Household appliance market is estimated to grow by USD 120.36 billion between 2022 and 2027; Evolving opportunities with Dyson Ltd. and AB Electrolux among others - Technavio
NEW YORK, March 1, 2023 /PRNewswire/ -- The household appliance market is estimated to grow at a CAGR of 5.23% between 2022 and 2027. The size of the market is forecast to increase by USD 120.36 billion. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. AB Electrolux, Breville USA Inc., Dyson Ltd., Glen Dimplex Group, Groupe SEB, Hamilton Beach Brands Inc., Hisense International Co. Ltd., Koc Holding AS, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, MIRC Electronics Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TEKA INDUSTRIAL SA, Transform SR Brands LLC, Whirlpool Corp., Haier Smart Home Co. Ltd., and Hitachi Ltd. are among some of the major market participants.
Key vendor offerings -
To know about other major vendor offerings - Request the Latest sample report
What`s New for 2023?
Household appliance market 2023-2027: Scope
The household appliance market report covers the following areas:
Household appliance market 2023-2027: Segmentation Analysis
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by product, distribution channel and region.
In the major household appliances, the room comfort and water heater appliances witness high demand, which is mainly propelled by the growing adoption of these products among the millennial population residing in urban areas, which characterizes the modern lifestyle. Major appliances such as refrigerators and washing machines witnessed huge demand across the globe in all regions as they became basic and necessary amenities for every household. Another major trend witnessed in the major household appliances segment is reducing household sizes, which increases the growth potential of built-in appliances. Such factors will increase segment growth during the forecast period.
During the forecast period, APAC is expected to contribute 50% to the development of the global market. Factors such as the evolving urbanization and lifestyle of the population in the region are also driving the market growth. Growing urbanization increased awareness among people about evolving appliances. This has compelled them to switch from traditional cooking, housekeeping, and home care methods to advanced household appliances for home care and other household applications. The rising income and a high standard of living coupled with modernization are also further propelling the demand for premium household appliances, fostering the growth of the focused market in APAC during the forecast period.
Get a glance at the market contribution of various segments including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) -Request the latest sample report
Market Dynamics - Product innovation and advancement leading to portfolio extension and product premiumization have been instrumental in driving the growth of the market. This study also identifies the growing smartphone penetration and increasing Internet speed as one of the prime reasons driving the higher education testing and assessment market growth during the next few years. However, the long product lifecycle of major appliances might hamper the market growth.
Grow your profit margin with Technavio – Buy the Report!
Household appliance market 2023-2027: Key Highlights
Subscribe to our "Lite Plan" billed annually at USD 5000 which enables you to download 3 reports a year and view 3 reports every month.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View original content to download multimedia:https://www.prnewswire.com/news-releases/household-appliance-market-is-estimated-to-grow-by-usd-120-36-billion-between-2022-and-2027-evolving-opportunities-with-dyson-ltd-and-ab-electrolux-among-others---technavio-301758091.html