Strong growth forecast for household appliance market

The global household appliance market was valued at $490 billion in 2023, and is projected to reach $983 billion by 2035, growing at a compound annual growth rate (CAGR) of 6.03 percent from 2024 to 2035, says a report from Allied Market Research.

The growth of the market is primarily determined by several key factors. Technological advancements play a pivotal role, with innovations such as smart home integration, energy-efficient designs, and enhanced functionalities captivating consumers seeking convenience and sustainability. In addition, shifting consumer lifestyles, influenced by factors such as urbanization, dual-income households, and time constraints, fuel demand for appliances offering time-saving features and compatibility with modern living arrangements. Environmental concerns also drive growth, as consumers increasingly prioritize eco-friendly options, motivating manufacturers to develop greener products to meet regulatory standards and consumer preferences. Economic factors such as disposable income levels and consumer confidence further impact purchasing decisions, influencing demand for household appliances.

By distribution channel, the specialty store segment held the highest market share in 2023, accounting for more than two-fifths of the global household appliances market revenue and is estimated to maintain its leadership status throughout the forecast period. Specialty stores offer a curated selection of household appliances, providing consumers with a wide range of options and expert advice.

By region, North America held the highest market share in terms of revenue in 2023 and is expected to dominate the market during the forecast period.