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

The major home appliances market is anticipated to grow at a positive CAGR in the forecast period. Some of the major factors driving the demand for home appliances in the world include rapid urbanization, rising housing developments at a global scale, an increase in per capita income of people and changing consumer preferences as people are willing to invest more in appliances to reduce their household chores.

Due to technological advancements and rising digitalization, consumers are becoming more tech-savvy and becoming increasingly inclined towards modern appliances due to all the benefits associated with them. There is also a rising global trend of smart home appliances which is gaining popularity. The number of smart appliances being introduced in the market is increasing rapidly and the rising emergence of smart homes is facilitating this increase of these smart appliances, which can be connected to the customer's smartphone and monitored remotely. Technological innovations in the industry are also anticipated to boost the demand for major home appliances.

Key Market Trends

Refrigeration Appliances Account for Significant Market Share

Amongst the major appliances, refrigeration appliances segment account for a significant market share in terms of revenue. Companies like Samsung, GE and LG have paved their way into the smart connected refrigerator space, and are offering products with special features such as touchscreen and flexible user-controlled cooling options. These products are being largely targeted at developed markets.

Domestic refrigeration appliances are also witnessing increased demand in most of the developing countries such as India and China. As these countries have a rising middle-class population with increased consumer spending white-goods like refrigerators are witnessing significant growth.

The rise in consumer spending coupled with the introduction of technologically advanced models within the category is anticipated to propel the market growth further in the anticipated period.

Asia-Pacific Region is Expected to Witness the Highest Growth

The smart appliances market in Asia-Pacific is expected to grow at a rapid rate. Developed countries like Japan, Singapore, Hong Kong, and Indonesia are expected to register an increase in the sales of smart appliances, mostly owing to the rising energy and labor costs, the high purchasing power of consumers, and greater awareness about smart cities and smart integrated appliances. China has the highest demand for conventional air conditioners, by volume, across the globe, owing to government policies that favor energy-saving appliances, a growing property market, and hot weather. The merger of Haier and GE appliances has given Haier access to the latter's smart appliance technology expertise, which will make it a strong player in China.

Competitive Landscape

The major home appliances market is highly competitive with some of the major companies such as LG, Samsung, GE electronics, Haier and Whirlpool. Companies are becoming technologically advanced and coming up with innovative features such as integrating their products with the IoT to make customers' lives comfortable and convenient. IoT is the interconnectivity of physical objects and devices that are integrated with sensors and software that allows them to exchange and collect data. Furthermore, manufacturers are mainly focusing on the development of self-directed, smart appliances with the integration of intelligent electronic control, sensors, and machine programming methods. Several companies such as LG and Samsung are getting ahead of the smart technologies revolution by offering products including smart washing machines and smart refrigerators.

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• The market estimate (ME) sheet in Excel format
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