The electrical appliances market refers to a wide range of devices that utilize electricity to perform daily functions such as cooking, cleaning and telecommunication. Major appliances include refrigerators, washing machines, dryers, ovens, and dishwasher. Small appliances encompass coffee makers, blenders, toasters and vacuum cleaners. These appliances offer convenience to users by performing household tasks efficiently with minimal human effort. Rapid urbanization and changing lifestyle trends have boosted the demand for innovative and technologically advanced electrical appliances that integrate smart connectivity features.
The Global Electrical Appliances Market is estimated to be valued at US$ 611.1 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024-2031. Continuous advancements in connectivity and IoT technologies have prompted major manufacturers to integrate these features into appliances. Smart home appliances can be controlled remotely through voice assistants and mobile applications. This allows users to monitor and control operations from anywhere. Growing health-consciousness among people coupled with rising disposable income is driving the demand for kitchen appliances that enable cooking nutritious meals easily.
Key Takeaways
Key players operating in the electrical appliances market are Samsung Electronics, LG Electronics, Panasonic, Haier Group, Whirlpool Corporation. Samsung dominates the global market with wide range product portfolio across major appliance and small appliance categories. LG, Panasonic and Haier are other leading players focusing on innovative product development and geographic expansion strategies.
Rising population, rapid urbanization and improving living standards across developing nations are fueling the demand for appliances across household and commercial sectors. Working professionals increasingly opt for smart appliances to save time and efficiently manage household chores. This has created growth opportunities for manufacturers to expand their smart product lines.
Major players have been shifting production bases to emerging economies of Asia Pacific and Latin America to further tap into new markets. Strategic mergers and acquisitions allow companies to enhance geographical presence, product synergy and post-sales services worldwide. Global brands aim to strengthen Distribution networks in Southeast Asia, Middle East, Africa and Latin America for driving international revenue.
Market Key Trends
One of the key trends in the electrical appliances market is growing popularity of connected appliances with IoT capabilities. Major home appliance manufacturers are integrating WiFi, Bluetooth, voice control in devices to enable remote monitoring and energy management. This allows users to start, stop appliances and receive notifications about status and errors using smartphones. Voice assistants like Alexa and Google Home have also prompted companies to launch appliances compatible with these systems. IoT-enabled appliances help improve energy efficiency, save costs and offer personalized in-home experience to users. This emerging trend is expected to significantly impact future product innovation and demand patterns in the market.
Porter's Analysis
Threat of new entrants: Low start-up costs make entry easy but established brands have strong brand loyalty and economies of scale.
Bargaining power of buyers: Large retailers have significant power to negotiate prices but customers have many brand options.
Bargaining power of suppliers: Components are standardized but some suppliers have scale and product differentiation in certain categories.
Threat of new substitutes: New products constantly emerge but appliances are still superior for many common tasks.
Competitive rivalry: Intense competition between major global players and regional mid-tier brands drives continuous innovation.
North America currently accounts for the largest share of the global electrical appliances market, valued at over $100 billion in 2022. Large appliances like refrigerators, air conditioners and washing machines see widespread adoption across developed markets in the US and Canada.
However, the Asia Pacific region is expected to witness the fastest growth through 2030. Rapid urbanization and rising disposable incomes in populous nations like India and China are driving tremendous gains in demand for household appliances of all types. Greater accessibility combined with changing lifestyles will propel the APAC market to over $200 billion by 2030.
What Are The Key Data Covered In This Electrical Appliances Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Electrical Appliances 's growth between 2024 and 2031.
:- Accurate calculation of the size of the Electrical Appliances and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Electrical Appliances Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market's competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Electrical Appliances vendors
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
