Electric Household Appliances Market - By Product Type (Large Appliances, Small Appliances, and Entertainment & Information Appliances), By Price (Low, Medium, High), By Distribution Channel (Online, Offline), Forecast 2024 - 2032

Electric Household Appliances Market Size

Electric Household Appliances Market size was valued at USD 563.8 billion in 2023 and is estimated to grow at a CAGR of 8% from 2024 to 2032. The market is a dynamic sector driven by various factors such as technological advancements, rising disposable income, urbanization and changing lifestyles, and proliferation of online retail platforms.
 

Technological advancements are a significant driver of growth in the market. These innovations are transforming how consumers interact with their appliances, offering enhanced convenience, efficiency, and sustainability. Many household appliances are now equipped with Wi-Fi, Bluetooth, and other connectivity options, allowing them to be controlled remotely via smartphones or smart home systems. This integration of the internet of things (IoT) enables users to monitor and manage their appliances from anywhere, enhancing convenience and efficiency.
 

Furthermore, urbanization and changing lifestyles are powerful forces driving the growth of the global electric household appliances market. As more people move to urban areas and adapt to modern living standards, the demand for household appliances has increased significantly. Urban dwellers often lead fast-paced lives, balancing work, family, and social activities. This has led to a growing demand for appliances that offer convenience and efficiency, such as microwave ovens, dishwashers, and robotic vacuum cleaners. These appliances save time and effort, making them essential in modern urban households.
 

The electric household appliances market faces several challenges, with high costs and intense competition being among the most significant. The market is highly saturated, with numerous global and regional players competing for market share. This saturation leads to intense competition, making it challenging for companies to differentiate their products and maintain profitability. Intense competition often results in price wars, where companies continuously lower prices to attract consumers. While this benefits consumers in the short term, it can significantly reduce profit margins for manufacturers and lead to a race to the bottom in terms of pricing.
 

Electric Household Appliances Market Trends

There is a growing demand for smart appliances that can connect to the internet of things (IoT) ecosystem, allowing consumers to control and monitor their devices remotely via smartphones or smart home systems. Examples include smart refrigerators that can notify users when food is about to expire, or smart washing machines that can be operated remotely. Integration with voice assistants like Amazon Alexa, Google Assistant, and Apple Siri is becoming standard in modern household appliances, enabling users to control their devices hands-free.
 

Additionally, urbanization and the trend toward smaller living spaces are driving demand for compact, space-saving appliances. Consumers are looking for products that offer multiple functions in one device, such as a washer-dryer combo or a microwave with convection and grilling capabilities. There is also a growing trend for portable and foldable appliances, especially among younger consumers and those living in smaller apartments.
 

Electric Household Appliances Market Analysis

Based on product type the market is segmented into large appliances, small appliances, and entertainment & information appliances. The large appliances segment holds the maximum share in the market and dominates the market with a revenue of around 271.5 billion in 2023 and is anticipated to grow with a CAGR of 8.1% during the forecast period. This is attributed to the essential nature of these products, their high value, the growth of the middle class, and the increasing demand for smart and energy-efficient features. This segment’s dominance is expected to continue as urbanization and technological advancements drive further demand globally.
 

Refrigerators are essential for food preservation, refrigerators are ubiquitous in households worldwide, making them one of the most significant contributors to the large appliances segment. With rising urbanization and changing lifestyles, washing machines have become a staple in modern households. Their widespread adoption significantly contributes to this segment’s dominance. The integration of smart technology in large appliances, such as refrigerators with internet connectivity and washing machines with automated settings, has made these products more appealing, further driving their market share.
 

Based on the distribution channel of the electric household appliances market is divided into online and offline. The offline segment accounts for the major share in the market with around 68.4% of the total market share and is anticipated to grow at a CAGR of 7.9% over the forecasted years. This is attributed to the brick-and-mortar stores such as electronics retailers, department stores, and appliance stores have long been the primary sales channels for household appliances. Customers often prefer to see, touch, and test products before purchasing. Offline stores typically offer immediate customer service, installation, and support, which can be a significant factor in the purchasing decision for larger or more complex appliances. Many consumers trust established physical stores and brands more when making significant investments in appliances.
 

Asia Pacific held a market share of around 38.3% in 2023 and is expected to grow at a CAGR of 8.2% during the estimated period. This is attributed to the several factors such as the region’s large and rapidly growing population drives substantial demand for household appliances. Rapid urbanization and infrastructure development in countries like China, India, and Southeast Asian nations have increased the demand for modern household appliances. The economic growth in many Asia-Pacific countries has led to increased disposable income, allowing more consumers to invest in electric household appliances.
 

