BANGALORE, India, July 13, 2022 /PRNewswire/ -- Home Appliance Market is segmented by Type - Refrigerators, Washing Machines, Air Conditioner, Kitchen Appliances, Others, by Application - Offline Sales, Online Sales. Global Opportunity Analysis and Industry Forecast, 2022-2028. It is published in Valuates Reports under the Home Appliances Category.
The global Home Appliance market size is estimated to be worth USD 217910 million in 2022 and is forecast to be a readjusted size of USD 282150 million by 2028 with a CAGR of 4.4% during the review period.
Major factors driving the growth of the home appliance market are
Increased technological development, rapid urbanization, housing market expansion, rise in per capita income, improved living standards, the surge in demand for comfort in household chores, shift in consumer lifestyle, and rise in the number of smaller households are the main factors propelling the global home appliance market.
Additionally, customer preference for eco-friendly and energy-efficient appliances contributes to the home appliance market expansion. In addition, factors like government programs for energy-efficient appliances are anticipated to make it easier for people to adopt them in the coming years.
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TRENDS INFLUENCING THE GROWTH OF THE HOME APPLIANCE MARKET
The rapid increase in the standard of living is expected to drive the growth of the home appliance market. The rapid industrialization and rise in disposable money have made comfort and convenience necessary. Everyday time is saved by electrical devices like refrigerators and washing machines. Pushing a button has made labor-intensive tasks simple. During the anticipated period, these factors are anticipated to increase demand for the home appliance market.
Appliance buyers and manufacturers are both interested in buying energy-efficient appliances. The use of programmable thermostats, granular monitoring sensors, and digital inverter compressors by manufacturers allows them to transform their goods from energy-guzzlers to energy-efficient appliances. Thus the increase in adoption of the energy-efficient appliance is expected to increase the growth of the home appliance market.
Furthermore, technological advantages are expected to fuel the home appliance market growth. Many regulations and initiatives have been implemented to promote improvements in home appliances as countries focus on lowering the amounts of carbon emissions. In addition to requiring eco-design and energy labeling of appliances in the majority of countries, the EU has set minimum energy standards. Vendors have been spending money on developing mobile-controlled appliances. Appliances like air conditioners and space heaters may be easily monitored with the Internet of Things (IoT). By analyzing trends of energy consumption and changing the temperature setting accordingly, IoT makes it simpler to reduce energy waste.
Another innovation that is popular right now is the integration of all kitchen appliances into modular kitchens. Families want built-in kitchen appliances, particularly in metropolitan locations, such as a cooktop that combines gas and induction. Appliances for the kitchen can be integrated completely or only partially. Integration of kitchen appliances improves the aesthetics of the space in addition to making it more energy-efficient. This factor is expected to further drive the growth of the home appliance market.
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HOME APPLIANCES MARKET SHARE ANALYSIS
Based on type, Air Conditioners are the main type, with a share of about 30%.
Companies are currently creating air conditioning systems that are more effective and environmentally friendly due to the growing demand for technology to reduce carbon dioxide emissions and preserve the environment.
Based on the channel, Offline Sales are the main application, which holds a share of about 70%. This is attributed to the consumers' increased desire for branded, specialty, and convenience stores. An offline distribution method is becoming more popular since it allows customers to see the goods in person, making it simple to check the products' quality and specs.
Based on region, Asia-Pacific is the main market and occupies about 60% of the global market. Sales of smart appliances are anticipated to rise in developed nations like Japan, Singapore, Hong Kong, and Indonesia. This is largely due to growing energy and labor expenses, consumers' high spending power, and increased consumer awareness of smart cities and smart integrated appliances.
Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Haier
- Whirlpool
- Midea
- Panasonic
- Arcelik
- SAMSUNG
- SONY
- LG
- BSH
- Hisense
- Electrolux
- Philips
- Gree
- TCL
- Changhong
- SKYWORTH
- Meling
- Bosch
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SIMILAR REPORTS
- The global Smart Home Appliances market size is estimated to be worth USD 27680 million in 2022 and is forecast to be a readjusted size of USD 59180 million by 2028 with a CAGR of 13.5% during the review period.
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