[215 + Pages Report] According to a market research study published by Zion Market Research, the demand analysis of Global Large Appliances Market size & share revenue was valued at around USD 13.58 billion in 2022 and is estimated to grow about USD 24.49 billion by 2030, at a CAGR of approximately 7.73% between 2023 and 2030. The key market players are listed in the report with their sales, revenues and strategies are Haier Group, LG Corp, Electrolux AB, Whirlpool Corporation, General Electric (GE), Samsung Electronics, BSH Hausgerte GmbH, Panasonic Corp, Toshiba Corporation, Philips, Robert Bosch, Miele, Kenmore, KitchenAid, Havells, Godrej, and others.
New York, NY, Sept. 19, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Large Appliances Market By Type (Refrigeration Equipment, Cooking, Washing & Drying Equipment, Heating & Cooling, And Others), By End User (Residential, Commercial, Industrial, And Others), By Distribution Channel (Online And Offline), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Large Appliances Market size & share in terms of revenue was valued at USD 13.58 billion in 2022 and it is expected to surpass around USD 24.49 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 7.73% during the forecast period 2023 to 2030.”
What are Large Appliances? How big is the Large Appliances Industry?
The global Large Appliances market size was worth around USD 13.58 billion in 2022 and is predicted to grow to around USD 24.49 billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.73% between 2023 and 2030.
A non-portable or semi-portable device that is used for regular household tasks such as cooking, washing clothing, or preserving food is referred to as a large appliance. The term “major appliance” can also be used to refer to it, as can the terms “large electric appliance” and “major domestic appliance.” In spite of the fact that these home appliances can be found in a variety of hues, they are commonly referred to as “white goods” due to their historical tendency to be white. A plumbing fixture does not utilize any fuel or energy, but an appliance does. This is what differentiates the two. Large home appliances are distinct from their more compact counterparts because of their size and inability to be moved easily. Due to the fact that they are commonly considered to be fixtures and components of real estate, rental residences that are otherwise unfurnished frequently include them as part of the package that is supplied to tenants. The permanent connection of major home equipment may be made to specific plumbing and ventilation systems, connections to gas suppliers, or individual electrical and electrical connections. Because of this, there are limitations placed on the areas within a home in which they can be used.
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Global Large Appliances Market: Growth Factors
The expansion of the market is driven by the growing number of government initiatives for electronic devices.
Over the course of the forecast period, the expansion of the global large appliances market is anticipated to be driven by the growing number of government initiatives for electronic products. The Indian government has provided the automatic route clearance for one hundred percent of Foreign Direct Investment (FDI) in the consumer electronics and home appliance manufacturing industry, and it has given the automatic route approval for fifty one percent of FDI in multi-brand retail. These days, this is a major draw for investors from other countries. The National Policy on Electronics (NPE), which was developed in 2011 to stimulate the Electronic System Design and Manufacturing (ESDM), is a major factor in the growth and upscaling of India’s consumer electronics and home appliance industries. The NPE is also a major factor in the expansion of the ESDM industry overall. India is making strides toward becoming a high-tech center for the creation of electrical goods, thanks in large part to the Make in India program. The Indian government has also taken a significant step toward achieving the Sustainable Development Goal by ensuring that 99.9% of homes in the country have access to electricity. This move will push the growth of the market over the course of the projection period.
Large Appliances Market: Restrictors Changing customer preferences act as a barrier to the market’s expansion.
Alterations in consumer preferences, such as a trend toward minimalism and the creation of smaller living spaces, could have an effect on the demand for large appliances. Alterations to one’s lifestyle, such as a shift toward eating out from home rather than preparing meals in one’s own kitchen, could also have an effect on the kinds of home appliances one buys. As a result, the expansion of the big appliances business is likely to be hampered throughout the course of the projection period by the shifting preferences of consumers.
Opportunities on the Large Appliances Market
The increasing number of product launches is a promising possibility for the expansion of market revenue.
Over the course of the period covered by this prediction, the increasing number of product launches in the sector is anticipated to present a desirable potential for expansion in the big appliances business. For example, in June 2023, it will introduce its subsequent dishwasher, which will have a price tag of Rs 10,000. A manufacturer of electronics, home appliances, information technology, and mobile accessories called Elista has big plans to shake up the home appliance industry. This will be a desktop dishwasher with a six-plate rack that is designed for working professionals, small families, young couples, and even students. Its target audience is those who are just starting out in their careers. In addition, Beko Home Appliances, which is the United States division of Arcelik, will launch a record-breaking forty new cooking, cooling, and cleaning products at the 2023 Kitchen & Bath Industry Show (KBIS) in Las Vegas in February 2023. This move will further solidify Beko’s position as the most environmentally conscious appliance brand in the world. Beko Home Appliances is dedicated to providing customers with the cleanest and most environmentally friendly kitchen and home appliances in the industry. As a result, fueling the expansion of the market.
The Large Home Appliances Market: Obstacles
The price-consciousness of customers presents a significant barrier to market expansion.
The high cost of appliances for consumer groups with low and middle incomes will be a primary issue that will limit the global large appliances market for the duration of the predicted period. This limitation will apply to both large and small appliances. The substantial labor force or maid presence in low-income nations as well as in semi-urban and rural regions of emerging economies, where people feel they help with many home responsibilities, is a key hurdle to the expansion of the market. Additionally, the development of the market is limited by the lower adoption of large appliances in the population with lower incomes due to the frequent repair and maintenance that is required for this equipment.