Asia-Pacific is a major manufacturing hub for household appliances, with countries like China, South Korea, Japan, and India being key producers and exporters. The expanding middle class in the region is driving demand for a variety of household appliances as living standards and consumer preferences evolve. The region is also a center for technological innovation in household appliances, contributing to market growth through the introduction of advanced and energy-efficient products.
 

North America: In terms of country, the U.S. dominated the electric household appliances market with a share of around 66.9% of the total market share in North America in 2023 and is expected to grow at a CAGR of 7.9% in the forecasted timeframe. The U.S. has a large and affluent consumer base, driving substantial demand for electric household appliances. Higher disposable incomes allow U.S. consumers to invest in a wide range of household appliances, including high-end and technologically advanced products. The U.S. has a well-established retail infrastructure with numerous physical stores and a strong e-commerce presence, making it easy for consumers to access a variety of appliances. The U.S. market often leads in adopting and promoting new technologies and innovations in household appliances.
 

Europe: The European electric household appliances market is expected to grow at a CAGR of 8% over the forecast period. Germany is one of the leading markets for electric household appliances in Europe. Its robust economy, high standard of living, and technological advancements contribute to a strong demand for various household appliances. German consumers and regulations place a high emphasis on energy efficiency and sustainability. As a result, there is a growing preference for energy-efficient appliances that adhere to environmental standards. Germany is known for its engineering prowess and innovation in household appliances, with many leading global brands and manufacturers based there.
 

Asia Pacific: China dominated the electric household appliances market in the Asia Pacific region with a share of around 36.1% in 2023 and is anticipated to grow at a CAGR of 8.5% during the forecast period. China has the largest population in the Asia-Pacific region, leading to significant demand for household appliances. Rapid economic growth has increased disposable income, enabling more consumers to purchase household appliances. China is a major global manufacturing hub for electric household appliances, producing a wide range of products for both domestic consumption and export. Rapid urbanization and infrastructure development in China have driven demand for modern household appliances as more people move into urban areas and seek upgraded living standards.
 

Electric Household Appliances Market Share

The market is fragmented, with several regional companies operating on a global scale. Together these companies hold a market share of 10%-15% of the total market. Companies are investing in smart and connected appliances that offer advanced features, such as remote control and integration with home automation systems. Innovations in energy-efficient technologies help meet consumer demand for environmentally friendly products and comply with regulatory standards.
 

Electric Household Appliances Market Share

Major players operating in the electric household appliances industry are:

• LG Electronics
• Samsung Electronics
• Electrolux AB
• Whirlpool Corporation
• BSH Hausgeräte GmbH
• Walton Group
• Midea Group
• Robert Bosch GmbH
• Gree Electric Appliances Inc.
• Panasonic Corporation
• Hitachi, Ltd.
• Haier Group Corporation
• Sharp Corporation
• Siemens AG
• Miele 
   

Electric Household Appliances Market Industry News

• In April 2024, Samsung Electronics announced a multi-year partnership with Procter & Gamble (P&G) to introduce the new Tide POD Cold wash cycle in the U.S. and Canada. This innovative Tide Cold Certified cycle, designed specifically for P&G’s cold water detergent technology, will deliver exceptional cold wash performance when used with Samsung's new Bespoke AI Laundry Combo™.
   
• In April 2024, Samsung Electronics Co., Ltd. introduced its new energy-efficient Extra Wide Bottom Mount Freezer1 in Europe. This appliance boasts a high energy rating on its own and features Wi-Fi capabilities that enable additional energy savings through SmartThings Energy. The refrigerator has been awarded an energy "A" rating according to EU energy standards.
   

The electric household appliances market research report includes in-depth coverage of the industry, with estimates & forecasts in terms of revenue (USD billion) from 2021 to 2032, for the following segments:

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Market, By Product Type

• Large Appliances
  • Refrigerators
  • Fans
  • Washing Machines
  • Air Conditioners
  • Dishwashers
  • Water Heaters
  • Microwave Ovens
  • Cloth Dryers
  • Others (Cooktops, Air Purifiers, Room Heaters, etc.) 
• Small Appliances
  • Vacuum Cleaners
  • Toasters
  • Coffee Makers
  • Blenders & Mixers
  • Irons
  • Hair Dryers
  • Water Filters
  • Others (Electric Kettles, Steamers, etc.)
• Entertainment & Information Appliances

Market, By Price

• Low
• Medium
• High

Market, By Distribution Channel

• Online
• Offline

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Rest of APAC 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America 
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA