Global Major Home Appliances Market Overview
Major Home Appliances Market Size was estimated at 462.67 (USD Billion) in 2022. The Major Home Appliances Market Industry is expected to grow from 479.24(USD Billion) in 2023 to 657.76 (USD Billion) by 2032. The Major Home Appliances Market CAGR (growth rate) is expected to be around 3.58% during the forecast period (2024 - 2032).
Key Major Home Appliances Market Trends Highlighted
The home appliance market growth is influenced, among other reasons, by improving disposable income, urbanization and the growing market for smart home devices and their automated appliances. As a result of this increasing urbanization, the demand for modern-day appliances that offer convenience is on the rise, whereas smart home appliances are less energy consumptive, allow operation in distance and improve user experience.
There is a prospect in the market as consumers will demand the use of appliances that will be green or whose production has also been narrowed in today's society. The increase in the use of smart connected appliances and the Internet of Things incorporation gives rise to more business opportunities, including remotely controlled diagnostics and repair capabilities. Another opportunity that is yet to be explored is the successful adaptation of appliances to consumers' specifications.
The recent trend in the major household appliance section is the rise in demand for smart home appliances, which are aimed at ease of use, minimal energy use, and control from a distance. Sustainability has become fundamental, as companies are now producing appliances that have higher energy-saving technology with fewer adverse effects on the environment. There is an increase in the consumption of appliances that are built for a particular consumer lifestyle and demand, such as tiny living spaces or those that are appropriate for old age or disabled persons.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major Home Appliances Market Drivers
Rising Demand for Smart and Connected Appliances
The increase in the popularity of smart homes and the Internet of Things has been a driving force for smarter major home appliances. Nowadays, the trend of controlling and monitoring devices from afar is becoming increasingly popular. People are looking for smart and connected devices that could be integrated into their smart homes and managed from the convenience of home, work, or anywhere else they might be using a smartphone or a voice assistant. Correspondently, this trend seems to prevail in the coming years, seeing as more and more people will get to adopt smart home technology >.The benefits that consumers get from such devices are numerous: they are able to monitor and control appliances remotely from any part of the world using their smartphones and smart voice assistants; appliances can be turned on, off and adjusted. Consumers also get a heads-up when something goes wrong; smart appliances can help save energy, hence reducing the amount of monthly utility bills. Thus, smart and connected appliances are going to be a driving force for the increase in the Major Home Appliances Market Industry market over the next five years.
Increasing Urbanization and Disposable Income
The trend toward urbanization and growing disposable income in developing countries will also remain a determinant factor in the development of the Major Home Appliances Market Industry. As more people in developing countries move to urban areas, they will likely purchase more major home appliances, such as refrigerators, washing machines, and ovens, to furnish their new homes. The rise in disposable income also means that consumers in developing countries will be able to purchase more expensive and feature-rich appliances.
Government Regulations and Environmental Concerns
Government regulations and environmental concerns are also playing a role in shaping the Major Home Appliances Market Industry. Governments around the world are implementing regulations to improve the energy efficiency of appliances, which is leading to the development of more energy-efficient appliances. Additionally, consumers are becoming more environmentally conscious and are looking for appliances that are made from sustainable materials and that have a low environmental impact.
Major Home Appliances Market Segment Insights
Major Home Appliances Market Product Type Insights
The Major Home Appliances Market is segmented into product types, including refrigerators, dishwashers, washing machines, dryers, and cooking appliances. Among these segments, refrigerators hold the largest market share due to their essential role in preserving food and beverages. The increasing demand for energy-efficient and smart refrigerators is further driving segment growth. Dishwashers are also witnessing significant demand, particularly in developed regions, as they offer convenience and time-saving benefits. The washing machines segment is expected to experience steady growth, influenced by factors such as rising urbanization and the growing adoption of advanced features like smart connectivity and AI-powered wash cycles.Dryers, while less prevalent than washing machines, are gaining popularity in regions with colder climates or limited outdoor drying space. Cooking appliances, encompassing ovens, cooktops, and ranges, are witnessing innovation with the integration of smart technologies and advanced cooking modes, contributing to segment growth. Overall, the Major Home Appliances Market is poised for continued expansion, driven by technological advancements, rising disposable incomes, and increasing consumer demand for convenience and energy efficiency.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major Home Appliances Market Price Range Insights
The Major Home Appliances Market is classified by price range into three groups, namely, entry-level, mid-range, and premium. The entry-level segment is anticipated to dominate the market in 2023 with a valuation of USD 156.23 billion. This segment's growth is driven by the increasing popularity of appliances in the domestic markets. Meanwhile, the mid-range segment is presumed to register a CAGR of 3.8% from 2024 and 2032. In 2032, this segment is expected to reach a valuation of USD 204.56 billion. This growth is attributed to the growing demand for feature-powered and technology-based appliances.As for the premium segment, it is estimated to rise at a CAGR of 3.2% from 2023 to 2032. By 2032, this segment is projected to reach a valuation of USD 196.97 billion. The demand for premium appliances is growing steadily as affluent customers are eager to purchase luxury appliances with the latest features and high-end designs.
