Home Appliances Market Size & Share, by Product (Cooktop, Refrigerator, Washing Machine, Air Conditioner, Mixer Grinder, Dishwasher, Vacuum Cleaner, Water Heater); Distribution Channel (Brick & Mortar, E-commerce) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 6139
  • Published Date: Jun 07, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Home Appliances Market size was valued at USD 625 Billion in 2023 and is set to exceed USD 1174 Billion by the end of 2036, expanding at over 5.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of home appliances is estimated at USD 658 Billion.

This boost is anticipated by the slated demand for affordability, and the growth in the economic conditions, along with the continuously changing consumer lifestyle acts as a major growth driver for the rise in the appliances rental market share. According to a report by the World Economic Outlook in 2023, global growth is projected to fall to 2.9% in 2023 from 3.4 % in 2022 but is estimated to rise to 3.1% in 2024.


Home Appliances Market
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Home Appliances Market: Growth Drivers and Challenges

Growth Drivers

  • Rising urbanization - With the lucrative global population along with the boosting economies, there is also a significant increase in urbanization, which boosts the demand for home appliances. According to a report by Our World Data in 2024, more than 4 billion people live in urban areas and the rates of urbanization have been increasing rapidly across all regions, as of 1800 less than 10% of people used to live in urban areas, impelled by which urbanization is expected to fuel incomes and is expected to shift away from the employment in agriculture.
  • Growth in environmental awareness - As environmental concerns grow, so does the demand for sustainable practices, including the preference for appliances that are eco-friendly and energy-efficient. This is because appliance services reduce the use of resources and energy while providing access.

    In addition, the adoption of appliance rental services is being driven by the growing awareness and promotion of environmental sustainability. According to a report by UNICEF in 2022, it showed that more than 73% of citizens are concerned about climate change and its negative impact on children's lives.
  • Increase in disposable income - The home appliances market grows as consumer buying power and disposable income rise. Consumers with higher income levels can now afford to buy bigger items that they may have put off because of budgetary concerns, like major equipment like refrigerators, washing machines, and dishwashers while having appliances rental option in their mind.

    Furthermore, when disposable income rises, people tend to enhance their lifestyles and purchase more sophisticated or feature-rich appliances that provide convenience, energy efficiency, or smart capabilities. According to OCED, the average net wealth is estimated at USD 323,960, of which USD 30,490 is the net adjusted disposable income of an average in a year.

Challenges

  • Increasing number of accidents - Gas and electricity are frequently used to power home appliances. In low- and middle-income countries, many devices are useless when they are fueled and energy is scarce while infrastructure is insufficient. Moreover, this can also cause dangerous radiation from these appliances, and short circuits as such devices run on electricity and have come to light. Smart appliance technical issues also cause emotional issues for customers as well. These could have terrible effects, such as fire, property loss, and harm to people. Consequently, worries over home appliance safety will hinder the industry's expansion.
     
  • Shortage of raw materials - Shortages of raw materials can seriously hurt the home appliance sector in several ways. First, shortages or interruptions in the flow of essential resources, such as metals, polymers, and electronic components, can cause production delays and raise manufacturing costs for companies that make appliances. This might lead to decreased affordability and higher prices for customers, stifling demand.

Home Appliances Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

5.4%

Base Year Market Size (2023)

USD 625 Billion

Forecast Year Market Size (2036)

USD 1174 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Home Appliances Segmentation

Product (Cooktop, Refrigerator, Washing Machine, Air Conditioner, Mixer Grinder, Dishwasher, Vacuum Cleaner, Water Heater)

Cooktop segment is likely to account for around 31% home appliances market share by 2036 driven by the increasing demand for kitchen appliances for saving efforts, and time, and the need for clean cooking. According to a report by the International Energy Agency in 2023, it is estimated that due to a lack of clean cooking, more than 3.7 billion premature deaths occur annually, where children and women are at the highest risk.

Moreover, there is an increase in disposable income for improving the living standards which acts as a growth driver got the growth of the home appliances revenue globally. In addition, the constantly changing consumer behavior and higher convenience and flexibility. These appliances have low and sometimes no service and maintenance costs which also acts as a surge in the second hand small domestic appliances market demand while making them highly affordable.

Distribution Channel (Brick & Mortar, E-commerce)

The bricks & mortar segment in home appliances market is set to garner a notable CAGR and is likely to remain the second largest segment in the distribution channel of the home appliances landscape led by exclusive offers such as discounts and after-sale services, and the presence of several type stores that provide mortar and bricks such as Walmart, Target, and many more. According to a report in 2023, about 46% of retailers in North America have achieved double-digit revenue growth in 2021.

Additionally, there is a surge in the penetration of the internet and target marketing for promoting their companies and products due to which e-commerce is also in demand owing to digitization globally.

Our in-depth analysis of the home appliances market includes the following segments:

            Product

  • Cooktop
  • Refrigerator
  • Washing Machine
  • Air Conditioner
  • Mixer Grinder
  • Dishwasher
  • Vacuum Cleaner
  • Water Heater

            Distribution Channel

  • Brick & Mortar
  • E-commerce

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Home Appliances Industry - Regional Synopsis

APAC Market Statistics

Asia Pacific in home appliances market is anticipated to capture over 46% revenue share by 2036. The landscape's tremendous growth in the region is expected credited to the surge in the working population as they demand convenience in their busy lifestyle.

According to a report by the UN ESCAP in 2023, the working population in APAC has increased 4 times to 3.2 billion from 1950 to 2022.

China's ever-growing technologically advanced appliances and smart devices that are energy-efficient and increase in urbanization are expected to fuel the revenue share. According to a report in 2021, the spending on IT increased by 9.3%, it is projected that by 2035 the urbanization rate of China will cross 78%, estimated to be 66% in 2023.

There is a surge in the middle-income population in Japan for energy-efficient appliances in this region. According to a report in 2024, more than 6% of household are projected to earn less than 1 million Japanese yen.

North America Market Analysis

The North American region will also encounter a huge influence on the home appliances market value during the forecast period with a size of about 28 billion in 2023 and will account for the second position attributed to the increasing demand for the construction sector such as residential infrastructural.

In the United States, the growth in infrastructure projects, commercial structures, housing complexes, and many more is expected to grow the demand for the home appliances sector. According to the U.S. Department of Treasury, as the income increases, it is expected that there will be more infrastructure per capita investments as compared to lower-income states.

There is a growth in e-commerce for appliances such as smartphones, and tablets in Canada. According to a report in 2024, there has been an increase of about 1.1% in the e-commerce sector in Canada and 48% by 2028.

Research Nester
Home Appliances Market Size
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Companies Dominating the Home Appliances Landscape

    The home appliances market size expansion is predicted that the top five companies would occupy about 21%. Most of these companies are continuously collaborating, expanding, making agreements, and joining ventures for the growth of this revenue share and are estimated to be the major key players in this landscape.

    • Whirlpool
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Panasonic
    • Sharp Corporation
    • Samsung Electronics Co., Ltd.
    • Midea Group Co., Ltd.
    • LG Electronics Inc.
    • Qingdao Haier Co., Ltd.
    • AB Electrolux
    • Robert Bosch GmbH
    • Haier

In the News

  • Whirlpool- along with HelloFresh a meal kit company, and Total Quality Logistics (TQL) a logistics firm, expands its Feel-Good Fridge Program to provide refurbished refrigerators to food pantries and NGOs across the country.
  • Panasonic- introduces Kid Witness News, a program that aims to raise awareness around United Nations Sustainable Development Goals by upskilling youth with digital storytelling and creating change advocates.

Author Credits:  Parul Atri


  • Report ID: 6139
  • Published Date: Jun 07, 2024
  • Report Format: PDF, PPT
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