The global small domestic appliances market size was valued at USD 185.49 billion in 2022 and is projected to reach a valuation of USD 193.83 billion in 2023. The market is expected to reach USD 271.23 billion by 2030 with a CAGR of 4.92% during the forecast period. Small domestic appliances are used to perform household activities such as cooking, cleaning, and personal grooming. Increasing rate of industrialization in several developing countries such as India, South Korea, Brazil, UAE, and others is resulting to an increase in the number of household activities. Fortune Business Insights™ shares this information in its report titled “Small Domestic Appliances Market, 2023-2030.”
List of Key Players Profiled in the Market Report
- Panasonic Corporation (Japan)
- Samsung Electronics Co., Ltd. (South Korea)
- Whirlpool Corporation (U.S.)
- Electrolux AB (Sweden)
- Midea Group (China)
- Haier Appliances (China)
- BSH Hausgeräte GmbH (Germany)
- IFB Home Appliances (India)
- Hitachi, Ltd. (Japan)
- GE Appliances (U.S.)
Segmentation
Kitchen Appliances To Lead Owing To Their Wide Usage
On the basis of the end user, the market is divided into kitchen appliances, garment care appliances, floor cleaning appliances, and others. Kitchen appliances are anticipated to dominate due to their wide usage in numerous sectors such as households, restaurants, educational institution, and other commercial places.
Household Segment To Lead The Segment Due Increasing Usage In Residential Sectors
Based on the application, the market is divided into household, hotels & restaurants, hospitals, and others. Household segment is expected to have a major part due as majority of the small domestic appliances are used in residential sectors.
Specilaty Stores To Lead Due to Increasing Demand in Residential Sectors
Based on the distribution channel, the market is divided into specialty stores, brand stores, online, and others. Specialty stores are expected to have a major part due as majority of the small domestic appliances are used in residential sectors. The specialty store segment had a largest market share in 2022 and a CAGR of 4.95% during the forecast period.
Geographically, the market is segregated into Asia Pacific, North America, Europe, South America, and Middle East and Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Rapid Rate Of Urbanization In Developing Nations To Drive Product Expansion
Rapid rate of urbanization in developing nations such as China, India, Japan, France, Brazil and other countries is anticipated to boost small domestic appliances market growth. Majority of the nations have been experiencing the explosive growth in population and infrastructure growth along with it. Increasing construction of households and commercial places are projected to drive the growth of the market. Shift in the consumer demand for house refurbishments is set to augment the size of the market.
However, high costs and frequency of repair and maintenance of such appliances is projected to obstruct market growth.
Regional Insights
Asia Pacific To Have Dominance In Market Share Due To Increasing Population
Asia Pacific is expected to govern the small domestic appliances market share due to increasing population. Increasing construction of residential and commercial sectors in countries such as India, China, Japan, South Korea, Bangladesh, and other countries is propelling the need for domestic appliances. The region held the share of 34.61% in year 2022.
The market in the North American region is driven by increasing consumption of luxury and premium electronic products in the region.
South American market is expected to grow at a CAGR of 4.61% during the forecast period due to rapid industrialization and urbanization in countries like Brazil and Argentina among others.
Competitive Landscape
Enhancement of Product Portfolio by New Product Launches to Develop Market Trajectory
The market players have been adopting constantly focusing of expansion, acquisition and product launches. In January 2020, Electrolux AB announced the launch of its new kitchen suite of appliances which includes Double Wall Oven furnished with new features and technology to support culinary exploration. The increasing demand for smart and intelligent home appliances and eco-friendly traits is creating opportunities for the manufacturers to launch new and sustainable products to meet the rising demand of the consumers.
Key Industry Development
- May 2022: Whirlpool Corporation announced the launch of its new marketing organization, WoW Studios (World of Whirlpool Studios) in U.S. which consists of a multidisciplinary creative team that will work on the company’s brand portfolio, including KitchenAid, Whirlpool, Maytag, JennAir, and Amana brands.
Reference Link:
https://www.fortunebusinessinsights.com/small-domestic-appliances-market-104613