September 13, 2023
Large Appliances Market: Overview
A large appliance is a non-portable or semi-portable device used for typical household duties like cooking, washing clothing, or food preservation. It is often referred to as a major domestic appliance, a large electric appliance, or simply a major appliance. Since these appliances have often been white, while other colors are available, they are frequently referred to as “white goods.” Because an appliance consumes fuel or electricity, it differs from a plumbing fixture. Due to their size and lack of portability, large appliances are different from small appliances. They are frequently provided to tenants as part of otherwise unfurnished rental homes since they are frequently thought of as fixtures and parts of real estate. Major appliances could be permanently connected to particular plumbing and ventilation systems, connections to gas suppliers, or unique electrical and electrical connections. This restricts the places that they may be used in a home.
- Publish Date : September 13, 2023
- Report Format :pdf
- Pages : 215
- Report Code : ZMR-7554
- Status : Published
- Category :
- As per the analysis shared by our research analyst, the global Large Appliances market is estimated to grow annually at a CAGR of around 7.73% over the forecast period (2023-2030).
- In terms of revenue, the global Large Appliances market size was valued at around USD 13.58 billion in 2022 and is projected to reach USD 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.
Large Appliances Market: Growth Drivers
Increasing government initiatives for electronic products drive market growth
The increasing government initiatives for electronic products are expected to drive global large appliances market growth over the forecast period. The Indian government has given the automatic route approval for 100% of FDI in the consumer electronics and home appliance manufacturing industry and 51% of FDI in multi-brand retail. Nowadays, this is a magnet for foreign investors. The growth and upscaling of India’s consumer electronics and home appliance sectors depend heavily on the National Policy on Electronics (NPE), which was established in 2011 to boost the Electronic System Design and Manufacturing (ESDM) industry. With the help of the Make in India program, India is also progressing toward becoming a high-tech center for the manufacture of electronic goods. A substantial step toward reaching the Sustainable Development Goal was also taken by the Indian government by powering 99.9% of Indian houses, which will propel the market growth over the forecast period.
Large Appliances Market: Restraints
Shifting consumer preferences hamper market growth
The demand for large appliances may be impacted by changing consumer preferences, such as a move toward minimalism and smaller living areas. A change in lifestyle, such as a preference for eating out rather than cooking at home, might also have an impact on purchasing appliances. Thus, the shifting consumer preference is expected to hamper the large appliances industry growth over the forecast period.
Large Appliances Market: Opportunities
Increasing product launches offers an attractive opportunity for market revenue growth
The increasing product launches in the sector are expected to offer an attractive opportunity for large appliances industry growth during the forecast period. For instance, in June 2023, with its subsequent dishwasher, which will cost Rs 10,000 Elista, a maker of electronics, home appliances, IT, and mobile accessories, hopes to revolutionize the home appliance market. This will be a six-plate rack desktop dishwasher for young couples that is intended for working professionals, small families, young couples, and even students. Moreover, in February 2023, Beko Home Appliances, the U.S. division of Arcelik, is launching a record-breaking 40 new cooking, cooling, and cleaning products at the 2023 Kitchen & Bath Industry Show (KBIS) in Las Vegas to further solidify its position as the world’s most environmentally conscious appliance brand. Beko Home Appliances is committed to providing the industry’s healthiest, most sustainable kitchen and home appliances. Thereby, driving the market growth.
Large Appliances Market: Challenges
Cost sensitive consumer poses a major challenge to market growth
The high cost of appliances for low- and middle-income consumer groups will be a key factor limiting the worldwide large appliances market for big appliances throughout the projected period. A key obstacle to the market’s expansion is the large labor force or maid presence in low-income countries as well as in semi-urban and rural parts of emerging economies, where people feel they help with many household duties. Additionally, the market development is hampered by the lower adoption of big appliances in the lower-income population due to frequent repair and maintenance.
Large Appliances Market: Segmentation
The global Large Appliances industry is segmented based on product type, end-user, distribution channel, and region.
Based on the type, the global market is bifurcated into refrigeration equipment, cooking, washing & drying equipment, heating & cooling, and others. The refrigeration equipment is expected to dominate the market during the forecast period. The refrigeration appliances category accounts for a sizeable revenue market share among the key appliances. Companies like Samsung, GE, and LG have opened the path for others to enter the market for smart connected refrigerators by developing devices with unique features like touchscreens and adaptable user-controlled cooling choices. The developed markets are where these items are mostly marketed. In January 2023, the top-of-the-line, premium Side-by-Side Refrigerator collection from Samsung, the leading consumer electronics company in India, will be released in 2023. This new line is entirely made in India and has various features designed specifically for India based on customer insights that will improve and make it easier for people to live their lives. This brand-new, Internet of Things (IoT)-enabled line-up has been carefully created to meet the unique refrigeration demands of modern Indian customers, including adjustable storage, glitzy exteriors, connected Living convenience, never-ending entertainment, energy efficiency, and more. Convertible 5-in-1 mode, Samsung’s Twin Cooling PlusTM technology, and Curd MaestroTM, which enables customers to manufacture curd at home healthily and hygienically, are all included in this device. Customers may now disconnect the curd-making chamber while it’s not in use, allowing for improved space usage. Thus, this type of product launch is expected to propel the segment expansion during the forecast period.
Based on the end-user, the large appliances industry is bifurcated into residential, commercial, industrial, and others.
Based on the distribution channel, the large appliances industry is bifurcated into online and offline. The online segment is expected to grow at the highest CAGR over the forecast period due to the convenience, wide product selection, and ease of comparison shopping that online platforms offer to consumers. For instance, according to secondary sources, from 209 million in 2016 to 230 million in 2021, more people will be shopping online. Thus, this is expected to drive the segment growth during the analysis period.
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