Electric Household Appliances Market To Hit USD 1.11 Trillion By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Electric household appliances industry is projected to witness a CAGR of 8% during the period 2024-2032. This growth can be attributed to the urbanization and changing lifestyles.

Selbyville, Delaware, Oct. 10, 2024 (GLOBE NEWSWIRE) --

Electric Household Appliances market size was valued at USD 563.8 billion in 2023 and is projected to grow at a CAGR of 8% from 2024 to 2032, driven by factors such as technological advancements, rising disposable incomes, increasing urbanization, evolving lifestyles, and the proliferation of online retail platforms.

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Technological innovations are playing a crucial role in shaping the progress of the electric household appliances market. Smart technologies are enhancing convenience and efficiency by enabling appliances to be controlled remotely via smartphones or smart home systems through Wi-Fi and Bluetooth connectivity. The integration of the Internet of Things (IoT) allows users to monitor and manage their appliances from anywhere, improving the overall user experience and boosting the demand for such advanced solutions.
Urbanization and changing consumer lifestyles are also key factors driving industry progression. As more people move to cities and adopt modern living standards, there is a rising demand for appliances that offer efficiency and convenience. Consumers today are seeking products that help them save time and effort.

The electric household appliances market is segmented by product type into large appliances, small appliances, and entertainment & information appliances. Large appliances held the largest market share in 2023, accounting for USD 271.5 billion in revenue, and are expected to grow at a CAGR of 8.1% during the forecast period. The increasing demand for smart and energy-efficient features, combined with the rising middle class and essential nature of these appliances, is driving their dominance. Smart technology integration in large appliances has also contributed to the development of this segment.

Based on the distribution channel, the market is divided into online and offline segments. The offline segment captured around 68.4% of the total market share in 2023 and is expected to grow at a CAGR of 7.9%. Brick-and-mortar stores remain the preferred sales channel for consumers who prefer in-store experiences, including product testing, immediate customer support, and installation services.

The Asia Pacific region accounted for 38.3% of the electric household appliances market share in 2023 and is anticipated to grow at a CAGR of 8.2%. Factors such as rapid urbanization, economic growth, and increasing disposable incomes are driving the demand for household appliances in this region. Additionally, the region serves as a major manufacturing hub, contributing to its significant market presence.

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Major players in electric household appliances market include LG Electronics, Samsung Electronics, Electrolux AB, Whirlpool Corporation, BSH Hausgeräte GmbH, Walton Group, Midea Group, Robert Bosch GmbH, Gree Electric Appliances Inc., Panasonic Corporation, Hitachi, Ltd., Haier Group Corporation, Sharp Corporation, Siemens AG, and Miele among others.

Partial Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Market scope & definitions

1.2 Base estimates & calculations

1.3 Forecast calculations

1.4 Data sources

1.4.1 Primary

1.4.2 Secondary

1.4.2.1 Paid sources

1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis

3.1.1 Factor affecting the value chain

3.1.2 Profit margin analysis

3.1.3 Disruptions

3.1.4 Future outlook

3.1.5 Manufacturers

3.1.6 Distributors

3.2 Supplier landscape

3.3 Profit margin analysis

3.4 Technological overview

3.5 Key news & initiatives

3.6 Regulatory landscape

3.7 Impact forces

3.7.1 Growth drivers

3.7.1.1 Technological advancements

3.7.1.2 Rising disposable income

3.7.1.3 Urbanization and changing lifestyles

3.7.2 Industry pitfalls & challenges

3.7.2.1 High initial costs

3.7.2.2 Intense competition

3.8 Growth potential analysis

3.9 Porter's analysis

3.10 PESTEL analysis

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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