Research Support Specialist, USA
The global household appliances market size is expected to reach USD 474.24 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. The market growth is accelerated by the demand for compressor-based smart inverter refrigerators from consumers in China and India. Technological advancements in small appliances are augmenting the market growth. The rising demand for small kitchen appliances in North America is further refueling the market growth.
Soaring demand for drip-free pouring cookers in the U.K. is escalating the market growth during the forecast period. However, the complex design of dishwashing machines is affecting the market growth. The growing trend to adopt value-added cookers and ovens in the Asia Pacific region is anticipated to boost the market growth.
The Covid-19 pandemic had exposed the weakness of the supply chain of household appliances. The pandemic is strongly affecting the manufacturing industries. Supply chain disruption had occurred owing to the national lockdown imposed by several central authorities across the world. Offline trading had hindered owing to the strict government regulation on the import-export trade and international travel ban activities. The Conference Board (U.S.) had released a report, which reflects the decline statistics of the major household appliances.
Powerful suction and versatile range of cleaning accessories of vacuum cleaners had gained traction during the Covid-19 pandemic. The rising concerns over cordless hair clippers are refueling the market growth. The key players in the market are approaching digital portals to boost the sales of household appliances. Electronic digital portals and government bail-out packages are transforming the trade statistics for household appliances, which, in turn, will boost the market growth.
The small appliances type segment is expected to witness significant growth during the forecast period. This can be credited to the growing demand for blended drinks among consumers in France and Germany. A surge in the adoption of zoom wheel hair clippers from consumers in Central and South America is propelling the market growth.
The offline distribution channel segment held a revenue share of more than 70.0% in 2020. This can be attributed to the growing demand for small appliances from consumers in the U.S. and China. The offline segment consists of domestic household appliances stores, supermarkets and hypermarkets, and mid-scale retail appliances stores. Strong customer relationships and faster response time are expected to refuel the market growth during the forecast period.
Asia Pacific held the largest revenue share of over 35.0% in 2020 due to the rising demand for jet spray washing machines from emerging economies, such as China and India. A surge in the adoption of major and small appliances in Japan is anticipated to boost the market growth. Increasing demand for small kitchen appliances is refueling the market growth. Moreover, industrial expansion and the growing production of appliances in China are expected to boost the market growth.
The report “Household Appliances Market Size, Share & Trends Analysis Report By Type (Major Appliances, Small Appliances), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global household appliances market on the basis of type, distribution channel, and region: