White Goods Market Size, Share, Trends, Growth 2032

White Goods Industry Prospective:

The global white goods market size was worth around USD 482.92 billion in 2023 and is predicted to grow to around USD 972.63 billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.15% between 2024 and 2032.

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White Goods Market: Overview

While goods are more commonly known as large home appliances. They are electrical consumer goods that have domestic applications and are used in activities such as food preservation or cooking. Some common examples of white goods include refrigerators, air conditioners, washing machines, ovens, and others. The white goods industry is one of the leading revenue generators due to the high demand for basic and advanced white goods products across people of all income levels. Additionally, this equipment in certain countries is considered basic amenities while in some economies they may be regarded as luxury items.

The demand for durable white goods is rapidly advancing driven by multiple factors. One of the recent advancements in the white goods industry is the introduction of smart technologies such as the Internet of Things (IoT) which allows customers more accurate access to the white goods installed in a residential setting. The term ‘white goods’ helps in establishing a clear distinction between other types of products used in households that are known as ‘brown goods’ and ‘gray goods’.

Key Insights:

• As per the analysis shared by our research analyst, the global white goods market is estimated to grow annually at a CAGR of around 9.15% over the forecast period (2024-2032)
• In terms of revenue, the global white goods market size was valued at around USD 482.92 billion in 2023 and is projected to reach USD 972.63 billion, by 2032.
• The white goods market is projected to grow at a significant rate due to the changes in consumer lifestyle
• Based on distribution channel segmentation, specialty stores were predicted to show maximum market share in the year 2023
• Based on product segmentation, air conditioners were the leading segment in 2023
• Based on region, Asia-Pacific was the leading revenue generator in 2023

White Goods Market: Growth Drivers

Changes in consumer lifestyle may aid a higher market growth rate

The global white goods market is projected to grow owing to the increasing changes in consumer lifestyles. People across the globe are searching for solutions that can help them simplify everyday work such as cooking and cleaning. Consumers are spending more on products that offer higher living comfort. As per the latest market research findings, more than 910 million units of home appliances were sold in 2023 in the US alone. Several reasons influence consumer decisions. For instance, more people are moving to urban areas for an improved lifestyle. Additionally, people in rural regions are also registering an increase in per capita income. These factors along with the wide-scale availability of white goods have resulted in higher market revenue.

People across the globe are highly influenced by their social surroundings. Excellent marketing techniques will further promote changes in consumer lifestyles as more people tend to have limited time to spend on every chore. Some white goods have become essential items. The surging temperature during summer globally created more demand for air conditioners and other forms of air-cooling agents in 2023. A report published in May 2023 about the Indian air conditioner market reported that Great Eastern Trading Company made a sale of INR 125 crore in just a month due to the impact of the heat wave that affected the majority of the Indian population.

Rising rate of new product introduction may deliver higher revenue

The demand for white goods is expected to be further fueled by the increasing number of new product launches thus driving market innovation. In January 2024, LG Electronics, America’s leading provider of highly popular home appliances, announced the launch of the 5.0 cu. Ft. Mega Capacity Smart WashCombo™. It is an all-in-one machine washer and dryer equipped with Direct Drive Motor and Inverter HeatPump™ Technology.

The user of the new machine will not have to transfer clothes since the machine is capable of managing the washing and drying segment with minimal human intervention. The entire process will be completed within 2 hours. Furthermore, it is more energy efficient since as the company claims, it uses 60% less energy than other vented counterparts thus showcasing the innovation rate in the global white goods industry.

White Goods Market: Restraints

Lack of white goods waste management may restrict market expansion

The global white goods industry is expected to be challenged by the lack of efficient waste management systems and protocols concerning white goods. A recent report published by the United States Environmental Protection Agency (USEPA) estimated that only 5.6% of small appliance waste amounting to 2.2 million tons was recycled in the last few years.

Many countries do not have efficient policies in place to manage massive waste leading to increased pressure on the environment and degradation in the quality of environmental resources.