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|Market Size in 2022||USD 13.58 billion|
|Projected Market Size in 2030||USD 24.49 billion|
|CAGR Growth Rate||7.73% CAGR|
|Key Market Players||Haier Group, LG Corp, Electrolux AB, Whirlpool Corporation, General Electric (GE), Samsung Electronics, BSH Hausgerte GmbH, Panasonic Corp, Toshiba Corporation, Philips, Robert Bosch, Miele, Kenmore, KitchenAid, Havells, Godrej, and others.|
|Key Segment||By Type, By End User, By Distribution Channel, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Large Appliances Market: Segmentation Analysis
The global large appliances market can be broken down into distinct submarkets determined by factors such as product type, end-user, distribution channel, and geographic location.
The global market can be segmented into refrigeration equipment, cooking equipment, washing and drying equipment, heating and cooling equipment, and other types of equipment based on the type. During the time period covered by the forecast, refrigeration equipment is anticipated to hold the majority share of the market. Among the major appliance categories, the refrigerated appliances category accounts for a considerable portion of the total revenue market share. By producing appliances with one-of-a-kind features such as touchscreens and adaptive user-controlled cooling options, companies such as Samsung, GE, and LG have paved the way for other businesses to enter the market for smart linked refrigerators. This has enabled others to enter the market more easily. These products are sold almost exclusively in the developed markets around the world. The top-of-the-line, premium Side-by-Side Refrigerator collection from Samsung, the most successful consumer electronics firm in India, will be made available to the public in January of 2023. This brand-new product range is totally manufactured in India and includes a number of features that have been developed especially for the country on the basis of consumer feedback. These features are aimed at enhancing and simplifying people’s day-to-day lives in India. This brand-new, Internet of Things (IoT)-enabled lineup has been painstakingly developed to fulfill the one-of-a-kind refrigeration requirements of today’s clients in India. Some of the features included in this lineup are customizable storage, flashy exteriors, the ease of linked Living, never-ending entertainment, energy efficiency, and more. This product features a convertible 5-in-1 mode, as well as Samsung’s Twin Cooling PlusTM technology and Curd MaestroTM, which enables users to produce curd in their own homes in a way that is both sanitary and beneficial to their health. Customers now have the ability to disconnect the curd-making chamber while it is not being used, which enables better utilization of available space. As a result, it is anticipated that this kind of product launch will drive the expansion of the segment during the course of the projection year.
The large appliances market can be segmented into residential, commercial, industrial, and other categories, depending on the type of customer who buys them.
Both online and offline sectors make up the major appliance market today. This division is based on how products are distributed to customers. Because online platforms provide consumers convenience, a broad range of products, and an easy way to shop around and compare prices, it is anticipated that the online segment will experience the greatest CAGR growth rate over the course of the forecast period. For instance, according to secondary sources, the number of individuals buying online is expected to increase from 209 million in 2016 to 230 million in 2021. As a result, it is anticipated that this will serve as a primary driver of category growth during the period under consideration.
The global Large Appliances market is segmented as follows:
- Refrigeration Equipment
- Water Cooler
- Ice Maker
- Wall Oven
- Steamer Oven
- Microwave Oven
- Washing and Drying Equipment
- Washing Machines
- Clothes Dryer
- Drying Cabinet
- Heating and Cooling
- Air Conditioner
- Water Heater
By End User
By Distribution Channel
Browse the full “Large Appliances Market By Type (Refrigeration Equipment, Cooking, Washing & Drying Equipment, Heating & Cooling, And Others), By End User (Residential, Commercial, Industrial, And Others), By Distribution Channel (Online And Offline), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030″ Report At https://www.zionmarketresearch.com/report/large-appliances-market
Some of the main competitors dominating the global Large Appliances market include –
- Haier Group
- LG Corp
- Electrolux AB
- Whirlpool Corporation
- General Electric (GE)
- Samsung Electronics
- BSH Hausgerte GmbH
- Panasonic Corp
- Toshiba Corporation
- Robert Bosch
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Large Appliances market is likely to expand at a CAGR of around 7.73% during the forecast period (2023-2030).
- In terms of revenue, the Large Appliances market size was valued at around US$ 13.58 billion in 2022 and is projected to reach US$ 24.49 billion by 2030.
- The global Large Appliances market is being driven by the growing consumer electronics industry and the increasing product launches.
- Based on the type, refrigeration equipment is expected to dominate the market during the forecast period.
- Based on the distribution channel, the online segment is expected to grow at the highest CAGR over the forecast period.
- Based on region, the Asia Pacific is expected to dominate the market during the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Large Appliances industry?
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- What are the leading companies in the Large Appliances Industry?
- What segments does the Large Appliances Market cover?
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- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By End User, By Distribution Channel, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Asia Pacific is expected to dominate the market during the forecast period
The Asia Pacific is expected to dominate the global large appliances market during the forecast period. The market growth in the region is attributed to the increasing disposable income of the population and the growing urban population. For instance, according to the Ministry of Statistics and Programme Implementation (MOSPI), in India, disposable personal income climbed from USD 2,886,935.76 million in 2021 to USD 3,303,465.13 million in 2022. Moreover, the e-commerce growth in the region is expected to fuel the market growth during the forecast period.
For Instance, as per Invest India, the Indian e-commerce market has experienced steady expansion. In terms of Gross Merchandise Value, the Indian e-commerce sector is anticipated to reach around $55 billion in 2021. It is anticipated to reach a gross merchandise value of $350 billion annually by 2030. Therefore, the aforementioned stats drive the market growth during the forecast period.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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