Press release
Consumer Appliances Market Poised for 7.1 % Growth, Set to Hit $7.35 Billion by 2029
Consumer Appliances
The increasing popularity of restaurants is expected to drive the consumer appliances market. Restaurants are thriving as consumers demand more convenient, diverse, and social dining experiences. Consumer appliances help restaurants improve efficiency, enhance food quality, expand culinary capabilities, and maintain high service standards. For instance, Statistics Sweden reported a 1.2% increase in restaurant sales and a 5.9% rise in turnover in the first quarter of 2024 compared to 2023. Therefore, the rise in restaurant popularity is contributing to the growth of the consumer appliances market.
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What Is the projected market size and growth rate for the consumer appliances market?
The consumer appliances market has grown significantly in recent years. It will rise from $465.85 billion in 2024 to $500.69 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.5%. The growth is linked to increased consumer spending, a rising demand for energy-efficient appliances, a greater interest in multifunctional products, changes in consumer lifestyles, and an increased demand for home automation.
The consumer appliances market is expected to reach $658.46 billion by 2029, growing at a CAGR of 7.1%. The growth is driven by higher living standards, greater consumption of bakery products, sustainability focus, rising purchasing power, and the adoption of smart appliances. Key trends include demand for advanced appliances, connected kitchen devices, AI, Wi-Fi, and Bluetooth integration, and wireless technology adoption.
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What new trends are reshaping the consumer appliances market and its opportunities?
Companies in the consumer appliances market are developing AI-based kitchen robots to enhance meal preparation efficiency and consistency. For example, in June 2024, Wonderchef launched Chef Magic, an all-in-one kitchen robot featuring 360° induction heating, an in-built weighing scale, and a touchscreen interface. The device is Wi-Fi connected, receiving regular updates and providing a modern, user-friendly cooking experience.
What major market segments define the scope and growth of the consumer appliances market?
The consumer appliances market covered in this report is segmented -
1) By Product Type: Kitchen Applications, Small Appliances, Washing Machine, Air Purifiers, Water Heaters, Water Purifiers, Cloth Dryers And Tumblers, Air Conditioners, Vacuum Cleaners
2) By Sales Channel: Offline, Online
3) By End User: Domestic, Professional
Subsegments:
1) By Kitchen Applications: Refrigerators, Dishwashers, Microwave Ovens, Coffee Makers, Blenders And Juicers, Food Processors
2) By Small Appliances: Hair Dryers, Electric Kettles, Toasters, Irons, Electric Fans, Electric Cookers
3) By Washing Machine: Front-Loading Washing Machines, Top-Loading Washing Machines, Semi-Automatic Washing Machines
4) By Air Purifiers: Hepa Air Purifiers, Ionizers, Activated Carbon Air Purifiers, Uv-C Air Purifiers
5) By Water Heaters: Tankless Water Heaters, Storage Water Heaters, Instant Water Heaters
6) By Water Purifiers: Ro (Reverse Osmosis) Water Purifiers, Uv Water Purifiers, Activated Carbon Water Purifiers, Filtration Water Purifiers
7) By Cloth Dryers And Tumblers: Vented Dryers, Condenser Dryers, Heat Pump Dryers
8) By Air Conditioners: Split Air Conditioners, Window Air Conditioners, Portable Air Conditioners, Centralized Air Conditioners
9) By Vacuum Cleaners: Upright Vacuum Cleaners, Canister Vacuum Cleaners, Robotic Vacuum Cleaners, Handheld Vacuum Cleaners
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Which region dominates the consumer appliances market?
Asia-Pacific was the largest region in the consumer appliances market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the consumer appliances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the consumer appliances industry growth?
Major companies operating in the consumer appliances market are Samsung Electronics Co. Ltd., Robert Bosch GmbH, General Electric Company, Hitachi Ltd., Panasonic Corporation, Midea Group Co. Ltd., Xiaomi Corporation, Haier Group Corp., Koninklijke Philips N.V., Whirlpool Corporation, BSH Hausgeräte GmbH, Sharp Corporation, AB Electrolux, Arçelik, Spectrum Brands Inc., Rinnai Corp., Havells India Ltd., Andis Company, VEGA, Syska, Hisense Inc., Sunbeam Products Inc., Wahl Clipper Corporation, Brio Product Group LLC
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What Is Covered In The Consumer Appliances Global Market Report?
•Market Size Forecast: Examine the consumer appliances market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the consumer appliances market for a structured understanding.
•Key Players Overview: Analyze major players in the consumer appliances market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the consumer appliances market.
•Segment Contributions: Evaluate how different segments drive overall growth in the consumer appliances market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the consumer appliances market.
•Industry Challenges: Identify potential risks and obstacles affecting the consumer appliances market.
•Competitive Landscape: Review strategic developments in the consumer appliances market, including expansions, agreements, and new product launches.
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