PUBLISHER: The Business Research Company | PRODUCT CODE: 1531915
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531915
Consumer appliances encompass electrical or mechanical devices utilized within households for tasks such as cleaning, cooking, food preservation, heating, cooling, and personal grooming, aiming to enhance daily chores with efficiency and convenience for individuals and families.
The primary categories of consumer appliances include kitchen appliances, small appliances, washing machines, air purifiers, water heaters, water purifiers, cloth dryers and tumblers, air conditioners, and vacuum cleaners. Small appliances, known for their compactness, portability, and lightweight nature, cater primarily to household tasks such as cooking, cleaning, and food preparation. These products are marketed through various channels, both offline and online, and cater to a diverse range of end users including domestic and professional settings.
The consumer appliances market research report is one of a series of new reports from The Business Research Company that provides consumer appliances market statistics, including consumer appliances industry global market size, regional shares, competitors with a consumer appliances market share, detailed consumer appliances market segments, market trends, and opportunities, and any further data you may need to thrive in the consumer appliances industry. This consumer appliances market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The consumer appliances market size has grown strongly in recent years. It will grow from $435.10 billion in 2023 to $465.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. Historical growth can be ascribed to enhanced consumer purchasing power, a heightened preference for energy-efficient appliances, increased demand for multifunctional products, evolving consumer lifestyles, and a surge in home automation needs.
The consumer appliances market size is expected to see strong growth in the next few years. It will grow to $615.50 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period is linked to improving living standards, escalating consumption of bakery goods, heightened emphasis on sustainability and energy efficiency, increasing buying capacity, and expanding adoption of smart appliances and smart home solutions. Key trends in the forecast period encompass the desire for advanced appliances, the popularity of connected kitchen devices, the integration of cutting-edge technologies such as AI, Wi-Fi, and Bluetooth, rising demand for technologically sophisticated products, and increasing preference for wireless technologies.
The rise in the popularity of restaurants is expected to drive the growth of the consumer appliances market in the future. Restaurants, where food and beverages are prepared, served, and consumed for payment, are becoming increasingly popular due to rising consumer demand for convenient, diverse, and social dining experiences. Consumer appliances enhance operational efficiency, improve food quality, expand culinary capabilities, and enable restaurants to innovate, offer diverse menu options, and maintain high standards of hygiene and service. For instance, in June 2024, Statistics Sweden reported a 1.2% increase in sales volume and a 5.9% rise in turnover at current prices for restaurants in the first quarter of 2024 compared to the same period in 2023. Thus, the increasing popularity of restaurants is fueling the growth of the consumer appliances market.
Leading companies in the consumer appliances market are developing AI-based kitchen robots to revolutionize meal preparation by enhancing efficiency, consistency, and convenience in both domestic and commercial kitchens. An AI-based kitchen robot is an advanced system designed to assist with or fully automate various cooking and kitchen tasks using artificial intelligence and robotics technologies, making cooking more efficient, enjoyable, and accessible. For example, in June 2024, Wonderchef, an India-based manufacturer of consumer appliances, launched Chef Magic, an all-in-one kitchen robot. Chef Magic features 360° induction heating for efficient and even cooking, an in-built weighing scale for precision, and a user-friendly touchscreen interface similar to a smartphone. The device is Wi-Fi connected, allowing it to receive regular updates with fresh recipes, new features, and weekly enhancements.
In February 2022, Spectrum Brands, a US-based manufacturer of consumer appliances, acquired Tristar Products' Kitchen Appliances for an undisclosed amount. This acquisition aims to strengthen Spectrum Brands' Home and Personal Care segment by adding Tristar Products' kitchen appliances and cookware business, enhancing the company's product offerings and competitiveness in the market. Tristar Products' Kitchen Appliances is a US-based company that manufactures a variety of consumer appliances.
Major companies operating in the consumer appliances market are Samsung Electronics Co. Ltd., Robert Bosch GmbH, General Electric Company, Hitachi Ltd., Panasonic Corporation, Midea Group Co. Ltd., Xiaomi Corporation, Haier Group Corp., Koninklijke Philips N.V., Whirlpool Corporation, BSH Hausgerate GmbH, Sharp Corporation, AB Electrolux, Arcelik, Spectrum Brands Inc., Rinnai Corp., Havells India Ltd., Andis Company, VEGA, Syska, Hisense Inc., Sunbeam Products Inc., Wahl Clipper Corporation, Brio Product Group LLC
Asia-Pacific was the largest region in the consumer appliances market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the consumer appliances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the consumer appliances market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The consumer appliances market consists of sales of smart thermostats, cooking appliances, and grooming kits. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Consumer Appliances Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on consumer appliances market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for consumer appliances ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The consumer appliances market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.