White Goods Market: Opportunities

Growing demand for smart home appliances and increased integration of the Internet of Things (IoT) may deliver high growth opportunities

The global white goods market is expected to come across multiple growth opportunities as a result of increasing demand for smart home appliances. The machines can be managed remotely with the use of a smartphone or a tablet. Furthermore, they offer additional benefits such as predictive maintenance and offer higher energy efficiency. In February 2023, Tovala, a pioneer in connected food systems that offers fresh meal delivery service and countertop smart oven, announced its plans to expand its product portfolio with the launch of Tovala Smart Oven Air Fryer. The tool functions using a quick response (QR) code with multi-mode cooking cycles. Market research suggests that more than 57.1% of European homes currently use at least one smart device.

In January 2024, Hisense, a leading manufacturer of white goods, announced the launch of a smart dishwasher with Autodose & Autodry functions. The compartment for auto-dosing is expected to store detergent that can be used for a month’s duration. The growing adoption of smart home technology across the globe will create more growth opportunities.

Growing consumption of white goods through online sales channels will lead to higher revenue

The global industry for white goods is expected to be helped by the increasing sale of white goods through online sales channels such as e-commerce platforms and official company websites. These facilities offer extended consumer reach and allow customers to gain access to a large number of products.

White Goods Market: Challenges

Highly competitive internal market may challenge market expansion

The global white goods market is expected to be challenged due to the extreme competitiveness within the industry. It is filled with numerous players offering an extensive range of products at competitive prices. Brand differentiation becomes difficult for customers due to the wide array of options with each brand offering quality services.

White Goods Market: Segmentation

The global white goods market is segmented based on distribution channel, product, and region.

Based on distribution channel, the global market is divided into specialty stores, hypermarkets & supermarkets, e-commerce, and others. In 2022, the highest growth was witnessed in the specialty stores segment. It led to over 36.5% of the total share. Specialty stores tend to offer specialized goods and have expertise in product features. Customers typically prefer buying white goods from such units since they also provide superior after-sales services.

Based on product, the global market is divided into microwave ovens, washing machines, air conditioners, refrigerators, and others. In 2022, around 33.01% of the total revenue was registered in the refrigerators segment. It is one of the most commonly found appliances in a modern or contemporary household. Refrigerators are essential food-preserving machines and hence have high demand. During the forecast period, the air conditioners segment is expected to grow at a CAGR of over 7.01%.

White Goods Market: Report Scope

White Goods Market: Regional Analysis

Asia-Pacific to emerge as the leading revenue generator during the forecast period

The global white goods market will be led by Asia-Pacific during the forecast period. In 2022, over 42.9% of the global revenue was registered in Asia-Pacific. The main growth driver is the changes in regional consumer lifestyles. Asia-Pacific is home to essential emerging economies that are witnessing a change in consumer preference. A rise in job opportunities and a growing urban population are further propelling the regional market. China, Japan, South Korea, India, and Singapore are essential markets for white goods. For instance, China and India are home to over one-third of the world's population. Moreover, they are also home to a thriving industry for white goods manufacturing.

As per official reports, over 50% of the world’s electronics are manufactured in China. The changes in climatic conditions and rising temperature will lead to higher growth for air cooling systems in the regional market during the forecast period. Europe is one of the leading contributors to the global economy. The increasing demand for smart and energy-efficient white goods will aid regional expansion. North America will be led by the US and Canada. These countries have a high demand for smart white goods aided by the presence of essential players.

White Goods Market: Competitive Analysis

The global white goods market is led by players like:

• Siemens Home Appliances
• Whirlpool Corporation
• LG Electronics Inc.
• Samsung Electronics Co. Ltd.
• Panasonic Corporation
• General Electric (GE) Appliances
• Miele & Cie. KG
• Electrolux AB
• KitchenAid
• Haier Group Corporation
• Dyson Ltd.
• Bosch Home Appliances (Robert Bosch GmbH)
• Hisense Group
• Midea Group Co. Ltd.
• Sharp Corporation.

The global white goods market is segmented as follows:

By Distribution Channel

• Specialty Stores
• Hypermarkets & Supermarkets
• E-Commerce
• Others

By Product

• Microwave Ovens
• Washing Machines
• Air Conditioners
• Refrigerators
• Others

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