The global Major Appliances Market size is expected to reach USD 374.0 billion by 2028, according to a new report by Million Insights. The market is expected to expand at a CAGR of 5.5% from 2021 to 2028. The market growth is owing to the rising adoption of chest-freezers from the consumers of China and India. The increasing demand for freestanding cookers in Europe is anticipated to boost the market growth. The rising trend to adopt glass protection technology for dishwashing machines is further refueling the market growth.
Growing demand for express freezing technology is anticipated to boost market growth. Rising demand for multi airflow cooling refrigerators products in Asia Pacific is supporting the market growth. However, the government regulation regarding CFC gas may hinder market growth. At present, key players are focusing to provide cost-efficient dishwashing machines.
Companies’ main focus is to provide intelligent appliances such as advanced inverter-based microwave ovens. The company is launching freezing appliances with advanced sensor features to set alerts for food spoilage. The rising concern to adopt the drip-free pouring based cookers is refueling market growth. The key players of the market are approaching electronic commerce trade methodology to boost the sales of the major appliances.
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The dishwashing machines segment will register the highest growth over the forecast period. This can be credited to the growing demand for quad wash-based dishwasher products from the consumers of Europe. Intensive Plus 70degree, Express Sparkle, LED Display are the prime features of the dishwashing machine. Freezers, washing machines, and refrigerators also reflect significant market growth during the forecast period. This can be credited to the rising demand for smart technology-based major appliances across the globe.
The offline segment contributed a revenue share of more than 70.0% in the market in 2020. This can be attributed to the growing demand for deep freezers product from the consumers of the U.S. and the U.K. The offline segment consists of the domestic major appliances stores, mid-scale appliances shops, supermarkets, and hypermarkets. Strong customer relationships with the local consumers will propel market growth during the forecast period.
Asia Pacific dominated the major appliance market and accounted for the largest revenue share of over 35.0% in 2020. This is due to the increasing demand for jet-spray-enabled washing machines from the consumer of China and India. Consumers in India are inclining towards the turbo wash technology for better washing performance. The market share of Japan is driven by the rising consumption rate of the refrigerators and freezers. Ease of accessibility of major appliances products at a local appliances shop will contribute to boost market growth.
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Major Appliances Market Report Highlights:
• Asia Pacific made the largest contribution of over 35.0% revenue share in 2020 due to the rising demand for the smart closing door washing machines from the consumers of China
• The cookers and ovens segment contributed to the highest revenue share of 55.0% in 2020. This can be credited to the growing adoption of seamless and efficient cooktops in the U.S. to reduce the use of LPG
• In Middle East & Africa, the market is projected to witness a CAGR of 8.4 % from 2021 to 2028. This can be attributed to the rising demand for adaptive cooling system in Saudi Arabia and South Africa
• The online segment is projected to register the fastest growth during the forecast timeline. This growth is owing to digital adoption of the consumers through the mobile trading application and the web or browser-based platform
Major Appliances Market Segmentation
Million Insights has segmented the global major appliances market on the basis of type, distribution channel, and region:
- Major Appliances Type Outlook (Revenue, USD Million, 2017 – 2028)
- Dishwashing Machines
- Washing Machines
- Cookers & Ovens
- Major Appliances Distribution Channel Outlook (Revenue, USD Million, 2017 – 2028)
- Major Appliances Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Central & South America
- Rest of Central & South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
List of Key Players of Major Appliances Market
- AB Electrolux
- Dover Corporation
- LG Electronics
- Whirlpool Corporation
- Robert Bosch GmbH
- Daihan Scientific
- ThermoFisher Scientific
- Hitachi Ltd
- Liebherr Group
- GROUPE SEB
- Koninklijke Philips N.V.,
- WMF Group
- Haier Group
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About Million Insights
Million Insights, is a market research and consulting company, provides syndicated as well as customized research reports and consulting services. We have a comprehensive marketplace, that will enable you to compare data points, before you make a purchase. Enabling informed buying, is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
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