Household Appliance Market to grow by USD 120.36 billion from 2022 to 2027, market is fragmented due to the presence of prominent companies like AB Electrolux, Breville USA Inc. and Dyson Ltd., and many more – Technavio

NEW YORK , Nov. 24, 2023 /PRNewswire/ — The household appliance market is estimated to grow by USD 120.36 billion from 2022 to 2027, growing at a CAGR of 5.23%. The household appliance market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer household appliance market are 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. 

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Company Offering:

AB Electrolux – The company offers household kitchen appliances that are designed to be used for domestic applications.Breville USA Inc. – The company offers smart oven air fryer pro which is designed to cook frozen products.Dyson Ltd. – The company offers a pure hot cool link HP02 purifying heater along with a fan which is designed to be used for cooling and heating the atmospheric air in residential space.For details on companies and their offerings – Buy the report!

By Geography, the market is classified as APAC, Europe, North America, South America, and Middle East and Africa.

APAC is estimated to contribute 50% to the growth of the global market during the forecast period. The region’s market is growing because of an increasing population of the Middle Class, with higher incomes, urbanization, and evolving lifestyles. People in this region are moving to advanced household appliances and there is a growing demand for premium products. Also, small household appliances are becoming increasingly popular to provide convenience and simple solutions for daily needs, particularly amongst working people and single households.

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Impactful driver- Product innovation and advancement leading to portfolio extension and product premiumizationKey Trend – Increased adoption of multi- and advanced productsMajor Challenges – Fluctuations in raw material prices and operational costs

 Market Segmentation

Based on Product, the market is segmented into major household appliances and small household appliances. The household appliances segment is estimated to witness significant growth during the forecast period. The rising acceptance of room comforts and water heaters by young people who live in cities, which are characterized by the Modern lifestyle, has increased demand for these products. In all regions, large appliances such as refrigerators and washing machines have been in high demand because they have become fundamental and indispensable for every household.

Technavio Research experts have provided more insights on the market share of segments – View the Free Sample Report

Related Reports

The residential microwave oven market size is estimated to grow by USD 4,313.45 million at a CAGR of 7.35% between 2022 and 2027. 

The hot and cold water dispensers market size is estimated to grow by USD 1,200.03 million at a CAGR of 7.65% between 2022 and 2027. 

TOC:

Executive SummaryMarket LandscapeMarket SizingHistoric Market SizeFive Forces AnalysisMarket Segmentation by ProductMarket Segmentation by  Distribution ChannelCustomer LandscapeGeographic LandscapeDrivers, Challenges, and TrendsCompany LandscapeCompany AnalysisAppendix

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SOURCE Technavio