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Consumer Appliances Market

Consumer Appliances Market

Consumer Appliances Market

Consumer Appliances Market by Product (Kitchen Appliances, Small Appliances Washing Machine, Air Purifiers, Water Heaters), End Use (Domestic, Professional), Sales Channel (Offline, Online) & Region for 2022-2029

Consumer Appliances Market Outlook – 2022-2029

[383 Pages Report] The global consumer appliances market is expected to reach US$ 539.9 Bn by the end of 2029, in comparison to the US$ 383.8 Bn registered in 2021. Increasing demand for advanced and innovative technologies that help in fulfilling daily life chores in hassle-free ways is favoring the growth in the market.

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Consumer Appliances Market Estimated Size in 2021

US$ 401.1 Bn

Consumer Appliances Market Projected Size in 2029

US$ 539.9 Bn

Consumer Appliances Market Historical CAGR (2014-2021)

3.9%

Consumer Appliances Market Value-based CAGR (2022-2029)

4.3%

Future Market Insights, in its recent survey, states that the sales in the global consumer appliances market are estimated to rise at 4.3% CAGR over the forecast period from 2022 to 2029.

As per FMI, Europe is anticipated to remain the most remunerating consumer appliances market, contributing nearly more than 1/4th of the overall sales through 2031. The U.S., Germany, China, and India are estimated to emerge as highly lucrative markets between 2022 and 2029.

2014-2021 Consumer Appliances Market Outlook in Comparison to 2022-2029 Growth Forecast

Over the past few years, the consumer electronics industry has witnessed rapid transformation with the launch of novel appliances such as food processors, kitchen appliances, home appliances, and others. Driven by this, the global consumer appliances market totaled US$ 383.8 Bn in 2021, growing at a CAGR of 3.9% between 2014 and 2021.

Increasing availability of devices enabling automation of day-to-day activities is drastically changing consumer preferences from general single-purpose electronic products to multi-purpose smart devices.

As a result, leading consumer appliances manufacturers are increasingly focusing on developing novel multi-functional appliances devices to meet the surging demand. Driven by this, the sales in the global consumer appliances market are anticipated to spur at a CAGR of 4.3% during the forecast period.

Will the Launch of Internet of Things Integrated Devices Facilitate Consumer Appliances Sales?

Demand for advanced consumer appliances products and connected devices such as smart kitchen appliances is rapidly increasing in the household sector owing to surging investment towards building smart homes across developed countries such as the U.S. Germany, and Japan. This also is favoring the growth in the market.

Against this backdrop, key players in the market are increasingly investing in research and development activities for launching novel devices integrated with technologies such as artificial intelligence and the internet of things.

For instance, INALSA, a leading home appliance company, announced introducing an internet of things integrated smart all-in-one cleaning solution for homes, the Robotic Vacuum Cleaner. The product offers 6 cleaning modes along with 2-in-1 sweeping and mopping functionalities. A multiplicity of such developments are estimated to accelerate the sales of consumer appliances in the coming years.

Country-wise Analysis

What are the Factors Facilitating the Sales of Consumer Appliances in the U.S. Market?

“Promotional Events Organized in the U.S. Encouraging Sales of Home Appliances”

As per FMI, the U.S. market is projected to register robust growth in North America, assisting the region to account for nearly 18.4% of the total consumer appliances sales in 2022.

Realizing the importance of innovation, regional associations are increasingly undertaking initiatives and organizing promotional events such as trade shows and expos.

For instance, Consumer Technology Association (CTA), an association representing the consumer technology industry in the U.S., organizes a global trade show, Consumer Electronics Show (CES), every year to promote innovation across the consumer appliances industry, thereby, augmenting the sale of home appliances.

Why is the Demand for Consumer Appliances Surging in China?

“Launch of New Consumer Electronic Showrooms to Bolster Kitchen Appliances Sales”

With rising demand for innovative consumer appliance such as induction cooktops, conventional grills, and others across the modern homes in the China, consumer electronics giants are increasingly aiming at launching new showrooms and outlets to capitalize on existing opportunities.

For instance, in October 2019, Panasonic, a leading electronic appliance brand announced opening its flagship showroom in Hangzhou, China. It showcases a wide range of home appliance, kitchen appliances, and others. These developments are estimated to accelerate the sales in China, assisting the East Asia market to hold nearly 19.1% of the revenue share through 2022.

Why is Germany Considered a Leading Consumer Appliances Market?

“Rise in trend of Single Living Pushing Sales of Consumer Appliances”

FMI states that the sales of consumer appliances in Germany are estimated to rise at a rapid CAGR over the assessment period.

With growing trend of single-living and increasing fast-paced lifestyle, the demand for advanced consumer appliances such as kitchen appliances, and small appliances is rapidly surging in the country, which is in turn, driving the growth in Germany. 

In addition to this, the increasing adoption of energy-efficient electronic products that assures more performance efficiency in cost-effective ways, owing to growing environmental awareness is expected to further boost the sales in the market. This rise in sales is projected to assist the Europe market to capture approximately 25.7% of the value share by 2022.

