Consumer Appliances Market Growth Accelerates to USD 679.8 Billion by 2033 at 4.5% CAGR

Posted on 2024-08-22 by Future Market Insights in Industrial // 0 Comments

The global consumer appliances market is anticipated to reach a valuation of USD 437.8 billion in 2023, driven primarily by the surge in infrastructural development and construction activities. The market is projected to grow to USD 679.8 billion by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 4.5% over the forecast period from 2023 to 2033.

Key factors fueling this growth include rising purchasing power, increased disposable incomes, and accelerated urbanization. As consumers seek to enhance their quality of life, convenience, and comfort, the demand for advanced appliances is on the rise. Urbanization contributes to this trend by creating smaller living spaces, which in turn boosts the need for compact, space-saving appliances.

The rise of smart homes and the integration of appliances into smart home ecosystems are also significant drivers of market growth. Technological advancements such as Internet of Things (IoT) connectivity, artificial intelligence (AI), and automation are leading to the development of smart appliances, which are expected to further propel market expansion.

Regionally, North America is poised to hold a substantial market share due to increasing disposable incomes, technological innovations, and evolving consumer preferences. Meanwhile, the Asia Pacific region is experiencing notable growth driven by rising disposable incomes, improved living standards, and shifting consumer lifestyles. The adoption of smart home technologies and the influence of Western consumer trends are also contributing to the robust growth of the consumer appliances market in this region.

In-Depth Market Analysis: A Complete Report

Key Takeaways from the Market Study

From 2018 to 2022, the consumer appliances market demand expanded at a CAGR of 0%
Based on end-user, 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%
The consumer appliances industry in the United Kingdom is predicted to reach US$ 456.5 billion by 2033
South Asia and the Pacific to be an opportunistic consumer appliances market, expected to capture a CAGR of 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.

Some of the recent development 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 their 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.

Key Players

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

Know More about What the Consumer Appliances Market Report Covers

Future Market Insights offers an unbiased analysis of the global consumer appliances market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the consumer appliances market, the market is segmented based on product type and end-use across six major regions.

Key Segmentations

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

About Industrial Automation at Future Market Insights

The Industrial Automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.

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.

Matched content

Editor’s pick