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Product Overview
Home devices or domestic devices are devices that are manufactured to enhance the user's comfortability as well as provide comfort in household activities, such as baking, cleaning, washing, processing, and leisure. They are mobile or fixed, depending on their functionalities and capabilities. They are usually supported by electric, gas, storage, and ventilation systems that restrict the movement of these devices around the house. Small equipment is a semi-portable or portable device, which is generally used on platforms like computer cabinets and tabletops. Some are air purifiers, wetter and humidifiers, blenders, steam and iron clothes, electrical kettle and coffee machines, and others.
Market Highlights
Global Household appliances market is expected to project a notable CAGR of 5.14% in 2030.
Global Household appliances market to surpass USD 773.82 billion by 2030 from USD XXXX million in 2020 at a CAGR of 5.14% in the coming years, i.e., 2021-30. Enhanced technological developments, fast urbanization, housing growth, a rise in per capita income, a higher quality of living, a boost in the need for convenience for household work, changes in consumer styles, and a growing number of small households are major drivers for the worldwide household appliances market. Furthermore, consumer inclination towards green and energy-efficient equipment further boosts the growth of the market. In addition, the deployment of energy-efficient appliances is expected to be facilitated by such factors as government initiatives for energy-efficient appliances throughout the US and many EU Member States in recent years.
Global Household appliances: Segments
Refrigerators segment to grow with the highest CAGR during 2020-30
Global Household appliances market is segmented by Product Type into Refrigerator; Air Conditioner & Heater; Entertainment & Information Appliances; Washing Machine; Cleaning Appliance; Cooktop, Cooking Range, Microwave & Oven; and Others. During the projected timeline, Refrigerators is expected to have the highest market share. Refrigerators have become a major part of households and are among the first to be purchased after a sufficient level of household income. Coolers are generally used constantly during the year, and yearly energy consumption is, therefore, an important product issue. Energy star valued refrigerators are very popular because they are equipped with reliable compressors, isolation, and defrosting characteristics that boost productivity. Through increased demand for such devices manufacturers thus invest in Research and development to innovate energy-efficient products.
E-Commerce segment to grow with the highest CAGR during 2020-30
Global Household appliances market is divided by Distribution into supermarket/hypermarket, specialty stores, E-Commerce, and others. During the projected timeframe, the e-commerce sector is projected to grow rapidly, due to high online and smartphone performance and technological progress. However, it favors testing and assess the product before purchase because the product is associated with high levels of stacking. However, the specialist store segment dominates the market share (especially financial, & safety).
Global Household appliances Market Dynamics
Drivers
Technological Progress
In the forecasted years, technological progress in this category and the increase of rising disposable income is anticipated to push the home appliance market growth. In the coming years, the market will also be driven by high standard of living, enhanced quality of life, and the convenient use of home appliances. In the forecasted years, the market will also be fueling different features of home appliances such as intelligent functionality, elegant design, stability, diversity, and efficiency.
Improved standards of livings
Fast urbanization, housing growth, a rise in per capita income, a higher quality of living, a boost in the need for convenience for household work, changes in consumer styles, and a growing number of small households are major drivers for the worldwide household appliances market. Furthermore, consumer inclination towards green and energy-efficient equipment further boosts the growth of the market. In addition, the deployment of energy-efficient appliances is expected to be facilitated by such factors as government initiatives for energy-efficient appliances throughout the US and many EU Member States in recent years.
Restraint
Availability of counterfeit product
The growth in counterfeit products on the market is anticipated to reduce the growth of the market. Moreover, some appliances costs high which further impede the market growth.
Global Household appliances: Key Players
Whirlpool Corporation
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Morphy Richards
LG Electronics
Havells India Ltd.
SAMSUNG
Electrolux
Koninklijke Philips N.V.
Haier lnc.
Panasonic Corporation
BSH Home Appliances Group
Hitachi Appliances, Inc.
Mabe; Midea Group
Miele & Cie. KG.
SHARP CORPORATION
Other Prominent Players
Global Household appliances: Regions
Global Household appliances market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the projected timeline, North America ought to have the highest share in the total market for Household appliances. North American household appliances with a higher market spread have a matured and homogeneous market. Demand is influenced by product replacements for household appliances. The growth of the European market is due to low-interest rates and a decent financial situation. The demand for premium, integrated, or equipped equipment like stoves, with integrated steam function, flexible feeder, integrated hobs, and built-in dishwasher, is growing in the market.
Global Household appliances market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Household appliances report also contains analysis on:
By Distribution:
supermarket/hypermarket
specialty stores
E-Commerce
others
By Product Type
Refrigerator
Air Conditioner & Heater
Entertainment & Information Appliances
Washing Machine
Cleaning Appliance
Cooktop
Cooking Range
Microwave & Oven
Household appliances market Dynamics
Household appliances market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints