Major Home Appliances Market size to increase by USD 85.39 billion between 2023 to 2028| The rise in discretionary income of consumers drives the market growth – Technavio
The market’s expansion in the APAC region primarily arises from the growing middle-class population and their increasing income, prompting higher expenditure on household appliances.
Major Home Appliances Market
New York, Jan. 08, 2024 (GLOBE NEWSWIRE) — In a recent Technavio report titled Major Home Appliances Market, it is projected that the market size will grow at a rapid pace in the coming years.
What is the projected size of the Major Home Appliances Market in the next five years?
The market size is projected to grow by USD 85.39 billion, accelerating at a CAGR of 4.2%, during the forecast period. According to Technavio, it is anticipated that APAC is estimated to contribute 46% to the growth of the global market from 2023 to 2028. Buy the report now
What is the factor that drives the Major Home Appliances Market growth?
The Major Home Appliances Market is experiencing substantial growth driven by the increased discretionary income among consumers. This financial empowerment has increased demand for Refrigerators, Washing Machines, Dishwashers, Ovens, Cooktops, Microwaves, Freezers, Dryers, Electric Fans, Electric Kettles, and Electric Grills. As consumers seek convenience and efficiency, the increase in their purchasing power has significantly contributed to the expansion of this market, boosting innovation and diversification in product offerings.
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How does the region segment the Major Home Appliances Market?
The market’s expansion in the APAC region primarily arises from the growing middle-class population and their increasing income, prompting higher expenditure on household appliances. Moreover, the market’s growth in APAC is fueled by evolving urbanization and shifts in the lifestyle of the regional inhabitants.
What are the emerging trends in the Major Home Appliances Market?
The Major Home Appliances Market is witnessing a prominent trend with the rising adoption of smart and connected appliances, notably shaping its growth trajectory. Air Conditioners, Water Heaters, Vacuum Cleaners, Garbage Disposals, Wine Coolers, Trash Compactors, and Coffee Makers are integrating connectivity and smart features. This evolution responds to consumer preferences for convenience and efficiency, propelling the market towards innovative, interconnected appliances, and revolutionizing the home experience.
What are the challenges faced by the Major Home Appliances Market?
The Major Home Appliances Market confronts a significant challenge the volatility in raw material prices and operating costs, impacting overall market growth. Blenders, Toasters, Food Processors, Stand Mixers, Juicers, Water Purifiers, Air Purifiers, Humidifiers, and Dehumidifiers are affected by these fluctuations. The instability in costs pressures manufacturers, impacting product affordability and profitability, thereby setting a hindrance to market expansion and innovation within this Major Home Appliances Market.
How is the Major Home Appliances Market Segmented?
The market is segmented by Product (Refrigerators And Freezers, Washing And Drying Appliances, Heating And Cooling Appliances, and Cooking Appliances), Distribution Channel (Offline and Online), Geography (APAC, Europe, North America, South America, and the Middle East And Africa).
How is the Major Home Appliances Market Segmented by Distribution Channel?
Substantial growth is anticipated in the offline segment during the forecast period. This channel encompasses sales through specialty stores, department stores, hypermarkets, supermarkets, convenience stores, and clubhouse outlets. However, Sales via offline channels have declined due to the swift shift in consumer inclination towards online shopping.
Who are the major players in the Major Home Appliances Market?
Companies like General Electric Co., Fujitsu General Ltd., and Samsung Electronics Co. Ltd. are major players in the Major Home Appliances Market. For more information on companies or its offerings download the sample report
According to Technavio, the Major Home Appliances Market is set to expand significantly, driven by rising consumer income, technological advancements, and regional trends such as increased urbanization and lifestyle changes. However, challenges related to fluctuating raw material prices and operational costs pose hurdles to sustained growth.
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Smart Refrigerator Market: The smart refrigerator market size is estimated to grow at a CAGR of 15.1% between 2022 and 2027. The market size is forecasted to increase by USD 3,513.88 million.
Smart Home Appliances Market: The smart home appliances market is estimated to grow at a CAGR of 14.45% between 2022 and 2027. The size of the market is forecast to increase by USD 39.91 billion.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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