At a CAGR of 13.0%, the small household appliances market revenue is expected to reach $581,657.6 million by 2030.
According to a new report published by Allied Market Research, titled “Small household appliance market By Product Type, Distribution Channel and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The small household appliances market size is expected to reach USD 581,657.6 million by 2030, registering a CAGR of 13.0% from 2021 to 2030.
Most of the manufacturers are investing heavily in R&D activities to upgrade their household appliances due to the growing demand for highly advanced and smart devices. The Internet of Things and the compatibility of smartphones with smart devices and devices are in high demand among consumers. Vacuum cleaner, water heater, oven, bread machine, coffee maker and rice paddy are now available with internet compatibility, controlled by smartphone. Smart features and functionality are gaining popularity with customers and can add great value to their standard of living.
According to CXOs of leading companies, the global small home appliance market is emerging at a tremendous rate owing to several factors such as increasing device compatibility, improving internet penetration, changing fashions lifestyle and growing concerns about energy prices. growth in sales of the small household appliance market.
Changes in the lifestyle of customers have led to an increase in the modular kitchen trend, in turn leading to the development of advanced and innovative kitchen appliances. The rapid rise in the food service establishment has led to an increased demand for commercial kitchen appliances.
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The rapid expansion of the retail trade plays a major role in the distribution of small household appliances. It is becoming increasingly important to make small household appliances available to consumers. Specialty stores and supermarkets and hypermarkets are gaining ground in the global small household appliance market. This is mainly attributed to the availability of huge options for consumers to choose from. Multi-brand specialty stores have many brands for the single-line product segment, where people can compare their features and colors, which helps them make buying decisions.
Additionally, Asia-Pacific and LAMEA are expected to witness significant growth compared to saturated markets in Europe and North America, due to rapid urbanization, increasing technology penetration even in small towns, from the growth of disposable income and the improvement of standards. of life.
Main results of the study
- Small Household Appliances Market was valued at USD 176,804.3 Million in 2020 and is projected to reach USD 581,657.6 Million by 2030, registering a CAGR of 13.0% from 2021 to 2030.
- By product type, the cleaning device segment is expected to witness significant growth, registering a CAGR of 14.3% during the forecast period.
- In 2020, by distribution channel, the retail store segment was valued at $27,194.7 million, which accounted for 16.3% of the global small appliance market share.
- By end-user, the commercial segment is estimated to witness significant growth, registering a CAGR of 13.9% during the forecast period.
- In 2020, Brazil was LAMEA’s largest market and is expected to reach $17,658.90 million by 2030 growing at a CAGR of 14.9% during the forecast period.
According to Small Appliances Market Trends, on the basis of distribution channel, the e-commerce segment was the largest contributor to the market, with $50,454.3 million in 2020, and is expected to reach $190,779.5 million by 2030, at a CAGR of 14.6% over the forecast period. The convenience offered by e-commerce is one of the main reasons for the success of online portals in the small appliance industry. E-commerce technology reduces consumer search costs, making it easier to compare different products and prices virtually. Additionally, e-commerce enables new distribution technologies that can reduce supply chain and distribution costs. The study analyzes the e-commerce business and it is expected to grow at a significant rate in the coming years.
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On the basis of end-user, residential segments accounted for approximately 63.0% market share in 2020 and are expected to grow at a CAGR of 12.5% during the forecast period of the small household appliances market. The demand for residential kitchen and cleaning appliances is increasing, especially in developing countries, due to the increase in disposable income coupled with the influence of western culture among end users. Rising electricity costs lead to increased demand for energy efficient kitchen and cleaning appliances for the residential end user. The recovery of the real estate sector in the American and European countries is further stimulating the demand for advanced appliances for cooking, cleaning and personal care.
According to the small household appliances market opportunities, by region, the small household appliances market in Asia Pacific is expected to witness significant growth at a CAGR of 13.7% during the forecast period. Rising urban population coupled with improved living standards is generating a huge demand for new and innovative small home appliances in the Asia-Pacific region. Small appliances include cooking/baking and heating appliances, kitchen appliances, personal and pet care, textile processing appliances and cleaning appliances. Lifestyle changes and increased purchasing power of customers have altered the dynamics of the market over the past few years. Additionally, soaring electricity prices are driving the demand for energy-efficient and high-tech kitchen, cooking and cleaning appliances in this region.
Players operating in the small electrical appliance industry have adopted product launch and business expansion as their key development strategies to grow their market share, increase profitability, and stay competitive in the market. Key Players profiled in this report are Koninklijke Philips NV, The Whirlpool Corporation, LG Electronics Inc., BOSCH, Electrolux AB, Panasonic Corporation, Spectrum Brands Holdings, Inc., The Middleby Corporation, Morphy Richards, and Samsung Electronics Co. Ltd.
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 industry sectors, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Power, semiconductors and electronics, automotive and transport, ICT and media, aerospace and defense and BFSI.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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