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Cordless Appliances Market Size, Market Competitive Landscape, Business Growth, Share, And Forecast To 2033
Cordless Appliances Market Share
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According to The Business Research Company's, The cordless appliances market size has grown strongly in recent years. It will grow from $40.63 billion in 2023 to $43.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increasing consumer preference for convenience and portability, growth in the home improvement and renovation sector, enhanced safety and performance features, a rise in disposable income and spending on household goods, and increased adoption of smart home technology.
The cordless appliances market size is expected to see strong growth in the next few years. It will grow to $60.26 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to the rising trend of home automation and smart home integration, expansion into emerging markets with growing middle-class populations, increased focus on health and hygiene, and government incentives and regulations promoting energy-efficient appliances. Major trends in the forecast period include the integration of advanced sensors and AI for enhanced functionality, the development of multi-use and versatile cordless appliances, a focus on sleek and ergonomic design improvements, the increasing use of sustainable and recyclable materials, and advancements in wireless charging technologies.
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Market Drivers and Trends:
The rise in demand for smart home solutions is expected to propel the growth of the cordless appliance market going forward. Smart home solutions refer to a range of technologies and systems that integrate various devices and appliances within a home to enhance convenience, comfort, security, energy efficiency, and automation. The demand for smart home solutions is rising due to the desire for convenience and automation, which allow remote control of home systems. Technological advancements and improved connectivity also make these solutions more accessible and appealing. Cordless appliances are popular in smart homes for their convenience and seamless integration with automation systems, offering flexibility and reducing cable clutter. For instance, in November 2022, according to a report published by techUK, a UK-based membership association for the tech industry, 77% of UK adults will own at least one connected home device, up from 67% pre-pandemic, marking a 1% increase since 2021. Moreover, the proportion of 'advanced adopters', owning over three connected home appliances and devices, has risen to 26% in 2022 from 24% in 2021. Therefore, smart appliances will drive the growth of the cordless appliance market.
Major companies operating in the cordless appliances market are focusing on introducing solutions that utilize advancements in wireless technology, such as wireless charging, to eliminate the hassle of dealing with cables and connectors. Wireless charging enables devices to charge wirelessly by placing them on compatible charging pads, eliminating the need for cables and connectors and supporting a convenient and versatile charging experience. For instance, in May 2023, Klipsch Group Inc., a US-based company that specializes in audio equipment, including speakers and headphones, launched the T5 II ANC true wireless stereo (TWS) to meet growing consumer demand for advanced features such as active noise cancellation (ANC) and wireless charging. These earphones also integrate Bragi's AI-powered gesture controls for intuitive operation. Klipsch aimed to enhance the user experience with improved sound quality through redesigned drivers and Dirac HD sound technology. This launch underscores Klipsch's strategy to compete in the premium TWS earphone market with innovative features and high-quality audio performance.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Hitachi Ltd., LG Electronics Inc., Panasonic Corporation, Midea Group, Haier Group Corporation, Whirlpool Corporation, Koninklijke Philips N.V., BSH Home Appliances Group, Black+Decker Inc., Electrolux AB, Dyson Ltd, Makita Corporation, Miele & Cie. KG, SharkNinja Operating LLC, iRobot Corporation, Breville Group, Hoover Company, Bissell Inc., Hamilton Beach Brands Holding Company, Vitamix, Blendtec, Cuisinart, Russell Hobbs Limited, Wacaco, Oster, Tineco Intelligent Technology Co. Ltd., Megachef
Cordless Appliances Market 2024 Key Insights:
• The cordless appliances market size is expected to see strong growth in the next few years. It will grow to $60.26 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Rising Demand For Smart Home Solutions To Accelerate Growth In The Cordless Appliance Market
• Wireless Technology In Earphones Highlights Advancements In Cordless Appliances
• North America was the largest region in the cordless appliances market in 2023
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