Category-wise Insights

Which Consumer Appliances Product will Remain Top Selling?

“Growing Hospitality Sector to Create Growth Prospects for Kitchen Appliances”

As per FMI, the kitchen appliances and small appliances segments are estimated to collectively account for maximum sales in the market between 2022 and 2029.

Increasing number of food outlets, restaurants, and hotels, especially across the developing economies such as China, India, Brazil, Australia, and others is creating immense sales opportunities for kitchen appliances such as coffee machines, ovens, mixer grinders, and others.

Also, growing consumption of bakery products such as breads, cookies, biscuits, bagels, cakes, and others in countries such as Germany, France, the U.S., and Italy among others is accelerate the sales of bread makers, microwaves, and refrigerators, thereby, favoring the growth in the segment.

Why is the Sales of Consumer Appliances Rising in Domestic Segment?

“Rising Customer Living Standards to Spearhead the Sales of Household Appliance”

In terms of end use, the global consumer appliances market is segmented into domestic and professional segments. FMI estimates that the domestic segment will exhibit growth at a robust CAGR over the assessment period.

Rising fast-paced lifestyle and growing living standards of customers have resulted in increasing the demand for household appliance for carrying out their day life chores, which is in turn, boosting the sales of consumer appliances across the domestic segment.

Why is Consumer Appliances Sales via Online Increasing?

“Shifting Customer Preference for Online Shopping to Multiply Consumer Appliances Sales”

Future Market Insights reveals that the online segment is estimated to exhibit growth at rapid CAGR during the forecast period 2022-2029. Increasing customer inclination towards online shopping owing to product availability, tempting discounts, and high convenience associated with it is accelerating the sales of consumer appliances across the segment.

Apart from this, the offline segment is forecast to account for a significant share in the market through 2029. Growing use of brick-and-mortar strategy among the customers to counter the disadvantages of online shopping such as receiving defective products and lack of customer service is favoring the growth in the segment.

Competitive Landscape

Leading consumer appliances manufacturers are increasing investing in research and development activities for launching novel products to gain competitive edge in the highly competitive market. For instance,

In October 2018, LG Electronics Co. Ltd., a South Korea-based consumer electronics giant, announced expanding its product portfolio by introducing InstaView door-in-door refrigerators, featuring a glass panel that illuminates the refrigerator interior with 2 soft knocks on it. This has assisted the company to strengthen its position in the market.

Scope of the Report

Attribute

Details

Forecast Period

2022-2029

Historical Data Available for

2014-2021

Market Analysis

US$ Bn for Value

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa

Key Countries Covered

US, Canada, Germany, U.K., France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa

Key Segments Covered

Product Type, End Use, Sales Channel, and Region

Key Companies Profiled

  • AB Electrolux
  • Qingdao Haier Co., Ltd. (Haier)
  • Hitachi, Ltd.
  • LG Electronics Inc. (LG)
  • Midea Group Co., Ltd. (Midea)
  • Panasonic Corporation (Panasonic)
  • Robert Bosch GmbH
  • Samsung Electronics Co., Ltd.
  • Sharp Corporation (Sharp)
  • Whirlpool Corporation
  • Others

Report Coverage

Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives

Customization & Pricing

Available upon Request

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Consumer Appliances Market by Category

By Product Type :

  • Kitchen Appliances
    • Refrigerators
    • Ranges and Ovens
    • Microwave
    • Conventional Grill
    • Dishwashers
    • Chimneys
    • Electric Stove
    • Induction Cooktops
  • Small Appliances
    • Hair Dryers
    • Irons
    • Toasters
    • Bread Makers
    • Coffee Machines
    • Grinders & Mixers
    • Food Processors
  • Washing Machine
  • Air Purifiers
  • Water Heaters
  • Water Purifiers
  • Cloth Dryers/Tumbler
  • Air Conditioners
  • Vacuum Cleaners

By End Use :

  • Domestic
  • Professional
    • Hotels
    • Salon & Grooming Parlors
    • Cafeteria & Restaurants
    • Offices & Institute
    • Others

By Sales Channel :

  • Offline
    • Organized Retailer
    • Unorganized
  • Online
    • Company Direct Sales
    • Independent Vendor/E Commerce

By Region :

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

Key Questions Answered in the Report

At what rate did the consumer appliances sales grew between 2014 and 2021?

The global consumer appliances market grew at a 3.9% CAGR over the past assessment period 2014-2021.
The consumer appliances market is expected to register steady growth, expanding a 4.3% CAGR between 2022 and 2029.
The consumer appliances market is expected to surpass a valuation of US$ 383.8 Bn in 2021
In terms of product, the consumer appliances devices segment is expected to account for around 80% of the sales in the global consumer appliances market through 2029.
Europe currently leads the global consumer appliances market, accosting for nearly 25.7% of the total market share.
North America consumer appliances market will hold a significant share accounting for nearly 18.4% of the revenue share in 2022.

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