Major home appliances market 2023-2027: A descriptive analysis of five forces model, market dynamics, and segmentation

NEW YORK, Jan. 13, 2023 /PRNewswire/ — According to Technavio, the global major home appliances market size is estimated to grow by USD 89.95 billion from 2023 to 2027. The market is estimated to grow at a CAGR of 4.9% during the forecast period. APAC will account for 51% of the market’s growth during the forecast period – For more Insights on market size Request a sample report

Global major home appliances market – Five forces
The global major home appliances market is fragmented, and the five forces analysis covers–

• Bargaining Power of Buyers

• The threat of New Entrants

• Threat of Rivalry

• Bargaining Power of Suppliers

• Threat of Substitutes

• Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Global major home appliances market – Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global major home appliances market – Segmentation assessment

Segment overview
Technavio has segmented the market based on the product (refrigerators and freezers, washing and drying appliances, heating and cooling appliances, and cooking appliances), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market share growth of refrigerators and freezers will be higher than the other segments during the forecast period. The expansion of the market is being influenced by the increase in consumer expenditure as well as the launch of technologically improved models within the category. Furthermore, the modern living standards of customers and their fast-paced lifestyles, which make it challenging for them to keep track of the food products stored in their refrigerators, are two factors that have increased the need for smart refrigerators.

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Geography overview
By geography, the global major home appliances market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global major home appliances market.

• APAC will account for 51% of the market’s growth during the forecast period. The rising middle-class population and the increasing income of people, which encourage them to spend more on household appliances, are primarily responsible for the market expansion in the area. Additionally, the evolving urbanization and changing lifestyle of the local population are fueling the expansion of the regional market.

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Global major home appliances market– Market dynamics

Key factor driving market growth

• Innovation and product launches are notably driving market growth.

• In the global home appliance market, technology, performance, functionality, and design make up the majority of new product innovations. Customers are also looking for gadgets that use the least amount of resources while performing a variety of functions.

• Suppliers are always enhancing their product lineup to satisfy the developing and shifting client demand. To ensure that the product sells well, some merchants also employ powerful marketing techniques and present tempting discounts.

• Rapidly developing technology has made it necessary to improve product quality and user-friendly design. As a result, versatile compact home automation systems with easy-to-use software platforms are becoming more common. All of these factors will contribute to the market’s expansion throughout the forecasted period.

Leading trends influencing the market 

• Smart and connected appliances gaining traction is an emerging trend in the market.

• Growing consumer preference for smart gadgets to streamline daily tasks is a significant element anticipated to contribute to the market’s optimistic growth prospects throughout the forecast period.

• The industry is additionally impacted by the rise in consumer purchasing power, the rise in nuclear families, the popularity of modular kitchens, and changes in eating patterns, among other factors.

Major challenges hindering the market growth

• Fluctuations in raw material prices and operating costs is a major challenge impeding the market.

• Home appliance market prices are influenced by a variety of factors, including labor expenses, raw material costs, distribution costs, and marketing expenditures. In order to compete in the fierce market, vendors must invest in R&D to upgrade their products with the newest technologies.

• The price of raw materials is another major obstacle for manufacturers because it immediately affects the cost of the final product and can lower their profit margins.

• The cost of transporting raw materials and finished goods is also impacted by changes in oil prices. Thus, fluctuations in prices may hamper market growth during the forecast period.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this major home appliances market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the major home appliances market between 2023 and 2027

• Precise estimation of the size of the major home appliances market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the major home appliances market across APAC, Europe, North America, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of major home appliances market vendors

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Related Reports:

France Home Appliances Market by Product, and Distribution Channel – Forecast and Analysis 2023-2027: The home appliances market in France is estimated to grow at a CAGR of 4.46% between 2022 and 2027. The size of the market is forecast to increase by USD 3.62 billion. The innovation and product launch driving growth is notably driving the market growth, although factors such as fluctuations in raw material prices and operational costs may impede the market growth.

Smart Kitchen Appliance Market by Product, Distribution Channel, and Geography – Forecast and Analysis 2023-2027: The smart kitchen appliance market is estimated to grow at a CAGR of 13.4% between 2022 and 2027. The size of the market is forecast to increase by USD 13,293.08 million. The ease of use and convenience offered by smart kitchen appliances are notable driving the market growth, although factors such as lack of product and technology awareness, especially in developing regions may impede the market growth.

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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