaves Consumer Electricals Limited launched energy-efficient fans & TVC.

Energy-Efficient Appliances Market: Competitive Space

The global energy-efficient appliances market profiles key players such as:

• Siemens AG
• Samsung Electronics
• Whirlpool Corporation
• General Electric
• LG Electronics
• Haier Group Corporation
• Panasonic Corporation
• Midea Group
• Electrolux AB
• Bosch Home Appliances
• Daikin Industries
• Carrier Global Corporation.

The global energy-efficient appliances market is segmented as follows:

By Application

• Commercial
• Industrial
• Residential

By Product Type

• Smart Lightning
• Consumer Electronics & Appliances
• HVAC Energy Efficient Devices
• Smart Electric Meters

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