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Household Appliances Global Market Size, Share Report, Growth, Analysis, Key Players, Revenue, Future Trends, Forecast 2033 | The Business Research Company
Household Appliances Global Market
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According to The Business Research Company's, The household appliances market size has grown strongly in recent years. It will grow from $596.03 billion in 2023 to $644.42 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increased home renovation, housing market growth, electrification of homes, changing lifestyles, energy efficiency awareness, demographic shifts.
The household appliances market size is expected to see strong growth in the next few years. It will grow to $854.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to growing smart home integration, rising middle-class population, health and wellness features, aging population needs, energy storage integration. Major trends in the forecast period include sustainable design, internet of things (iot), voice and ai integration, compact and multi-functional appliances, advanced cooking technologies, customization and personalization.
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Market Drivers and Trends:
The rising trend of outdoor parties and cookouts on weekends and holidays is expected to drive the market for household appliances in the forecast period. Rapidly evolving lifestyle along with the increasing outdoor recreational activities would increase the demand for house hold appliances. The Europe household appliances market is expected to grow to $5.98 million by 2026. Increasing access to unique camping sites, and increasing adventure camping, coupled with the rising disposable income would drive the market for household appliances globally, which in turn would boost the market for household appliances in the forecast period.
Household appliance manufacturers are embedding LED lights in their products to minimize power consumption. LED lights require lesser wattage as compared to CFL or incandescent light bulbs. Household appliance manufacturers are more focused on introducing products with LED lighting for minimal power consumption and improved visual appearance. For instance, GE's LED refrigerator lighting system minimizes power consumption by 80% compared to halogen lamps. The company has introduced products such as café's French door refrigerators and profile wall ovens with this lighting. For instance, some of the major companies manufacturing LED lighting include Philip Electronics N.V., Osram Opto, Digital Lumens Inc., and Cree Corporation.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Samsung Electronics Co. Ltd., Hitachi Appliances, LG Electronics, Panasonic Appliances, Qingdao Haier Co. Ltd., Daikin Industries Ltd, Haier Smart Home Co. Ltd., Gree Electric Appliances, Toshiba Corporation, Whirlpool Corporation, Sharp Corporation, Bosch-Siemens, Electrolux AB, Liebherr Group, Wolf Appliance, Candy Group, Hisense Group, Groupe SEB SA, Arçelik Global, Miele, Maytag Corporation, Vestel International, Fisher & Paykel, Indesit Company, Blue Star Limited, Thermador, Sub-Zero Group, DCS Appliances, Smeg, Viking Range, AGA Rangemaster, Gaggenau, Bertazzoni S.p.A., Dacor Inc., American Range, Asko Appliances, La Cornue, Hestan Commercial Corporation, Lynx Grills, ILVE Spa
Household Appliances Market 2024 Key Insights:
• The household appliances market size is expected to see strong growth in the next few years. It will grow to $854.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Expanding Outdoor Lifestyle Trends Driving Growth In Household Appliances Market
• Led Lighting Revolutionizing Household Appliances For Energy Efficiency And Aesthetics
• Asia-Pacific was the largest region in the household appliances market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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