Electric Household Appliances Market

The global Electric Household Appliances Market is valued at USD 660.2 Billion in 2022 and is projected to reach a value of USD 1081.11 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 6.35% between 2023 and 2030.

Premium Insights

The growth of the Electric Household Appliances market is driven by several factors including consumer demand for modern and connected appliances is fueled by technological advancements, such as the inclusion of smart features and energy-efficient solutions, which offer convenience and sustainability. Additionally, the growing global population and urbanization contribute to the increasing need for household appliances to improve daily life. Changing consumer lifestyles and preferences, particularly the desire for time-saving solutions, also drive the demand for innovative appliances. Furthermore, government initiatives that promote energy efficiency and eco-friendly practices have a significant impact on consumer choices, and economic prosperity and a growing middle class further fuel market growth.

• As consumers seek appliances that align with their evolving needs and values, the market responds with increased innovation and efficiency, recognizing that technological sophistication and sustainability are critical drivers in the electric household appliances sector
• Asia Pacific generated more than 39.2% of revenue share in 2022
• North America is expected to grow at the quickest rate from 2023 to 2030
• Major Appliances segment accounted for the largest market growth in 2022
• E-commerce segment dominated the market growth in 2022

Economic Insights

The Electric Household Appliances market is experiencing growth and resilience due to various factors such as economic prosperity, urbanization, and a growing middle class contribute to the increasing demand for household appliances. Technological advancements, including smart features and energy-efficient designs, play a role in shaping consumer buying decisions. Moreover, economic factors drive consumers to choose appliances that offer long-term cost savings through energy efficiency and durability. Government incentives that promote sustainable and energy-efficient appliances also impact the market.

Top Market Trends

• Smart Home Integration: The incorporation of smart technologies into household appliances could be linked to smart home systems, enabling remote control, automation, and improved energy efficiency, witnessed a steady rise among consumers.
• Advanced Kitchen Appliances: In the realm of kitchen appliances, there were notable advancements including smart refrigerators, cooking devices with advanced technological features, and interconnected kitchen systems. Consumers increasingly desired appliances that not only carried out essential tasks but also effortlessly blended with contemporary ways of living.
• Rise of Compact and Multi-functional Appliances: Compact designs and multi-functional appliances became popular as consumers prioritized space efficiency. They sought appliances that could optimize limited living spaces by performing multiple tasks effectively.
• Health and Wellness Features: A notable shift towards emphasizing health and wellness functionalities in household appliances. This inclination encompassed air purifiers, steam ovens, and other appliances specifically engineered to promote a healthier living environment.

Market Segmentation

Electric Household Appliances The global Electric Household Appliances market can be categorized into Product Type, Distribution Channel, Region. The Electric Household Appliances market can be categorized into Major Appliances, Small Appliances based on Product Type. The Electric Household Appliances market can be categorized into E-commerce, Hypermarket / Supermarket, Specialty Stores, Others based on Distribution Channel. The Electric Household Appliances market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

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Based on Product Type

Major Appliances holds the largest share

Major Appliances dominate the Electric Household Appliances market due to their crucial role in daily domestic tasks and the relatively higher costs associated with these items. With consumers prioritizing convenience, efficiency, and advanced features in their homes, the demand for large electronic appliances remains strong, making this segment a significant force in shaping the industry.

Based on Distribution Channel

E-commerce dominates the market in 2022

E-commerce will dominate the Electric Household Appliances market in terms of distribution channel. This shift can be attributed to consumers' growing desire for convenience and accessibility found in e-commerce platforms. By shopping online, consumers can easily compare products, read reviews, and make informed decisions from the comfort of their own homes. The wide range of options and availability of discounts and promotions online have also contributed to the increasing preference for purchasing household appliances through this channel.

Based on Region

Asia Pacific led the market

Asia Pacific led the Electric Household Appliances market because of major factors such as the substantial and diverse consumer base in the region, the fast urbanization, the increasing disposable income, and the growing desire for contemporary home appliances. Asian countries like China, Japan, India, and South Korea play a significant role in the strong market presence of the Asia Pacific region, which enjoys a flourishing market for a wide range of household appliances. Furthermore, the region's embracement of smart technologies, evolving lifestyles, and the constant introduction of innovative products have stimulated the demand for electric household appliances.

Competitive Landscape

The Electric Household Appliances market is highly competitive, major players who are focused on innovation, technological advancements, and expanding their market presence. Leading manufacturers invest heavily in research and development to introduce appliances that are energy-efficient, smart, and user-friendly, aligning with changing consumer preferences. Companies often form strategic partnerships, merge, or acquire other companies to increase their range of products and establish a stronger global market presence.

The players in the global Electric Household Appliances market include Whirlpool India, Mitsubishi Electric Corporation, Haier Group, Groupe SEB, Hamilton Beach Brands Inc., AB Electrolux, Indesit Company SpA, Voltas Limited (Tata Group), LG Electronics Inc., Royal Philips Electronics NV, Samsung Electronics Co. Ltd., Bosch, Jarden Consumer Solutions, Miele & CIE KG, Panasonic Corporation, Spectrum Brand Holdings, IFB Industries Ltd (IFB Home Appliances), Godrej Group, Hitachi Home & Life Solutions (India) Ltd, Blue Star Limited. among others.

Recent Market Developments

• 2023: Samsung has unveiled its latest line of semi-automatic washing machines for 2023, which now include innovative upgrades like the Soft Closing Toughened Glass Lid and Dual Magic Filter. These new features enhance the convenience and efficiency of doing laundry, making it the perfect choice for those seeking a seamless washing experience.
• 2023: Haier recently introduced a new series of top load washing machines with anti-scaling features. These machines utilize Haier's anti-scaling technology, bionic magic filter, and 3D rolling wash, providing a convenient and efficient laundry experience while also preserving the fabric. This range of washing machines is designed to meet the demands of contemporary lifestyles.
• 2023: Samsung has recently declared the release of its luxury Side-by-Side Refrigerator series, which is considered their best yet. Surpassing expectations, this particular range is entirely produced within India and incorporates various features tailored to the local market, determined through valuable customer feedback, thereby enhancing the convenience and overall quality of life for consumers.

Segmentation of the Global Electric Household Appliances Market