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Household appliances global market estimated to grow at 10% rate
The household appliance market consists of sales of household appliances by entities (organizations, sole traders and partnerships) that produce small electric appliances, electric housewares, and major household appliances.
The main types of household appliance are small electrical appliance, household cooking appliance, household refrigerator and home freezer, household laundry equipment and other major household appliance. Household laundry equipment refers to machinery and equipment that includes residential laundry equipment such as washing machines and dryers. The appliances are operated by online and offline mode and are used for cooking, cleaning, and other applications.
The global household appliances market size is expected to grow from $502.28 billion in 2021 to $557.70 billion in 2022 at a compound annual growth rate (CAGR) of 11.0%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The household appliance market is expected to reach $818.87 billion in 2026 at a CAGR of 10.1%.
The rising trend of outdoor parties and cookouts on weekends and holiday is expected to drive the market for barbeques and grills in the forecast period. Rapidly evolving lifestyle along with the increasing outdoor recreational activities will increase the demand for barbeque machines and grills. The Europe barbeque grill market is expected to grow to $5.98 million by 2026. Increasing access to unique camping sites, and increasing adventure camping, coupled with the rising disposable income will drive the market for barbeques globally, which in turn will boost the market for household appliances in the forecast period.
Increasing demand for online on demand laundry services is expected to restrain the market for household washing machines in the forecast period. The on-demand laundry services market is expected to be aided by stable economic growth forecast in many developed and developing countries. The International Monetary Fund (IMF) stated that the global real GDP growth was 3.7% over 2019 and 2020, and 3.6% from 2021 to 2023. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, China is forecast to register GDP growth of 6.2% in 2019. Stable economic growth, increasing internet penetration, and rising disposable income coupled with hectic lifestyle of individuals will lead to an increase in on demand laundry services, thereby decreasing the market for household washing machines.
Household appliance manufacturers are embedding LED lights in their products to minimize power consumption. LED lights require lesser wattage as compared to CFL or incandescent light bulbs. Household appliance manufacturers are more focused on introducing products with LED lighting for minimal power consumption and improved visual appearance. For instance, GE’s LED refrigerator lighting systems minimizes power consumption by 80% compared to halogen lamps. The company has introduced products such as café’s French door refrigerators and profile wall ovens with this lighting. For instance, some of the major companies manufacturing LED lighting include Philip Electronics N.V., Osram Opto, Digital Lumens Inc and Cree Corporation.
Major companies in the household appliance market include Samsung Electronics Co. Ltd., Haier Smart Home Co. Ltd., LG Electronics, Qingdao Haier Co. Ltd., Daikin Industries Ltd, Whirlpool Corp, Midea Group co ltd, Robert Bosch GmbH, Apple and Electrolux AB.
Asia Pacific was the largest region in the household appliances market in 2021. Western Europe was the second largest region in the household appliances market. The regions covered in the household appliance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the household appliances market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
The global household appliances market is segmented –
1) By Type: Small Electrical Appliance, Household Cooking Appliance, Household Refrigerator and Home Freezer, Household Laundry Equipment, Other Major Household Appliances
2) By Application: Cooking, Cleaning, Others
3) 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 Appliances, 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 Appliances. The Business Research Company
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