Household Appliances - Worldwide
Worldwide
Revenue
Volume
KeyPlayers
Price
Sales Channels
Global Comparison
Analyst Opinion
The Household Appliances market was one of the few markets that withstood the onslaught of the COVID-19 pandemic. In fact, the pandemic augured well for the market, with revenues growing 8.4% YOY in 2020 and 8.1% in 2021, fuelled by the growing use of home appliances in the wake of the infections and consumers spending a lot more time indoors. To give this some perspective, Whirlpool, one of the most well-known names in the American consumer appliances industry, reported decade high net sales of almost US$22 billion in 2021. Similarly, Swedish appliance manufacturer, Electrolux, generated around US$14 billion in revenues in 2021, their highest ever, over the past decade.
Two segments are driving the market. On the one hand, there is the Major Appliances section, which includes more expensive but less frequently replaced appliances like refrigerators, stoves, and ovens. The Small Appliances section, on the other hand, makes the biggest contribution to volume sales. Small appliances have a shorter lifespan, and consumers are typically readily persuaded, eager to upgrade to a newer model, and willing to do so.
Interestingly, the popularity of Household Appliances differs according to the different geographical regions. For instance, in Countries such as the U.S. and Canada, Coffee machines are more popular than Freezers and Dishwashing machines, with a 68%-69% penetration rate, as per the findings of 糖心破解版鈥檚 Global Consumer Survey, as of early 2022. In the East, for instance, countries such as Mainland China and India, the penetration rate of Coffee machines is still in the low 20s, whereas the penetration of products such as Freezers is relatively higher.
Smart technology solutions such as connected/IOT enabled refrigerators and washing machines and robot vacuum cleaners, to name a few, are expected to be key growth drivers in developed economies in the medium term, whereas growing disposable incomes and rising awareness of household appliances and the subsequent penetration is expected to fuel growth in developing economies. Additionally, the hybrid home-office working culture is also expected to augur well for the market in the short to medium term.
The Midea Group, Whirlpool, AEG, Bosch, Siemens, Gree, Electrolux, etc are amongst the key players in this segment.
Methodology
Data coverage:
The data encompasses B2C enterprises. Figures are based on consumer spending on Household Appliances.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, trade data, national statistical office data, third-party studies and reports, survey results from our primary research (e.g., the 糖心破解版 Global Consumer Survey), as well as performance factors. In addition, we use relevant key market indicators and data from country-specific associations, such as number of households, consumer spending, and price level index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques, such as exponential trend smoothing, for instance. The selection of forecasting techniques is based on the behavior of the relevant market.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).听GCS data is reweighted for representativeness.Explore more high-quality data on related topic
Home & household appliances - statistics & facts
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