Global Consumer Appliance Market Size Anticipated to Cross USD 679.8 Billion by 2033, Surging Steadily at 4.5% CAGR

According to a Future Market Insights (FMI) report, the global consumer appliances market size is likely to be valued at USD 437.8 Billion in 2023. The increasing demand for infrastructural development and construction activity is driving market growth. The market is estimated to garner USD 679.8 Billion in 2033, recording a CAGR of 4.5% from 2023 to 2033

Increasing purchasing power, disposable income levels, and urbanization, are the main factors driving the growth of the consumer appliances market during the forecast period.

Consumers are more likely to invest in appliances that improve their quality of life, convenience, and comfort. Urbanization leads to smaller living spaces and an increased need for compact appliances that optimize space utilization, driving the demand for the market.

Increasing smart homes and the integration of appliances into smart home ecosystems have become important drivers in the consumer appliances market.

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Increasing technological advancements such as Internet of Things (IoT) connectivity, artificial intelligence (AI), and automation have led to the development of smart appliances, which is likely to boost the consumer appliances market.

North America is expected to account for a significant market share of consumer appliances owing to increasing disposable income, technological advancements, and changing consumer preferences.

The Asia Pacific region is witnessing significant growth in the consumer appliances market. The growing disposable income, improving living standards, and changing consumer lifestyles drive the demand for consumer appliances in this region. Additionally, the adoption of smart home technologies and the influence of Western consumer trends contribute to market growth.

Key Takeaways from the Consumer Appliances Market Report Study:

From 2018 to 2022, the consumer appliances market demand expanded at a CAGR of 4.0%.

Based on end-users, the domestic segment is expected to account for a CAGR of 4.4% during the forecast period.

Based on the sales channel, the online segment dominates the market with a CAGR of 4.3% during the forecast period.

North America to emerge as a promising consumer appliances market, capturing a CAGR of 4.4%.

The consumer appliances industry in the United Kingdom is predicted to reach USD 456.5 Billion by 2033.

South Asia and the Pacific to be an opportunistic consumer appliances market, expected to capture a CAGR of 4.1% during the forecast period.

Competitive Landscape:

The global consumer appliances market is fragmented with the presence of several large and medium-scale players. The leading players in the consumer appliances market are investing in strategic agreements in order to capture market share.

Key Companies Profiled in the Consumer Appliances Market Report:

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)
Whirlpool Corporation

Some of the recent developments by prominent players in the consumer appliances market are:

Samsung has been focusing on developing smart appliances with advanced features and connectivity capabilities. They have introduced technologies such as AI-powered assistants, voice control, and smart home integration in their appliances. Samsung's recent developments aim to enhance user experiences, improve energy efficiency, and offer seamless connectivity within the smart home ecosystem.

LG Electronics: LG has been investing in innovative technologies for its consumer appliances. They have introduced features such as advanced AI algorithms, self-cleaning capabilities, and energy-saving innovations in their products. LG's recent developments focus on delivering efficient and sustainable appliances that meet the evolving needs of consumers.

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Consumer Appliances Market by Category:

By Product Type:
Kitchen Appliances
Refrigerators
Ranges and Ovens
Microwave
Conventional Grill
Dishwashers
Chimneys
Electric Stove
Induction Cooktops

Small Appliances
Hair Dryers
Irons
Toasters
Bread Makers
Coffee Machines
Grinders & Mixers
Food Processors

Washing Machine
Air Purifiers
Water Heaters
Water Purifiers
Cloth Dryers/Tumblers
Air Conditioners
Vacuum Cleaners

By End Use:
Domestic
Professional
Hotels
Salon & Grooming Parlors
Cafeteria & Restaurants
Offices & Institute
Others

By Sales Channel:
Offline
Organized Retailer
Unorganized
Online
Company Direct Sales
Independent Vendor/E Commerce

By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East & Africa

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.