Consumer Appliances Market 2022 Industry Analysis, Segmentation, Key Players, and Forecast to 2029
Future Market Insights, in its recent survey, states that the sales in the global consumer appliances market are estimated to rise at 4.3% CAGR over the forecast period from 2022 to 2029. As per FMI, Europe is anticipated to remain the most remunerating consumer appliances market, contributing nearly more than 1/4th of the overall sales through 2031. The U.S., Germany, China, and India are estimated to emerge as highly lucrative markets between 2022 and 2029.
2014-2021 Consumer Appliances Market Outlook in
Comparison to 2022-2029 Growth Forecast
Over the past few years, the consumer electronics industry
has witnessed rapid transformation with the launch of novel appliances such as
food processors, kitchen appliances, home appliances, and others. Driven by
this, the global consumer appliances market totaled US$ 383.8 Bn in
2021, growing at a CAGR of 3.9% between 2014 and 2021.
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Increasing availability of devices enabling automation of
day-to-day activities is drastically changing consumer preferences from general
single-purpose electronic products to multi-purpose smart devices.
As a result, leading consumer appliances manufacturers are
increasingly focusing on developing novel multi-functional appliances devices
to meet the surging demand. Driven by this, the sales in the global consumer
appliances market are anticipated to spur at a CAGR of 4.3% during
the forecast period.
Demand for advanced consumer appliances products and
connected devices such as smart kitchen appliances is rapidly increasing in the
household sector owing to surging investment towards building smart homes
across developed countries such as the U.S. Germany, and Japan. This also is
favoring the growth in the market.
Against this backdrop, key players in the market are increasingly
investing in research and development activities for launching novel devices
integrated with technologies such as artificial intelligence and the internet
of things.
Competitive Landscape
Leading consumer appliances manufacturers are increasing
investing in research and development activities for launching novel products
to gain competitive edge in the highly competitive market. For instance,
In October 2018, LG Electronics Co. Ltd., a South
Korea-based consumer electronics giant, announced expanding its product
portfolio by introducing InstaView door-in-door refrigerators, featuring a
glass panel that illuminates the refrigerator interior with 2 soft knocks on
it. This has assisted the company to strengthen its position in the market.
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Consumer Appliances Market by Category
By Product Type :
- Kitchen
Appliances
- Refrigerators
- Ranges
and Ovens
- Microwave
- Conventional
Grill
- Dishwashers
- Chimneys
- Electric
Stove
- Induction
Cooktops
- Small
Appliances
- Hair
Dryers
- Irons
- Toasters
- Bread
Makers
- Coffee
Machines
- Grinders
& Mixers
- Food
Processors
- Washing
Machine
- Air
Purifiers
- Water
Heaters
- Water
Purifiers
- Cloth
Dryers/Tumbler
- Air
Conditioners
- Vacuum
Cleaners
By End Use :
- Domestic
- Professional
- Hotels
- Salon
& Grooming Parlors
- Cafeteria
& Restaurants
- Offices
& Institute
- Others
By Sales Channel :
Offline
- Organized
Retailer
- Unorganized
Online
- Company
Direct Sales
- Independent
Vendor/E Commerce
By Region :
- North
America
- Latin
America
- Europe
- South
Asia
- East
Asia
- Oceania
- Middle
East and Africa
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