Small Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Small appliances are semi-portable or portable machines, basically used on platforms such as counter-tops and tabletops to accomplish a certain household task. Some of the small appliances function equally as major appliances and perform similar tasks such as an oven. Small appliances are available in both commercials as well as home versions.

The global market for small appliances is expected to witness significant growth over the coming years owing to the growing livings standards of consumers, especially in developing regions. The market is likely to be primarily driven by the development of innovative products. Value-added features and upgrading the new products are also anticipated to trigger the demand for small appliances in the upcoming years.

Furthermore, small home appliances are gaining popularity due to changes in consumer lifestyle patterns which has further propelled the demand for these small appliances. Consumers are becoming tech-savvy and using small home appliances to save time.

Due to the expansion of the e-commerce industry, the small home appliances market may witness more demand as online platforms offer several benefits such as free home delivery, discounts, product varieties, and easy exchange, which is a major factor that makes online purchases highly attractive.

Key Market Trends

Small Kitchen Appliances Segment Emerged as the Most Dominant Segment

Changing lifestyles is one of the driving factors. More people live in cities and in less space; there are more single households, people travel and get inspiration from all over the world, and they also might have less time. The kitchen has become the heart of the home. The appliances need to be functional and easy to use. This is one of the drivers for developing

Today’s smart and connectable appliances. The prime reason for the growth of the small kitchen appliances market in an increase in the disposable income of consumers worldwide. The rise in disposable income drives consumer needs. Innovation in product design has resulted in increased operational efficiency of small kitchen appliances. Thus, the demand for small kitchen appliances is expected to grow during the forecast period.

Convenience in the usage of compact kitchen appliances, owing to ease in handling and maintenance is fueling the growth of the small kitchen appliances market. The rise in the number of millennials using kitchen appliances with compact designs and multiple functionalities is anticipated to drive the small kitchen appliances market further in the forecast period.

Asia-Pacific Region is Anticipated to Witness Highest Demand for Small Appliances

The Asia-Pacific region is currently leading the volume sale of the small appliances among all regions in the world and it is the fastest-growing region. It is anticipated that the Asia Pacific region will continue to see this positive growth of small appliances in the forecast period. Increasing disposable incomes, urban lifestyles, and the health-conscious trend are some of the major factors that can be attributed to the growth of small home appliances in this region.

India and Southeast Asian countries are likely to be the top key markets in the region driving the growth of small appliances. Due to aging populations in the Asia Pacific, certain products such as air fryers, bread makers, food processors, and other healthy function products will benefit from the trend.

The top players in the Asia Pacific are mainly companies from China, however, only Midea and Haier have been able to expand overseas successfully. Other regional and international players continue to compete with these companies across all markets.

Competitive Landscape

The market for small domestic appliances is competitive with a huge number of global and regional players. The major players are adopting a variety of strategies, such as regional expansions and product portfolio expansion, to enhance their position on the market. Some of the key players operating in the global small domestic appliances market are Russell Hobbs Inc., Proctor Silex, Philips, Meyer Corporation, Kitchen Aid, Hamilton Beach Brands, and Haier.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support