Pune, India, April 12, 2023 (GLOBE NEWSWIRE) -- The global small domestic appliances market size was valued at USD 185.49 billion in 2022 and is projected to reach a valuation of USD 193.83 billion in 2023. The market is expected to reach USD 271.23 billion by 2030 with a CAGR of 4.92% during the forecast period. Small domestic appliances are used to perform household activities such as cooking, cleaning, and personal grooming. Increasing rate of industrialization in several developing countries such as India, South Korea, Brazil, UAE, and others is resulting to an increase in the number of household activities. Fortune Business Insights™ shares this information in its report titled “Small Domestic Appliances Market, 2023-2030.”
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List of Key Players Profiled in the Small Domestic Appliances Market Report:
- Panasonic Corporation (Japan)
- Samsung Electronics Co., Ltd. (South Korea)
- Whirlpool Corporation (U.S.)
- Electrolux AB (Sweden)
- Midea Group (China)
- Haier Appliances (China)
- BSH Hausgeräte GmbH (Germany)
- IFB Home Appliances (India)
- Hitachi, Ltd. (Japan)
- GE Appliances (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.92% |
| 2030 Value Projection | USD 271.23 Billion |
| Market Size in 2022 | USD 185.49 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 198 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Small Domestic Appliances Market Growth Drivers | Rapid Urbanization in Developing Regions to Favor Market Growth |
| Shift in Consumer Demand towards Home Refurbishments to Augment Market Size |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/small-domestic-appliances-market-104613
Segmentation
Kitchen Appliances To Lead Owing To Their Wide Usage
On the basis of the end user, the market is divided into kitchen appliances, garment care appliances, floor cleaning appliances, and others. Kitchen appliances are anticipated to dominate due to their wide usage in numerous sectors such as households, restaurants, educational institution, and other commercial places.
Household Segment To Lead The Segment Due Increasing Usage In Residential Sectors
Based on the application, the market is divided into household, hotels & restaurants, hospitals, and others. Household segment is expected to have a major part due as majority of the small domestic appliances are used in residential sectors.
Specilaty Stores To Lead Due to Increasing Demand in Residential Sectors
Based on the distribution channel, the market is divided into specialty stores, brand stores, online, and others. Specialty stores are expected to have a major part due as majority of the small domestic appliances are used in residential sectors. The specialty store segment had a largest market share in 2022 and a CAGR of 4.95% during the forecast period.
Geographically, the market is segregated into Asia Pacific, North America, Europe, South America, and Middle East and Africa.
COVID-19 Impact:
Decrease in the Demand of Small Electronic Appliances Decline Market Progress
The pandemic had a drastic impact on the demand for small electronic appliances. The Shortages of labor in economies such as India, Saudi Arabia, Argentina, Bangladesh, Vietnam, and others led to reduction in the production volume of the manufacturing plants of appliances and hence thus hindering the small domestic appliances market growth of small household devices. However, the pandemic also generated opportunity for the domestic companies to enhance their supply chains. Online channels witnessed their boom during the pandemic.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Rapid Rate Of Urbanization In Developing Nations To Drive Product Expansion
Rapid rate of urbanization in developing nations such as China, India, Japan, France, Brazil and other countries is anticipated to boost small domestic appliances market growth. Majority of the nations have been experiencing the explosive growth in population and infrastructure growth along with it. Increasing construction of households and commercial places are projected to drive the growth of the market. Shift in the consumer demand for house refurbishments is set to augment the size of the market.
However, high costs and frequency of repair and maintenance of such appliances is projected to obstruct market growth.
Regional Insights
Asia Pacific To Have Dominance In Market Share Due To Increasing Population
Asia Pacific is expected to govern the small domestic appliances market share due to increasing population. Increasing construction of residential and commercial sectors in countries such as India, China, Japan, South Korea, Bangladesh, and other countries is propelling the need for domestic appliances. The region held the share of 34.61% in year 2022.
The market in the North American region is driven by increasing consumption of luxury and premium electronic products in the region.
South American market is expected to grow at a CAGR of 4.61% during the forecast period due to rapid industrialization and urbanization in countries like Brazil and Argentina among others.
Competitive Landscape
Enhancement of Product Portfolio by New Product Launches to Develop Market Trajectory
The market players have been adopting constantly focusing of expansion, acquisition and product launches. In January 2020, Electrolux AB announced the launch of its new kitchen suite of appliances which includes Double Wall Oven furnished with new features and technology to support culinary exploration. The increasing demand for smart and intelligent home appliances and eco-friendly traits is creating opportunities for the manufacturers to launch new and sustainable products to meet the rising demand of the consumers.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Recent Industry Developments
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges
- Potential Opportunities due to COVID-19 Pandemic
- Global Small Domestic Appliances Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Kitchen Appliances
- Floor Cleaning Appliances
- Garment Care Appliances
- Others
- Market Analysis, Insights and Forecast –By Application
- Household
- Hotels & Restaurants
- Hospitals
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Specialty Stores
- Brand Stores
- Online
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued...!
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Key Industry Development
- May 2022: Whirlpool Corporation announced the launch of its new marketing organization, WoW Studios (World of Whirlpool Studios) in U.S. which consists of a multidisciplinary creative team that will work on the company’s brand portfolio, including KitchenAid, Whirlpool, Maytag, JennAir, and Amana brands.
Read Related Insights:
Kitchen Appliances Market to Reach USD 210.80 Billion by 2027 | Kitchen Appliances Industry Striking CAGR of 3.7%
Heating Appliances Market Size to Hit USD 68.93 Billion by 2029 | With 4.3% CAGR During (2022-2029)
Home Appliances Market to Hit USD 987.35 Billion by 2029 | with a CAGR of 5.57%
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