Italy Home Appliances Market Outlook 2031
The Italy home appliances market size was USD 8.78 Billion in 2022 and is expected to reach USD 12.23 Billion by 2031 register a significant CAGR 3.75% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing transition to innovative and energy-efficient technology for household appliances.
Home appliance is a piece of equipment used to performance domestic activities such as cooking, cleaning, and food preservation. It is referred to as domestic appliance, or electric appliance, or a household machine that is operated electrically to saves time, reduces labor, and improves sustainability.
The most commonly uses domestic appliances includes white goods such as air conditioners, refrigerators, dishwashers, drying cabinets, clothes dryers, freezers, kitchen stoves, washing machines, and water heaters. The availability of the major appliances in various distribution channels such as supermarket, hypermarket, specialty store, and departmental stores is increasing the demand and sales of the home appliances.
The networking of home appliances are growing rapidly owing to its controls and key functions. The integration of IoT with home appliances for facilitating remote control, automation, and communication with other smart devices, which has enhanced the outcomes of the technology.
The COVID-19 pandemic has drastically affected the production and manufacturing of almost every industry. The outbreak of coronavirus resulted into nationwide lockdowns that disrupted the supply chain owing to work stoppages, labor shortages, and limited transportation. The stringent regulations and slowdown in economy hampered the growth of the home appliances market.
Italy Home Appliances Market Trends, Drivers, Restraints, and Opportunities
- Increasing disposal income of consumers and inclination towards quality life are the key factors anticipated to drive the market growth during the forecast period.
- Rising demand for easy to use of home appliances, increasing technological advancements, and growing distribution channel are spurring the market growth in the coming years.
- Growing popularity of home appliances with smart functionality, sustainability, elegant design, diversity, and cost-effectiveness is projected to boost the market expansion during the projected period.
- Complex regulatory environment and lack of transparency in various economies are some of the factors expected to hamper the growth of market during the forecast period.
- Increasing industrial investments and research & development activities for developing premium products is anticipated to create lucrative opportunities for the market in the coming years.
Scope of The Italy Home Appliances Market Report
The report on the Italy home appliances market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Home Appliances Market - Italy Industry Analysis, Growth, Share, Size, Trends, and Forecast
Products (Major Appliances [Freezers, Cookers & Ovens, Dishwashing Machines, Refrigerators, and Washing Machines] and Small Appliances [Small Kitchen Appliances, Vacuum Cleaners, Grills & Roasters, Hair Dryers, Hair Clippers, Irons, and Toasters]) and Distribution Channels (Specialty Stores, Departmental Stores, Online Stores, and Others)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Whirlpool Corporation; Robert Bosch SpA; Philips SpA; Electrolux Italy SpA; and Miele
Italy Home Appliances Market Segment Insight
Refrigerators sub-segment is anticipated to register at a significant CAGR
Based on products, the market is segmented into major appliances and small appliances. The major appliances segment is further bifurcated into freezers, cookers & ovens, dishwashing machines, refrigerators, and washing machines. The small appliances segment is into small kitchen appliances, vacuum cleaners, grills & roasters, hair dryers, hair clippers, irons, and toasters.
The refrigerators sub-segment is anticipated to register a significant CAGR during the forecast period owing to the rising disposable income and availability of smart and energy-efficient refrigerator units. Moreover, the increasing sale of single-door refrigerators due to its small size, affordable price, and inbuilt freezer is expected to fuel the growth of the market segment in the coming years.
On the other hand, the small appliances segment is projected to boost the growth of the market segment during the projected period due to the increasing development in the distribution channel such as direct selling, supermarket, and departmental stores. Furthermore, the availability of variety of choices ranging from design, after sales services, and credit facility is the major factor to propel the growth of the market segment in the projected timeline.
Online stores segment is projected to hold a major market share
Based on distribution channels, the market is divided into specialty stores, departmental stores, online stores, and others. The online stores segment is projected to hold a major market share during the forecast period owing to the increasing popularity of internet retailing for buying home appliances products in the country
Moreover, growing consumers comfort with the purchase of products online is anticipated to expand the growth of the market segment. Furthermore, the shift toward online retailing channels and implementation of the promotional strategies of the companies are estimated to fuel the growth of the market segment in the coming years.
However, the departmental stores segment is anticipated to exhibit a substantial growth during the projected period owing to the changing brand distribution and increasing retail spending by international tourists in the country. Additionally, lack of shopping centre downtown in most the cities and growing distribution potential of departmental stores for domestic & international brands are expected to boost the growth of the market segment during the forecast period.
The Italy home appliances market is segmented on the basis of
- Major Appliances
- Cookers & Ovens
- Dishwashing Machines
- Washing Machines
- Small Appliances
- Small Kitchen Appliances
- Vacuum Cleaners
- Grills & Roasters
- Hair Dryers
- Hair Clippers
- Specialty Stores
- Departmental Stores
- Online Stores
The key players competing in the Italy home appliances market are Whirlpool Corporation; Robert Bosch SpA; Philips SpA; Electrolux Italy SpA; and Miele. The major players are focusing on premium products with adding value to the consumer interest in terms of performance, design, connectivity, energy-saving capabilities, and smart features to increase their market share.
In May 2021, Whirlpool Corporation announced its investment of USD 15 million in Tulsa, Oklahoma factory to strengthen its manufacturing capabilities and develop top ranking consumer products.
In conjunction with its investment, the company received an additional USD 1 million from the state of Oklahoma through its Business Expansion Investment Program (BEIP), which is tied to Whirlpool Corporation’s investment and commitment to delivering an increase in employment opportunities, will be allocated toward capital investment and further job creation. The company aimed to utilize the majority of its allocation to invest in machinery & equipment to increase production, capacity, and infrastructure.
In November 2021, Miele has announced to build a new management structure and measures to improve efficiency. The company planned to implement a greater focus on new business fields and increase speed & flexibility in developing new products and services. Additionally, the company aimed to realign in the fields of administration & sales to optimize its processes and achieve greater latitude in terms of market costs.