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2019

Household Appliances Market

Household Appliances Market Size, Share, Competitive Landscape and Trend Analysis Report by Product and Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2018 - 2025

CG : Consumer Electronics

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Author's: Shankar Bhandalkar/Debojyoti Das | Roshan Deshmukh
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Household Appliances Market Overview:

The global household appliances market was valued at $501,532 million in 2017 and is projected to reach $763,451 million by 2025, growing at a CAGR of 5.4% from 2018 to 2025. Household appliances can be classified into three categoriesmajor appliances or white goods, small appliances, and consumer electronics. Major appliances are large home appliances used for regular housekeeping tasks such as cooking, washing laundry, food preservation, and others. They are generally equipped with special connections such as electrical, gas, plumbing, and ventilation arrangements, which limits the mobility of these appliances around the house. Small appliances are semi-portable or portable machines that are generally used on platforms such as counter-tops and table tops. Some of these appliances are air purifiers, humidifiers & de-humidifiers, blenders, clothes steamers & iron, electric kettle & coffee machines, and others. Consumer electronics include devices used for entertainment, communications, and home-office activities such as TVs, music system, and others.

global household appliances market

The key factors driving the global household appliances market are increase in technological advancements, rapid urbanization, growth in the housing sector, rise in per capita income, improved living standards, surge in need for comfort in household chores, change in consumer lifestyle as well as escalating number of smaller households. In addition, inclination of consumers toward eco-friendly & energy-efficient appliances further boost the market growth. Moreover, factors, such as government initiatives for energy-efficient appliances across the U.S. and several EU countries, are expected to facilitate the adoption of energy efficient appliances in the recent years.

The opportunities in the untapped emerging economies are huge. Asia-Pacific is emerging as one of the largest markets for household appliances. Improving economic conditions in the region along with growing disposable income are fueling the household appliances market growth. The emerging economies are anticipated to comprise more than 60% of the middle-class population by 2020. Considering the pace of change, in China, around 3 million households had a disposable income of around $10,000 in 2000, which increased to 60 million households in 2012. This number is expected to exceed 230 million households by 2020. Economic growth in many countries in LAMEA has a positive impact on the market. These regions are gradually developing awareness regarding the importance of health and hygiene as well as home appliances. Therefore, the untapped regions in Asia-Pacific and LAMEA possess huge growth prospects in coming years.

The selling price of the product, durability, product life & maintenance, and annual power consumption are the vital factors considered while purchasing household appliances in low to middle-income group. Thus, development of durable, energy-efficient household appliances at economic price is anticipated to increase the rate of penetration among low- and middle-income groups. Whereas in the high-income group segment, there is high demand for smart & connected equipment. Wireless technology, smartphones, and Internet of Things are becoming an integral part of every-day life in urban households. dvelopment of smart appliances is anticipated to improve the product replacement rate among consumers who are already using basic appliances.

global household appliances market by product

Based on product, the report segments the global household appliances market into refrigerator; air conditioner & heater; entertainment & information appliances; washing machine; cleaning appliance; cooktop, cooking range, microwave & oven; and others. Refrigerator has become an essential part of a household and is one of the first appliances that is purchased once the household income reaches an adequate level. Refrigerators are generally operated continuously throughout the year, and therefore, annual energy consumption is an important issue associated with the product. Energy star rated refrigerators are in high demand as they are installed with efficient compressors, insulation, and defrosting features that help improve their energy efficiency. Thus, manufacturers invest in R&D to innovate energy-efficient products owing to rise in demand for such appliances.

global household appliances market by distribution channel

Based on distribution channel, the report segments the global household appliances market into supermarket/hypermarket, specialty stores, E-Commerce, and others. The E-Commerce segment is expected to witness rapid growth during the forecast period owing to high penetration of internet and smartphone, along with technological advancements. However, the specialty store segment dominates the market as consumer prefers to analyze and evaluate the product before purchase, since the product is associated with high stack (especially financial, & safety).

global household appliances market by region

Based on region, the household appliance market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is a matured and homogenous market for household appliances with high product penetration. The demand for household appliances is dominated by product replacement. The European market experiences growth owing to low interest rates and a good economic situation. The market is witnessing an increase in demand for premium built-in or integrated appliances such as ovens, with integrated steam function, flexible induction hobs, integrated hob extractors, and built-in dishwasher among others. The Asia-Pacific household appliances market is anticipated to witness strong growth owing to increase in household income, rapid urbanization, rise in the middle-class population, easy access to goods through development of retail channels, easy access to consumer finance, and change in lifestyles of the population.

Key players profiled in the report include 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), and Whirlpool Corporation.

Technological advancements have led to the development of smart appliances and are expected to drive the growth of the household appliance market during the forecast period. Appliances, such as washing machine, dishwasher, and refrigerators, are experiencing rapid growth.

In January 2018, Bosch launched its double-door refrigerators range Series 4in the market that marked its entry in the double-door refrigerator segment.

In July 2018, Xiaomi launched a new product to its Mijia product line. Mijia Smart Air Conditioner, which won the 2017 Good Design gold award, features an anti-UV ABS polymer resin body. The product further includes additional features such as a LED display on the front of the unit, and users can control the temperature and cooling times via the Mi Home app from their smart devices.

In October 2018, LG announced the launch of InstaView door-in-door refrigerators, which is expected to feature a glass panel that illuminates the interior with two soft knocks on the glass panel. Frequent opening of the refrigerator door consumes more electricity. Making the door transparent increases the energy efficiency of the household.

Key Benefits for Household Appliances Market:

  • The report provides an extensive analysis of the current and emerging market trends and opportunities in the global household appliances market.

  • The report provides detailed qualitative and quantitative analysis of the current trends and future estimations that help evaluate the prevailing market opportunities.

  • A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.

  • An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.

  • The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.

Household Appliances Market Report Highlights

Aspects Details
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By Product
  • Refrigerator
  • Air Conditioner & Heater
  • Entertainment & Information Appliances
  • Washing Machine
  • Cleaning Appliance
  • Cooktop, Cooking Range, Microwave & Oven
  • Others
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By Distribution Channel
  • Supermarket & Hypermarket
  • Specialty Stores
  • e-Commerce
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, Spain, UK, Italy, France, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Rest of LAMEA)
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Key Market Players

HITACHI, LTD., ROBERT BOSCH GmbH, SHARP CORPORATION, QINGDAO HAIER CO., LTD., PANASONIC CORPORATION, SAMSUNG ELECTRONICS CO., LTD., LG ELECTRONICS INC., WHIRLPOOL CORPORATION, MIDEA GROUP CO., LTD., AB ELECTROLUX

Analyst Review

The global household appliances market is emerging at a considerable pace due to several factors such as increase in compatibility of the appliances, enhanced internet penetration, changes in lifestyle patterns, and growth in concerns about energy prices. Over the past few years, there has been an increase in the women workforce; and therefore, families rely on different appliances for comfort. These appliances also help ease the chores and save time.

Moreover, Asia-Pacific and LAMEA are projected to register a significant growth as compared to the saturated markets of Europe and North America due to rapid urbanization, increase in penetration of technology even in small cities, growth in disposable income, and improvement in standard of living.

In line with increase in environmental concerns, consumers also prefer to buy appliances that are eco-friendly and energy efficient. Therefore, manufacturers take steps to improve the product efficiency and reduce e-waste.

Author Name(s) : Shankar Bhandalkar/Debojyoti Das | Roshan Deshmukh

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Household Appliances Market

Global Opportunity Analysis and Industry Forecast, 2018 - 2025