Household Appliances Market Size, Share, and Trends 2024 to 2034

Household Appliances Market Size and Forecast 2024 to 2034

The global household appliances market size is estimated at USD 667.18 billion in 2024 and is anticipated to reach around USD 1161.43 billion by 2034, expanding at a CAGR of 5.70% from 2024 to 2034.

Household Appliances Market Key Takeaways

• Asia Pacific dominated the global household appliances market in 2023.
• North America is expected to expand at the fastest CAGR during the forecast period.
• By product, the major appliances segment carries the largest revenue share in the household appliances market.
• By product, the small appliances segment is expected to significantly boost during the anticipated timeframe.
• By distribution channel, the specialty store segment accounted for more than 47.60% of revenue share in 2023.
• By distribution channel, the e-commerce segment is predicted to grow at a significant CAGR during the forecast period.

Household Appliances Market Growth Factors

The global household appliances market is anticipated to witness a significant growth rate owing to the changing consumer lifestyle and evolving and growing economic pressure. The rising adoption of technologically advanced appliances is boosting the growth of the market. The proliferation of digital technologies has led to the development of energy-efficient and advanced appliances that offers enhanced performance at less energy consumption. The rising disposable income, improving living standards, and the need for comfort are the major factors that are driving the growth of the household appliances market. The demand for various advanced household appliances is rising owing to the rising consumer expenditure on home improvement products. The easy availability of numerous brands and products at supermarkets and other retail formats has significantly contributed to the growth of the market. 

The growing penetration of various distribution channels such as specialty stores, brand outlets, e-commerce, and supermarkets is significantly contributing to the growth of the global household appliances market. The sedentary lifestyle of consumers and busy and hectic schedules has significantly propelled the demand for the household appliances like dishwashers, washing machines, and mixer grinders. Employed people have less time to indulge in household chores regularly and hence they prefer automatic appliances to reduce manual efforts and save time. The integration of various novel technologies in the household appliances like artificial intelligence, AR/VR, the internet of things, and robotics is expected to boost the growth of the global household appliances market significantly in the upcoming future. The regular new product launches and introduction of the latest advanced and innovative features in household appliances trigger the consumers and boost the sales of household appliances.

Market Scope

 Product Insights

Based on the product the global household appliances market was dominated by the major appliances segment in 2023. The major appliances segment is further categorized into freezers, refrigerators, washing machines, dishwashers, air conditioners, ovens, and others. The refrigerators segment was the dominating segment in the global household appliances market. Refrigerators offer a safe, convenient, and easy solution for preserving food and food products. The easy availability of refrigerators, rising disposable income, rising affordability due to easy financing options, and the growing number of nuclear families across the globe are some of the major factors that have led to the growth of the refrigerators segment. The easy availability of energy-efficient and a wider variety of refrigerators as peruse such as single-door, double-door, and French-door refrigerators are contributing to the growth of the refrigerators segment significantly. The rising investments in research and development by the major market players to develop eco-friendly refrigerators are expected to offer numerous growth opportunities in the near future.

On the other hand, small appliances are expected to be the fastest-growing segment during the forecast period. The small appliances segment is further bifurcated into food processors, grills &roasters, tea/coffee makers, vacuum cleaners, and others. The growing demand for small appliances for various daily routine tasks like cleaning, making breakfast, juices, and tea and coffee is a major factor that drives the growth of this segment. The easy availability of small appliances at affordable costs and ring standards of living are some of the major drivers of the small appliances segment. The rising technological advancements and rising energy efficiency of small appliances are expected to have a significant impact on the growth of the demand for small appliances during the forecast period.

Distribution Channel Insights

Based on the distribution channel, the specialty store segment dominated the global household appliances market in 2023. The huge presence of various multi-branded and mono-branded consumer electronic stores across developed and developing regions and the higher popularity of these stores among consumers has led to the dominance of this segment in the market. The availability of a wide range of products and brands along with the special discounts and guidance provided by the salesperson in the stores makes the buying process and installation process easier for the consumers and hence the growth of this segment has propelled significantly in the past few decades.

On the other hand, e-commerce is expected to be the most opportunistic segment during the forecast period. The rising adoption of smartphones, growing penetration of the internet, rising investments by the manufacturers in the digital distribution channels, huge discounts, easy return and replacement policies of the e-commerce platforms, and fast home delivery are the most prominent factors that drive the growth of the e-commerce segment in the global household appliances market. According to the International Telecommunication Union, around 64% of the global population had access to the internet. This population is expected to grow significantly during the forecast period. Therefore, the market is expected to grow significantly in the upcoming years.

Regional Insights

Asia Pacific was the leading household appliances market in 2023. Asia Pacific has a huge consumer base due to the presence of a huge population. The strong economic growth, rising urban population, rising government investments in the electrification of rural areas, rising number of nuclear families, and rising standard of living are the prominent drivers of the Asia Pacific household appliances market. The rising consumer awareness regarding the availability of technologically advanced appliances and growing demand for energy-efficient appliances is expected to further fuel the growth of the market. Asia Pacific is the home to the world’s leading producers of household appliances and the availability of cheap factors of production facilitates the production of cheap and efficient household appliances in the region.

North America is a mature market for household appliances. The high disposable income, presence of strong digital and electrical infrastructure, high living standards, and higher demand for technologically advanced appliances in the region have fostered the growth of the household appliances market in North America. The busy and hectic lifestyle of the consumers and the presence of a huge number of nuclear families is augmenting the demand for innovative and advanced household appliances. The rising technological advancements and adoption of the latest technologies in household appliances is expected to foster market growth in North America during the forecast period.

Household Appliances Market Companies

• AB Electrolux
• Qingdao Haier Co., Ltd.
• Hitachi, Ltd.
• LG Electronics Inc.
• Midea Group Co., Ltd.
• Panasonic Corporation
• Robert Bosch GmbH
• Samsung Electronics Co., Ltd.
• Sharp Corporation
• Whirlpool Corporation

Key Market Developments

• In January 2021, Samsung and Deutsche Telekom successfully implemented the first SA 5G trial in the Czech Republic
• In December 2020, LG Electronics Inc., a South Korea-based company, entered into a joint venture with Magna International Inc., an automotive supplier, to make various key components for the electric vehicles

Segments Covered in the Report

By Product

• Major Appliances
  • Freezers
  • Refrigerators
  • Washing Machines
  • Dishwashers
  • Air Conditioners
  • Ovens
  • Others
• Small Appliances
  • Food Processors
  • Grills & Roasters
  • Tea/Coffee Makers
  • Vacuum Cleaners
  • Others

By Distribution Channel

• Supermarkets and Hypermarkets
• Specialty Stores
• E-Commerce
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)