Major Home Appliances Market Distribution Channel Insights
The distribution channel segment plays a crucial role in the Major Home Appliances Market. In 2023, offline stores held the dominant market share, accounting for approximately 65% of the Major Home Appliances Market revenue. This dominance is attributed to the established presence of physical retail stores, which offer consumers the opportunity to physically examine and experience products before making a purchase. However, the rise of e-commerce has led to a gradual shift towards online stores. The convenience and wide selection of products available online are driving the growth of this channel.In 2023, online stores are expected to account for around 25% of the Major Home Appliances Market revenue. The direct-to-consumer channel is also gaining traction as manufacturers increasingly adopt online platforms to sell their products directly to consumers. By cutting out intermediaries, manufacturers can offer competitive pricing and enhance customer engagement. As a result, the direct-to-consumer channel is projected to grow at a significant rate in the coming years.
Major Home Appliances Market Smart Features Insights
The Major Home Appliances Market revenue from the Smart Features segment is anticipated to reach USD 34.2 billion by 2032, exhibiting a CAGR of 6.5% during the forecast period (2024-2032). The major sub-segments are connectivity, remote control, and energy efficiency.
The growing adoption of smart home devices and the increasing demand for energy-efficient appliances are the key factors driving the growth of the Smart Features segment in the Major Home Appliances Market. Connectivity, remote control, and energy efficiency are the major trends in the Smart Features segment. The rising popularity of smart home hubs and the integration of voice assistants into home appliances are fueling the demand for connectivity features.Remote control capabilities allow users to operate their appliances from anywhere, providing convenience and flexibility. Energy efficiency features, such as smart thermostats and AI-powered energy management systems, are becoming increasingly popular as consumers become more environmentally conscious and seek ways to reduce their energy consumption.
Major Home Appliances Market Regional Insights
The Major Home Appliances Market segmentation by region offers valuable insights into market growth and dynamics. North America dominated the market with a revenue of USD 204.17 billion in 2023 and is projected to maintain its lead. Europe follows closely with a market value of USD 156.42 billion, driven by a high demand for energy-efficient and smart appliances. APAC is expected to witness significant growth, particularly in developing countries like India and China, with a projected market size of USD 118.56 billion by 2032. South America and MEA are smaller markets but offer growth potential due to increasing urbanization and rising disposable incomes.Regional variations in consumer preferences, economic conditions, and government regulations influence market dynamics and opportunities across these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major Home Appliances Market Key Players And Competitive Insights
Major players in the Home Appliances Market industry are constantly innovating and developing new products to meet the changing needs of consumers. Leading Major Home Appliances Market players are investing heavily in research and development to stay ahead of the competition and maintain their market share. The Major Home Appliances Market is expected to witness significant growth in the coming years, driven by increasing disposable income, rising urbanization, and growing awareness about the benefits of home appliances. The Major Home Appliances Market Competitive Landscape is expected to remain highly competitive, with a number of major players vying for market share.Whirlpool is a leading Major Home Appliances Market player with a strong global presence. The company offers a wide range of home appliances, including refrigerators, dishwashers, ovens, and washing machines. Whirlpool has a strong brand reputation and a loyal customer base. The company is focused on innovation and product development, and it is constantly introducing new products to meet the changing needs of consumers. Whirlpool is also expanding its global presence, and it is investing in new markets to drive growth.LG Electronics is another major player in the Major Home Appliances Market. The company offers a wide range of home appliances, including refrigerators, dishwashers, ovens, and washing machines. LG Electronics is known for its innovative products and its strong brand reputation. The company is also focused on expanding its global presence, and it is investing in new markets to drive growth. LG Electronics is a strong competitor to Whirlpool, and it is expected to continue to challenge Whirlpool's market share in the coming years.
