Global Electric Household Appliances Market Insights Forecasts to 2033

• The Global Electric Household Appliances Market Size was Valued at USD 664.38 Billion in 2023
• The Market Size is Growing at a CAGR of 6.12% from 2023 to 2033
• The Worldwide Electric Household Appliances Market Size is Expected to Reach USD 1203.73 Billion by 2033
• North America Market is expected to Grow the fastest during the forecast period.

The Global Electric Household Appliances Market Size is Anticipated to Exceed USD 1203.73 Billion by 2033, Growing at a CAGR of 6.12% from 2023 to 2033.

Market Overview

Electrical appliance refers to devices that use electricity to perform specific activities. Appliances provided include refrigerators, wine coolers, washing machines, tumble dryers, vacuum cleaners, steam mops, shavers, trimmers, and water heaters, as well as air conditioners, air coolers, heaters, fans, rice cookers, bread makers, toasters, irons, and juicers. Furthermore, such appliances are manufactured and sold by a variety of companies around the world, providing customers with a diverse range of options. During the forecast period, the global electrical appliances market is expected to grow at a moderate rate. This growth rate, on the other hand, will be distributed differently throughout the world. For instance, in February 2024, ANCE Estándares S.C., also known as "ANCE S.A. de C.V." (Associations de Normalización y Certificación), a pioneer in Mexico's testing and certification services for electrical and electronic products, sold the Conformity Assessment entity to a global leader in the Testing, Inspection, and Certification (TIC) industry. ANCE S.A. de C.V. is the Mexican leader in compliance evaluation, spanning several areas including electrical and electronic equipment, household appliances, lighting, and wireless products. In addition, IoT integration allows for remote control and monitoring while also improving the user experience with attractive designs and cutting-edge features. As eco-friendly solutions and connected living become increasingly vital, the sector evolves to meet the expectations of the modern lifestyle.

Report Coverage

This research report categorizes the market for the global electric household appliances market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges influencing the global electric household appliances market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the global electric household appliances market.

Driving Factors

Consumer demand for modern and connected appliances is being driven by technical improvements, such as the addition of smart features and energy-efficient solutions that provide convenience and sustainability. In addition, the increased global population and urbanization contribute to a greater need for home appliances to improve daily life. Enhancing consumer lifestyles and preferences, notably the desire for time-saving solutions, contributes to the demand for innovative appliances. Furthermore, government measures promoting energy efficiency and environmentally friendly practices have a substantial impact on consumer choices, while economic prosperity and a growing middle-class drive market expansion. Because of consumer desires for convenience and sustainability, energy efficiency and smart functionality are becoming increasingly important areas of innovation in the electric household appliance market.

 Restraining Factors

Consumer interest in new gadget advancements is projected to decline because of high initial capital and maintenance expenses. Uneven economic development in rural China, India, and Africa is resulting in power outages. Furthermore, roughly 50% of the population in 38 of 49 Sub-Saharan African countries lacks access to electricity, limiting the growth of the household appliances market.

Market Segmentation

The global electric household appliances market share is classified into type, operation and end user.

• The kitchen appliance segment is expected to hold the largest share of the global electric household appliances market during the forecast period.

Based on the type, the global electric household appliances market is categorized into HVAC systems, laundry appliances, kitchen appliances, 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 forecast period. Kitchen appliance equipment has a lot of significant benefits for food, restaurant, and offshore businesses. They are more energy-efficient, safer, cost-effective, precise, and simple to operate and maintain. Furthermore, their flexibility in location makes them an ideal alternative for any sort of kitchen. The choice of cooking equipment is determined by the unique needs of each business, although kitchen appliances are worth considering due to their numerous benefits. Kitchen appliances are simpler to operate and maintain than gas equipment. They do not use fossil fuels to run and have a simpler design, making them easier to clean and maintain. Gas equipment, on the other hand, may need additional cleaning and maintenance to function safely and efficiently.

• The automatic segment is expected to grow at the fastest CAGR during the forecast period.

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 forecast period. Daily life occurrences can keep individuals quite busy. With the necessity of being in the office all day and being unable to return at the same time the kids arrive, when no one is at home, everyone is always concerned about the safety of their family and everyone who lives there. However, with automation and alarm systems, anyone can be at both the office and home. This automatic operation access allows you to turn off the lights, arm the wireless system, lock the doors, and monitor who enters the home.

• The residential segment is expected to hold a significant share of the global electric household appliances market during the forecast period.

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 forecast period. Population growth is driving up demand for electrical products. Households' average monthly income has improved, allowing them to spend money on items other than basic necessities. This has encouraged households to acquire electrical appliances, which is likely to boost the Asia Pacific electrical appliances market throughout the assessment period.

Regional Segment Analysis of the Global Electric Household Appliances Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA) 

Asia Pacific is projected to hold the largest share of the global electric household appliances market over the forecast period.

Asia Pacific is projected to hold the largest share of the global electric household appliances market over the forecast period. The electronics industry has been an essential component of success in China, which is well-known for mass-producing electronics and smart products. India and Japan are expected to experience significant growth in the electrical appliances market during the forecast period, owing to an increase in the number of homes and their attraction to electricity. Highly intelligent device adoption is widespread, and consumers are particularly interested in connected household appliances. This collaboration is expected to help accelerate the adoption of IoT-based appliances.

North America is expected to grow at the fastest CAGR growth of the global electric household appliances market during the forecast period. The substantial supply of various appliances, including refrigerators and washing machines, in the United States and Canada, consequently increases appliance consumption rates. As the world's largest regional economy, North America is expected to continue to play an important role in the global economy, particularly in driving new technological breakthroughs. The region benefits from strong consumer purchasing power, increasing use of intelligent gadgets, and widespread consumer interest in linked home appliances. This collaboration is expected to help expedite the adoption of IoT-based appliances.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global electric household appliances market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• Others

Key Market Developments

• On March 2024, Bureau Veritas, a global leader in the Testing, Inspection, and Certification (TIC) industry, has entered into definitive agreements to acquire three players to diversify its position in testing and certification services for the Electrical and Electronics consumer products segment in South and North-East Asia, with a combined revenue of approximately €20 million in 2023.

• In May 2023, Samsung has introduced its new line of semi-automatic washing machines for 2023, which includes unique features such as the Soft Closing Toughened Glass Lid and Dual Magic Filter. These additional features make doing laundry more convenient and efficient, making it the ideal alternative for anyone looking for a hassle-free washing experience.

• In March 2023, Haier recently introduced a new line of top-loading washing machines featuring anti-scaling technology. These machines use Haier's anti-scaling technology, bionic magic filter, and 3D rolling wash to provide a convenient and efficient washing experience while protecting the fabric. This line of washing machines is intended to satisfy the needs of modern lives.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

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