Global Home Appliances Market Size By Product (Refrigerator, Air Conditioner And Heater, Entertainment And Information Appliances, Washing Machine, Cleaning Appliance, Cooktop, Cooking Range, Microwave And Oven), By Distribution Channel (Supermarket And Hypermarket, Specialty Store, E-Commerce), By

Home Appliances Market Size And Forecast

Home Appliances Market size was valued at USD 176.42 Billion in 2020 and is projected to reach USD 220.81 Billion by 2028, growing at a CAGR of 2.97% from 2021 to 2028.

Technological advancements in this segment, the rise in consumer disposable income, improved quality of life, and easy to use of home appliances have resulted in the growing demand for the market over the predicted years. The Global Home Appliances Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Home Appliances Market Definition

Home appliance 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. It is also known as domestic appliances, which majorly involves white goods such as refrigerators, air conditioners, dishwashers, clothes dryers, drying cabinets, freezers, kitchen stoves, water heaters, washing machines. They are available in various distribution channels such as Supermarket & Hypermarket, Specialty Store, , and Others.

Global Home Appliances Market Overview

Technological advancements in this segment and the rise in consumer disposable income are expected to drive the Home Appliances Market over the predicted years. Also, high living standards, improved quality of life, and easy use of home appliances expect a boost to the market in the coming years. Additionally, various features of home appliances such as smart functionality, elegant design, sustainability, diversity, and effectiveness are predicted to fuel the market during the forecasted years.

The awareness of the advantages of home appliances over developing economies and expanding urbanization are anticipated to boost the Home Appliances Market. Attractive offers by online retailers, power innovation for AI-driven gadgets, and significant investments towards acquisition and product development are growth opportunities for the market.

Global Home Appliances MarketSegmentation Analysis

The Global Home Appliances Market is Segmented on the basis of Product, Distribution Channel, and Geography.

Home Appliances Market, By Product

• Refrigerator• Air Conditioner & Heater• Entertainment & Information Appliances• Washing Machine• Cleaning Appliance• Cooktop• Cooking Range• Microwave & Oven• Others.

Based on Product, the market is bifurcated into Refrigerator, & Heater, Entertainment & Information Appliances, Washing Machine, Cleaning Appliance, Cooktop, Cooking Range, Microwave & Oven, and Others. The Refrigerator segment is expected to hold the largest market share. The factors can be attributed to the availability of smart and energy-efficient refrigerator units, the growing disposable income, and the widening base of nuclear families.

Home Appliances Market, By Distribution Channel

• Supermarket & Hypermarket• Specialty Store• E-Commerce• Others

Based on Distribution Channel, the market is bifurcated into Supermarket & Hypermarket, Specialty Store, E-Commerce, and Others. The availability of home appliances through various distribution channels is predicted to influence the market positively.

Home Appliances Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

Based on regional analysis, The Global Home Appliances Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share in the market will be dominated by the Asia Pacific owing to the higher purchasing power of consumers and the increasing awareness of the advantages of home appliances in this region.

Key Players

The “Global Home Appliances Market” study report will provide valuable insight with an emphasis on the global market. The major key players in the market are Haier Electronics, Whirlpool Corporation, LG Electronics, Godrej Group, Panasonic Corporation, Samsung Electronics, Electrolux AB, Amica Wronki S.A., Gorenje Group. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations and Agreements

• On December 2020, South Korea-based LG Electronics Inc. and automotive supplier Magna International Inc. launched a joint venture that will make key components for electric cars.

Mergers and Acquisitions

• On December 2021, Haier Electronics Group will delist from the Hong Kong stock exchange stepping aside to make way for a secondary listing on the HK bourse by its sister company Haier Smart Home as the two firms prepare to merge their home appliance businesses.

• In January 2018, Godrej Group is scouting for acquisitions in consumer businesses that include personal and household care segments. Acquisitions will be explored “mainly” in the “developing” economies of Asia, Africa and South America.

Product Launches and Product Expansions

• In January 2018, Bosch launched its double-door refrigerators range Series 4in the market that marked its entry in the double-door refrigerator segment.

• In July 2018, Xiaomi launched a new product to its Mijia product line. Mijia Smart Air Conditioner, which won the 2017 Good Design gold award, features an anti-UV ABS polymer resin body. The product further includes additional features such as a LED display on the front of the unit, and users can control the temperature and cooling times via the Mi Home app from their smart devices.

Report Scope

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