Global Household Appliances Market Size, Share, Growth Analysis, By Type(Major Appliances, Small Appliances and Smart Home Appliances), By Distribution Channel(Supermarkets & Hypermarkets, Specialty Stores) - Industry Forecast 2024-2031

Global Household Appliances Market size was valued at USD 684 billion in 2022 and is poised to grow from USD 722.10 billion in 2023 to USD 1114.09 billion by 2031, growing at a CAGR of 5.57% in the forecast period (2024-2031).

Global improvements in living standards, rising consumer spending that includes per capita income, and changing consumer tastes all work together to fuel the expansion of the home appliance market. During the pandemic, the work-from-home norm gained great acceptance and played a big role in driving up demand for domestic white goods globally. Increased purchasing power among populations in developed and emerging countries has led to various lifestyle changes that have a favorable impact on market growth. Global sales of luxury brand appliances often rise during the holiday season, with developed regions such as North America and Europe exhibiting strong demand. In the meantime, rising population and concomitant urbanization are driving growth in the Asian market.

Smart home appliances offer numerous benefits to customers in terms of home convenience, safety, and security. These benefits originate from their utilization of cutting-edge technology, including artificial intelligence, the Internet of Things, touchless interfaces, and integrated smart home systems. The market's upward trend is additionally spurred by the abundance of opportunities for cutting-edge electronic appliances with sophisticated features, which are in high demand from tech-savvy customers across the globe. This, in turn, is promoting the growth of the smart home appliance industry.

One of the main factors driving the market's acceleration is the growing popularity of smart home appliances, which include smart air conditioners, HVAC systems, creative refrigerators, and cooking appliances that are all programmed for the best possible energy efficiency based on user behavior. One example is the South Korean company LG Electronics, which in April 2022 released a range of AI-enabled appliances in India. This range, which includes energy-efficient air conditioners, AI direct-drive washing machines, and InstaView door-in-door refrigerators, demonstrates the industry's advance towards cutting-edge technology integration.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Household Appliances Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Household Appliances Market Segmental Analysis

Global home appliance sales are broken down into categories according to product type, mode of delivery, and geographical area. Three categories of appliances make up the market: big appliances (such as washing and drying machines, refrigerators, food processors, microwave ovens, and humidifiers), small appliances (such as coffee makers, food processors, and humidifiers), and smart home appliances. Based on the distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online/e-commerce, and others. Based on geographic regions, the market is split into North America, Europe, Latin America, Asia-Pacific, the Middle East, and Africa.

Drivers of the Global Household Appliances Market

Time-saving and convenient products like voice-activated gadgets, smart ovens, and robotic vacuum cleaners are in high demand due to busy lifestyles and dual-income households.

Restraints in the Global Household Appliances Market

The adoption of smart appliances may be slowed down by worries about cybersecurity and data privacy, especially among more circumspect consumers.

Market Trends of the Global Household Appliances Market

Smart Connectivity: A popular trend is the increasing integration of smart technology and the Internet of Things (IoT) with household appliances. Customers are looking for appliances with automation, remote control capability, and real-time data monitoring.

Health and Hygiene: The COVID-19 pandemic has increased awareness of cleanliness and hygiene, which has resulted in advancements in the design of self-sanitizing appliances, antimicrobial surfaces, and sophisticated air filtration systems.