Yahoo Finance Global Electric Household Appliances Market Size To Exceed USD 1203.73 Billion By 2033 | CAGR of 6.12%
The Global Electric Household Appliances Market Size was Valued at USD 664.38 Billion in 2023 and the Worldwide Electric Household Appliances Market Size is Expected to Reach USD 1203.73 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: 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 Other Key Vendors.
New York, United States, April 18, 2024 (GLOBE NEWSWIRE) -- 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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"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.
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."
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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.
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Asia Pacific is projected to hold the largest share of the global electric household appliances market over the anticipation timeframe.
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.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global 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. 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.
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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
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