Key Companies in the Major Home Appliances Market Include
- Samsung Electronics
- Miele
- Hitachi
- GE Appliances
- LG Electronics
- SubZero Wolf
- Bosch
- Whirlpool
- O. Smith
- Beko
- Electrolux
- Panasonic
- Haier
- Maytag
- Sharp
Major Home Appliances Market Industry Developments
The Major Home Appliances Market is projected to reach USD 657.76 billion by 2032, exhibiting a CAGR of 3.58% during the forecast period (2024-2032). The growing demand for smart and energy-efficient appliances, coupled with rising disposable income, is driving market growth. Smart home integration and the proliferation of IoT devices are further fueling demand. Key players such as Whirlpool, LG Electronics, and Samsung are investing in product innovation and expanding their global presence. The Asia-Pacific region is expected to dominate the market, driven by robust economic growth and increasing urbanization. Environmental concerns and government regulations promoting energy efficiency are creating opportunities for sustainable home appliances.
Major Home Appliances Market Segmentation Insights
- Major Home Appliances Market Product Type Outlook
- Refrigerators
- Dishwashers
- Washing Machines
- Dryers
- Cooking Appliances
- Major Home Appliances Market Price Range Outlook
- Entry-Level
- Mid-Range
- Premium
- Major Home Appliances Market Distribution Channel Outlook
- Offline Stores
- Online Stores
- Direct-to-Consumer
- Major Home Appliances Market Smart Features Outlook
- Connectivity
- Remote Control
- Energy Efficiency
| Report Attribute/Metric |
Details |
| Market Size 2022 |
462.67(USD Billion) |
| Market Size 2023 |
479.24(USD Billion) |
| Market Size 2032 |
657.76(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
3.58% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Samsung Electronics, Miele, Hitachi, GE Appliances, LG Electronics, SubZero Wolf, Bosch, Whirlpool, A.O. Smith, Beko, Electrolux, Panasonic, Haier, Maytag, Sharp |
| Segments Covered |
Product Type, Price Range, Distribution Channel, Smart Features, Regional |
| Key Market Opportunities |
IoTenabled appliances Smart home integration Growing demand for energy-efficient appliances Increasing disposable income Growing popularity of subscription-based services |
| Key Market Dynamics |
Increasing urbanization, technological advancements and rising disposable income |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Major Home Appliances Market is expected to reach a valuation of 479.24 Billion USD by 2023, with a projected CAGR of 3.58% from 2024 to 2032, leading to an estimated market value of 657.76 Billion USD by 2032.
North American region currently dominates the Major Home Appliances Market, accounting for a significant share of the market revenue. This dominance is primarily driven by the increasing urbanization, rising disposable incomes, and a growing middle class in countries such as China, India, and Southeast Asian nations.
The growth of the Major Home Appliances Market is attributed to several key factors, including rising consumer demand for energy-efficient and technologically advanced appliances, increasing urbanization, and expanding construction activities. Additionally, government initiatives promoting energy efficiency and smart home solutions further contribute to market growth.
Residential applications hold the largest market share in the Major Home Appliances Market, driven by the growing demand for modern and convenient appliances in households. Major home appliances find extensive use in kitchens, laundry rooms, and other areas of homes, contributing significantly to the market's growth.
The Major Home Appliances Market is highly competitive, with several established players and emerging brands. Some of the key competitors include Whirlpool, Haier, LG Electronics, Samsung Electronics, Electrolux, Bosch, and GE Appliances, among others. These companies offer a wide range of major home appliances, including refrigerators, washing machines, dryers, ovens, and dishwashers.
The Major Home Appliances Market is witnessing several emerging trends, including the rising adoption of smart appliances, increasing demand for eco-friendly and energy-efficient products, and the growing popularity of e-commerce for appliance purchases. Additionally, the integration of IoT and AI technologies is transforming the market by enabling remote control, personalized experiences, and predictive maintenance.
The COVID-19 pandemic had a mixed impact on the Major Home Appliances Market. Initially, there was a decline in demand due to lockdowns and economic uncertainty. However, as consumers spent more time at home, the demand for home appliances, particularly for cooking and cleaning appliances, increased. This shift in consumer behavior led to a recovery in the market, and the long-term outlook remains positive.
The Major Home Appliances Market faces several challenges, including intense competition, rising raw material costs, and fluctuating economic conditions. Additionally, the market is affected by changes in consumer preferences and the need for continuous innovation to meet evolving demands. Furthermore, supply chain disruptions and geopolitical factors can also impact the market's growth.
The Major Home Appliances Market presents several growth opportunities, such as the rising demand for smart and connected appliances, increasing urbanization in developing countries, and growing consumer awareness about energy efficiency. Moreover, expanding distribution channels, including e-commerce and strategic partnerships, can further drive market growth.
The future prospects of the Major Home Appliances Market remain positive, with a projected steady growth over the coming years. Factors such as increasing disposable incomes, growing population, and technological advancements are expected to contribute to the market's expansion. Additionally, the rising demand for energy-efficient and sustainable appliances presents significant opportunities for manufacturers.
