Household Appliances Manufacturing Market By Type Of Appliance (Small Electrical Appliances, Household Cooking Appliances, Household Refrigerators And Home Freezers And Other Major Household Appliances), By Distribution, By End Customers, And By Region – Global Forecast To 2023 By The Business Research Company
The global household appliances market reached a value of nearly $ 307.6 billion in 2019, having grown at a compound annual growth rate (CAGR) of 6.9% since 2015, and is expected to grow at a CAGR of 8.9% to nearly $433.4 billion by 2023. Growth in the historic period resulted from increasing hygiene and health awareness, and technological advances.
The Key drivers of the household appliances market include:
The rising demand for frozen and ready-to-eat food is expected to contribute to the growth of the household appliances market in the forecast period. The fast-paced life style of individuals combined with the increasing preference for convenience, boosted the demand for microwavable foods globally. Microwavable foods such as frozen meals and soups require minimal cooking time and provide high nutritional benefit as they are involve little added fat. Other factors such as globalization, rising female workforce and increasing disposable income will also drive the market for microwavable foods.
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Household Appliances Market Segmentation:
The household appliances market is segmented by type of appliance and by geography
By Type Of Appliance- The household appliances market can be segmented by type of appliance
1) Small Electrical Appliances
2) Household Cooking Appliances
3) Household Refrigerators And Home Freezers
4) Household Laundry Equipment
5) Other Major Household Appliances
The small electrical appliances market was the largest segment of the household appliances market in 2019 at 59.3%. The household laundry equipment market is expected to be the fastest-growing segment going forward at a CAGR of 11.8%.
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By Geography – The household appliances market is segmented into
1) North America
2) Western Europe
3) Asia Pacific
4) Eastern Europe
5) South America
6) Middle East
Some of the major key players involved in the household appliances market are
1. Whirlpool Corporation
2. Haier Smart Home Co., Ltd. (Qingdao Haier Co., Ltd.)
3. Robert Bosch GmbH
4. Midea Group Co., Ltd.
5. LG Electronics Inc.
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This release was published on openPR.