Press release
Home Appliance Market Insights and Forecast to 2028
Home Appliance Market Research 2028The global Home Appliance market size is estimated to be worth USD 217910 million in 2022 and is projected to reach USD 282150 million by 2028 with a CAGR of 4.4% during the review period. Key drivers of the home appliance industry include growing urbanization and rising income levels along with a preference for modern easy-to-use home appliances.
Technological innovations and newer product development will bolster the growth of the home appliance market during the forecast period. The changing shifts in consumer lifestyles and the growing popularity of energy-efficient smart household appliances will expand the market in the coming years.
Home Appliance Market Trends
The rapid increase in the standard of living
The booming industrialization and increase in disposable income have necessitated the need for comfort and convenience. Electrical appliances like refrigerators and washing machines save time on an everyday basis. Labor-intensive work has become easy with the push of a button. These factors are expected to surge the demand for the home appliance market during the forecast period.
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Smart innovations
Gizmos and AI-driven gadgets have become a part of life, especially with work from home and after the effect of the pandemic. Voice control, easy access through smartphone apps, and motion sensing are now possible. Smart refrigerators help in scanning the food items through apps for showing recipes and cooking procedures. Air conditioners have been integrated with sensors to detect human movement. One can even control the temperature of their house or office from any part of the world. Hence the gradual improvements in technology will spur the home appliance market growth during the review period.
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Energy-efficient appliances
Climate change and global warming have led to huge environmental degradation. There is a need for conserving energy. Also, consumers have shifted preferences due to the high standard of living. Energy-efficient home appliances not only reduce greenhouse gas emissions, save water and decrease energy bills but require less maintenance and repair. This increases the quality of life for the end-user customers. Star-rated appliances also save up significant amounts of money for the user and the country as a whole. These beneficial features will lead to largescale adoption thereby driving the growth of the home appliance market in the coming years.
Home Appliance Market Share Analysis
Based on type, the air conditioner is the largest segment in the home appliance market share with 30%.
Based on sales channels, the offline segment is expected to maintain dominance in the home appliance market share with 70% as consumers want to analyze and evaluate the product physically due to financial and safety reasons.
Based on region, Asia-Pacific will provide lucrative opportunities for growth in the home appliance market share with 60% due to the higher standard of living of consumers and awareness regarding the benefits of home appliances.
Major home appliances spans a variety of devices comprising refrigeration appliances, home laundry appliances, dishwashing appliances, air-conditioning appliances, large and small cooking appliances.
Top Major key players in the Home Appliance Market
Haier
Whirlpool
Midea
Panasonic
Arcelik
SAMSUNG
SONY
LG
BSH
Hisense
Electrolux
Philips
Gree
TCL
Changhong
SKYWORTH
Meling
Bosch
Home Appliance Market Segments
Home Appliance Market by Type
Refrigerators
Washing Machines
Air Conditioner
Kitchen Appliances
Others
Home Appliance Market by Application
Offline Sales
Online Sales
Segments covered Type, Application and Region
Report coverage Revenue & volume forecast, company share, competitive landscape, growth factors, and trends
Geographic regions covered North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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