The home appliances industry size was valued at USD 708.15 billion in 2023 and USD 743.56 billion in 2024. The industry is expected to reach USD 1,203.11 billion by 2032 with a CAGR of 6.20% during the forecast period. Growing demand for improving lifestyle of individuals and high spending per capita income are expected to propel industry growth. Growing demand for house appliances in North America and Europe is expected to impel the industry course. Increasing population and the trend of urbanization are set to assist in industry development. Fortune Business Insights™ shares this information in its report titled “Home Appliances Industry, 2024-2032.”
Top Key Companies Covered in the Home Appliances Industry:
- Whirlpool Corporation (U.S.)
- Samsung Electronics Co. Ltd. (South Korea)
- Haier Inc. (China)
- Bajaj Electricals Ltd (India)
- Koninklijke Philips N.V. (South Korea)
- IFB Appliances (India)
- KENT (India)
- Eureka Forbes Ltd. (India)
- Panasonic Holdings Corporation (Japan)
- Orient Electric (India)
Information Source:
Segments
Smart Home Appliances to be the Prime Part Due to Digitalization
On the basis of type, the industry is divided into major appliances, small appliances, and smart home appliances. Smart home appliances segment holds the largest part in the type segment with spacious houses, increasing levels of disposable income, and affordability. Increasing digitalization and recent trend for smart homes globally are set to gain industry share.
Specialty Stores to Dictate Due to Various Discounts Offered to Customers
Based on distribution channel, the industry is categorized into superindustrys & hyperindustrys, specialty stores, online/e-commerce, and others. Specialty stores segment is anticipated to dominate the industry accounting for more than 45% in terms of sales as they offer various discounts and codes to consumers. Online/e-commerce segment is also set to grow at a fast pace due to easy shipping & exchange, change in the lifestyle of customers, and financial availabilities.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the industry. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the industry. Additionally, it examines the regional developments and the strategies undertaken by the industry’s key players.
Drivers and Restraints
Increasing Disposable Incomes to Progress industry Development
Increasing spending by consumers and increasing disposable income amongst population are anticipated to drive the home appliances industry growth. Major manufacturers have been focused on efficient appliances that are highly focused on saving energy and to maximize energy. Shift in new technology and demand toward environment-friendly products are set to propel industry growth. In February 2021, Panasonic Holdings Corp. announced its expansion of AI-enabled appliances, including connected refrigerators, air conditioners, and washing machines in India.
However, shortage of semiconductor chip is expected to hamper the industry growth.
Regional Insights
North America to Lead the industry Share Due to High Spending by Consumers
North America is expected to have the largest part of the home appliances industry share due to high spending of consumers. The industry stood at USD 209.7 billion in 2021 due to high demand from countries such as Canada and the U.S., thereby increasing the adoption and consumption rate of smart devices. High efficiency, enhanced design, and insulated appliances are expected to gain traction in the industry growth of the region.
Asia Pacific is expected to have a considerable substantial growth in the forecast period due to increasing demand for energy-efficient appliances. Growing demand from countries such as India and China is set to increase the demand for such appliances.
Increasing number of constructional activities in Western European countries has led to increasing adoption rate of such appliances. Demand for innovative products and popularity for advanced appliances are anticipated to pose opportunities for the industry growth.
Competitive Landscape
Technological Innovations by Key Players to Drive industry Progression
The industry has various players who focus on new brands, product launches, and partnerships. Manufacturers have been focusing on development of innovative products for increasing their customer base for more revenue generation. In May 2022, Hisense launched its new range of smart home appliances, which are Wi-Fi enabled in the Middle East. In February 2022, Crompton Greaves Consumer Electricals announced the acquisition of a small household appliances manufacturer, Butterfly Gandhimath Appliances Ltd. to support its small domestic appliances category.
Key Industry Development
- September 2023: BSH Home Appliances Pvt. Ltd, a global home appliance leader, launched its new range of fully automatic All Round Carefront load washing machines. With the launch of these products, Bosch continues its commitment to providing innovative solutions that ease daily tasks and enhances the lives of its customers.
