Global Electric Household Appliances Market Size to Exceed USD 1203.73 Billion by 2033 | CAGR of 6.12%
Category: Consumer GoodsGlobal Electric Household Appliances Market Size to Exceed USD 1203.73 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Electric Household Appliances Market Size is to grow from USD 664.38 Billion in 2023 to USD 1203.73 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.12% during the projected period.
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Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Electric Household Appliances Market Size, Share, and COVID-19 Impact Analysis, By Type (HVAC System, Laundry Appliance, Kitchen Appliance, Cleaning Appliances, Home Entertainment, Others), By Operation (Semi-Automatic, Automatic), By End User (Residential, Commercial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here:https://www.sphericalinsights.com/reports/electric-household-appliances-market
"Electrical appliance" refers to electronic devices that use electricity to fulfil specified tasks. Refrigerators and freezers wine coolers, washing machines, tumble dryers, vacuum cleaners, steam mops, shavers, trimmers, and water heaters are available, as well as air conditioners, air coolers, heaters, fans, rice cookers, bread makers, toasters, irons, and juicers. Furthermore, such appliances are produced and offered for sale by a variety of companies around the world, giving clients a wide choice of possibilities. During the forecast period, the global electrical appliances market is expected to develop moderately. Government initiatives to promote energy efficiency and ecologically friendly practices have a significant impact on consumer choices, while economic success and a growing middle class fuel market expansion. Because of consumer demand for convenience and sustainability, energy efficiency and smart functionality are becoming increasingly important areas of innovation in the electric household appliance industry. However, consumer interest in new technology developments is expected to fall due to substantial start-up and maintenance costs. Uneven economic development in rural China, India, and Africa is causing electricity shortages. Furthermore, approximately half of the population in 38 of 49 Sub-Saharan African nations does not have access to power, limiting the expansion of the household appliances industry.
The kitchen appliance segment is expected to hold the largest share of the global electric household appliances market during the anticipation timeframe.
Based on the type, the global electric household appliances market is categorized into HVAC system, laundry appliance, kitchen appliance, cleaning appliances, home entertainment, and others. Among these, the kitchen appliance segment is expected to hold the largest share of the global electric household appliances market during the anticipation timeframe. The choice of cooking equipment is determined by each business's unique requirements, but kitchen appliances are worth considering owing to their numerous benefits. Kitchen appliances are easier to use and maintain than gas equipment. They do not rely on fossil fuels to operate and have a simpler design, making them easier to clean and maintain. In contrast, gas equipment may require additional cleaning and maintenance to perform safely and efficiently.
The automatic segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the operation, the global electric household appliances market is categorized into semi-automatic, and automatic. Among these, the automatic segment is expected to grow at the fastest CAGR during the anticipation timeframe. Individuals can get quite busy with daily life events. With having to be in the workplace all day and not being able to return when the kids arrive. When no one is at home, everyone is anxious about the safety of their family and the people they live with. However, with automation and alarm systems, anyone can be present at both work and home.
The residential segment is expected to hold a significant share of the global electric household appliances market during the anticipation timeframe.
Based on the end user, the global electric household appliances market is categorized into residential, and commercial. Among these, the residential segment is expected to hold a significant share of the global electric household appliances market during the anticipation timeframe. Families average monthly income has increased, allowing them to spend on items other than necessities. This has encouraged households to purchase electrical appliances, which is expected to enhance the Asia Pacific electrical appliances market over the assessment period.
Asia Pacific is projected to hold the largest share of the global electric household appliances market over the anticipation timeframe.
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Asia Pacific is projected to hold the largest share of the global electric household appliances market over the anticipation timeframe. India and Japan are projected to have considerable growth in the electrical devices market during the forecast period, owing to an increase in the number of residences and their reliance on energy. Highly intelligent gadget adoption is common, with customers particularly interested in connected household appliances. This collaboration is intended to help speed up the deployment of IoT-based appliances.
North America is expected to grow at the fastest CAGR growth of the global electric household appliances market during the anticipation timeframe. North America, as the world's largest regional economy, is expected to maintain its importance in the global economy, particularly in pushing new technological advancements. The region benefits from high consumer spending power, increased use of smart devices, and extensive customer interest in connected home products. This collaboration is expected to accelerate the uptake of IoT-enabled appliances.
Major vendors in the global electric household appliances market are AB Electrolux, Gree Electric Appliances, Inc., Robert Bosch GmbH, Hitachi, Ltd., LG Corporation, Panasonic Corporation, Samsung Electronics Co., Ltd., Haier Corporation, Whirlpool Corporation, General Electric Company, and others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In May 2023, Samsung announced its new line of semi-automatic washing machines for 2023, which include innovative features like the Soft Closing Toughened Glass Lid and Dual Magic Filter. These extra features make doing laundry more convenient and efficient, making it the best option for anyone searching for a stress-free washing experience.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global electric household appliances market based on the below-mentioned segments:
Global Electric Household Appliances Market, By Type
- HVAC System
- Laundry Appliance
- Kitchen Appliance
- Cleaning Appliances
- Home Entertainment
- Others
Global Electric Household Appliances Market, By Operation
- Semi-Automatic
- Automatic
Global Electric Household Appliances Market, By End User
- Residential
- Commercial
Global Electric Household Appliances Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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