The global household appliances market is anticipated to grow at a CAGR of 4.5% during the forecast period (2022-2028). It refers to a piece of equipment, usually operated electrically, used especially in the home or for the performance of domestic chores such as cooking, cleaning, or food preservation. The major factor expected to drive the market growth is the increase in technological advancements, rapid urbanization, growth in the housing sector, rise in per capita income, the inclination of consumers toward eco-friendly and energy-efficient appliances are some factors encouraging the market growth.
In addition, the rising trend of outdoor parties and cookouts on weekends and holidays along with the increasing outdoor recreational activities will increase the demand for barbeque machines and grills are which, in turn, is boosting the global household appliances market. Based on the product, refrigerator in the major appliances segment holds the market during the forecast period as it is one of the first appliances that is purchased once the household income reaches at an adequate level. It is considered a safe, easy, and convenient way to preserve food and food products.
Some major players in the market include Haier Electronics Group Co. Ltd., Robert Bosch GmbH, and LG Electronics Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in 2020, Samsung Electronics announced the launch of the family hub refrigerator which comes with ingredient-tracking cameras and a whopping 21.5-inch touchscreen on the door, using Bixby voice control and Samsung’s SmartThings IoT ecosystem.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Haier Electronics Group Co. Ltd., Robert Bosch GmbH, and LG Electronics Inc., among others.
A full report is available at: https://orionmarketreports.com/global-household-appliances-market/107373/
Global Household Appliances Market Report by Segment
By Product
- Major Appliances
- Refrigerators
- Freezers
- Dishwashing Machines
- Washing Machines
- Ovens
- Air Conditioners
- Other Major Appliances
- Small Appliances
- Coffee/Tea Makers
- Food Processors
- Grills and Roasters
- Vacuum Cleaners
- Other Small Appliances
By Distribution Channel
- Supermarkets and Hypermarkets
- Specialty Stores
- E-Commerce
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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