Electric Household Appliances Market Analysis

Electric Household Appliances Market Analysis

To get key market trends

  Download Free Sample

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 8.0% 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.