The home appliances industry size was valued at USD 708.15 billion in 2023 and USD 743.56 billion in 2024. The industry is expected to reach USD 1,203.11 billion by 2032 with a CAGR of 6.20% during the forecast period. Growing demand for improving lifestyle of individuals and high spending per capita income are expected to propel industry growth. Growing demand for house appliances in North America and Europe is expected to impel the industry course. Increasing population and the trend of urbanization are set to assist in industry development. Fortune Business Insights™ shares this information in its report titled “Home Appliances Industry, 2024-2032.”

Top Key Companies Covered in the Home Appliances Industry:

• Whirlpool Corporation (U.S.)
• Samsung Electronics Co. Ltd. (South Korea)
• Haier Inc. (China)
• Bajaj Electricals Ltd (India)
• Koninklijke Philips N.V. (South Korea)
• IFB Appliances (India)
• KENT (India)
• Eureka Forbes Ltd. (India)
• Panasonic Holdings Corporation (Japan)
• Orient Electric (India)

Information Source:

Segments

Smart Home Appliances to be the Prime Part Due to Digitalization

On the basis of type, the industry is divided into major appliances, small appliances, and smart home appliances. Smart home appliances segment holds the largest part in the type segment with spacious houses, increasing levels of disposable income, and affordability. Increasing digitalization and recent trend for smart homes globally are set to gain industry share.

Specialty Stores to Dictate Due to Various Discounts Offered to Customers

Based on distribution channel, the industry is categorized into superindustrys & hyperindustrys, specialty stores, online/e-commerce, and others. Specialty stores segment is anticipated to dominate the industry accounting for more than 45% in terms of sales as they offer various discounts and codes to consumers. Online/e-commerce segment is also set to grow at a fast pace due to easy shipping & exchange, change in the lifestyle of customers, and financial availabilities.

Report Coverage

The report provides a detailed analysis of the top segments and the latest trends in the industry. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the industry. Additionally, it examines the regional developments and the strategies undertaken by the industry's key players.