Global White Goods Market Size, Growth & Share Forecast-2031

(MENAFN- Straits Research) "White Goods" refers to hefty consumer durables or large household appliances that were historically only available in white. Although these items are available in various colors, they are still called "white products." They consist of washers, air conditioners, refrigerators, and other home appliances. Typically, white appliances are used for various daily tasks, including heating and cooling, cleaning, and washing. The most significant issue with older versions of these devices is that they generate excessive noise. Despite their considerable drawbacks, there are numerous users of white goods. The convenience of white goods is an important reason why people use them. Multiple end-use industries, including hospitals & clinics, dry cleaners & cleaning services, and the hotel industry, use white appliances extensively.
During the period forecast, the global market for white goods growth is anticipated to be driven by an increase in disposable income and expenditures on home improvement. People are continuously adopting smart appliances to improve their quality of life; as a result, manufacturers of white goods are investing significantly in R&D. In 2020, for instance, LG Electronics (LG) debuted its most advanced laundry innovation at CES, employing artificial intelligence to deliver optimal results through careful washing with no room for error. In addition, consumers are choosing to replace their outdated white goods, such as air conditioners, refrigerators, and washing machines, with new and innovative models. Growing acceptance of robotics in large industries has contributed to the proliferation of smart and sophisticated home appliances.
Market Dynamics
The Advancing Urban Population and Technologies in Home Appliances to Drive the Global White Goods Market
The sector's primary growth drivers are increasing population density in metropolitan areas. Primarily, people migrate from rural to urban areas in search of employment opportunities and remain there permanently. This movement creates enormous opportunities for real estate, hotels and restaurants, hospitals that require a variety of white goods, and other businesses that require white goods. The following are examples of white goods: air conditioners, refrigerators, vacuum cleaners, and water heaters. As the number of city dwellers who desire a high standard of living increases, there is a tremendous demand for white goods.
Urbanization, the progressive migration of the human population from rural to urban regions, and the global population growth may bring an additional 2.5 billion people to urban areas by 2050, based on estimates. In the coming years, this will increase demand for white goods. In addition, most manufacturers are investing heavily in research and innovation to improve their home appliances in response to the rising demand for technologically advanced and intelligent devices. The Internet of Things and cell phone connectivity with smart products and appliances are in high demand among consumers. There are currently available air conditioners, refrigerators, and water heaters with internet connectivity that can be controlled using a mobile phone. Customers are becoming increasingly interested in intelligent features and functionality that can significantly improve their quality of life. As a result, the global market for white goods is enhanced.
Speedy Advancements of Retail Sector to Create Global White Goods Market Opportunities
Smart and improved home appliances require advertising to increase visibility and a vast distribution network. The increasing number of large department stores, including supermarkets and hypermarkets, has increased the availability of white goods in developing countries. These retailers contribute to the growth of household appliance sales. The distribution of white goods, such as air conditioners, refrigerators, vacuum cleaners, and water heaters, has become more efficient due to the rise of supermarkets, hypermarkets, and specialized stores. It is anticipated that urbanization expansion will stimulate the retail sector's development, increasing the demand for white goods and generating lucrative opportunities.
Regional Insights
The Asia Pacific is expected to advance at a CAGR of 9.5% and command the market with the largest share. White goods companies with a global presence plan to invest in the emerging economies of Asia-Pacific, particularly India, China, and Indonesia, due to the rising demand for smart and advanced appliances, rising disposable income, and expanding millennial population. Increasing urbanization and a high standard of living among the people, especially in developing nations such as India and China, are boosting the expansion of the white goods market in the Asia-Pacific region. Increasing discretionary income and home improvement expenditures are two of the most influential variables influencing the product market positively. People in India are replacing outdated household appliances with more innovative and advanced models, increasing demand for white goods over the forecast period.
North America will hold a share of USD 2,67,192 million, growing at a CAGR of 4.7%. White goods companies with a global presence plan to invest in the emerging economies of Asia-Pacific, particularly India, China, and Indonesia, due to the rising demand for smart and advanced appliances, rising disposable income, and expanding millennial population. Increasing urbanization and a high standard of living among the people, especially in developing nations like India and China, are propelling the advancement of the white goods market in the Asia-Pacific region. Increasing discretionary income and home improvement expenditures are two of the most influential variables influencing the product market positively. People in India are replacing their outdated household appliances with smarter and more advanced models, increasing demand for white goods over the forecast period.
Key Highlights

The global white goods market had a revenue share of USD 657,590 million in 2021, envisioned to reach USD 12,35,302 million growing at a CAGR of 8.2% during the forecast period.
Based on product, the refrigerators segment is anticipated to advance at a CAGR of 7.3% and hold the largest share.
Based on end-user, the residential segment will likely grow at a CAGR of 7.5% and hold the largest market share.
Based on distribution channels, the specialty store segment is expected to grow at a CAGR of 7.6% and hold the largest market share.
Based on regional analysis, Asia Pacific is expected to advance at a CAGR of 9.5% and command the market with the largest share.

Competitive Players in the Market

Alliance Laundry System LLC
AB Electrolux
Blue Star Limited
Haier Group Corporation
IFB Industries Ltd
LG Electronics Inc.
Havells India Limited
Koninklijke Philips N.V.
The Middleby Corporation
Whirlpool Corporation

Market News

In 2022, AB Electrolux introduced their new kitchen concept GRO during the EuroCucina trade show.
In 2022, LG Electronics Inc. and Amwell will collaborate and design new device-based service solutions to make it easier for patients to access facilities from home or hospitals.

Global White Goods Market: Segmentation
By product

Air conditioners
Refrigerator
Washing Machine
Dishwasher
Microwave Oven
Others

By end-user

Residential
Commercial

By distribution channel

Supermarket & Hypermarket
Specialty Store
Department store
E-commerce
Others

By region

North America
Europe
Asia Pacific
LAMEA

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