Mexico Home Appliances Market Outlook 2031:
The Mexico home appliances market size was valued at USD 14.98 Billion in 2022 and is projected to reach USD 20.90 Billion by 2031, expanding at a CAGR of 3.77% during the forecast period 2023 - 2031. The growth of the market is attributed to the inclination of consumers toward energy-efficient appliances.
Household appliances, often known as white goods, small appliances, and consumer electronics are used for daily operations including cooking, laundry, and food preservation, among others. They are usually connected with unique connections, such as electrical, gas, plumbing, and ventilation systems, limiting their movement throughout the house.
Small appliances are equipment that are semi-portable or portable and are typically utilized on platforms such as counters and tables. Air purifiers, dehumidifiers, blenders, clothes steamers & irons, electric kettles & coffee machines, and other appliances are some of household appliances. TVs, music systems, and other gadgets used for entertainment, communications, and home-office operations are examples of consumer electronics.
Home Appliances Market Trends, Drivers, Restraints, and Opportunities
- Increasing technological advancements is anticipated to drive the market growth during forecast period.
- Rising rapid urbanization and growth in the housing sector are boosting the market expansion.
- Improving living standards and change in consumer lifestyle are expected to propel growth of industry.
- High cost of appliances is projected to hamper the market growth during forecast period.
- Government initiatives for energy-efficient appliances across the Mexico are creating ample opportunities for the home appliances market.
Scope of Home Appliances Market Report
The report on the Mexico home appliances market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Mexico Home Appliances Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Major Appliances (Refrigerators, Washing Machines, Ovens, Air Conditioners, Freezers, Dishwashing Machines, and Others), Small Appliances (Coffee/Tea Makers, Vacuum Cleaners, Food Processors, Grills and Toasters, and Others), and Distribution Channels (Mass Merchandisers, Online, Exclusive Stores, and Others)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Electrolux AB; LG Electronics; Whirlpool Corporation; Mabe; and BSH Hausgerate GmbH
Mexico Home Appliances Market Segment Insights
Refrigerators segment is expected to grow at a rapid pace
Based on major appliances, the market is divided into refrigerators, washing machines, ovens, air conditioners, freezers, dishwashing machines, and others. The refrigerators segment is expected to grow at a rapid pace during the forecast period.
Refrigerator is becoming an essential part of household. Refrigerators with an energy star rating are in great demand since they are equipped with energy-saving compressors, insulation, and defrosting technologies.
As a result of the increased demand for energy-efficient appliances, manufacturers are heavily investing on R&D to develop new goods. On the other hand, the washing machines segment is estimated to grow at a steady rate due to rising disposable income of consumers and increasing spending on washing machines.
Food processors segment is projected to expand at a considerable CAGR
On the basis of small appliances, the market is segregated into coffee/tea makers, vacuum cleaners, food processors, grills and toasters, and others. The food processors segment is projected to expand at a considerable CAGR during the forecast period due to increasing in demand for integrated appliances such as ovens, integrated hob extractors, flexible induction hobs, and built-in dishwasher.
Online segment is anticipated to account for a significant market share.
Based on distribution channels, the market is divided into mass merchandisers, online, exclusive stores, and others. The online segment is estimated to account for a significant market share during the forecast period food owing to high penetration of Internet and smartphones along with technological advancements. On the other hand, the exclusive stores segment is estimated to grow at a steady pace in the coming years.
The Mexico home appliances market has been segmented on the basis of
- Washing Machines
- Air Conditioners
- Freezers, Dishwashing Machines
- Coffee/Tea Makers
- Vacuum Cleaners
- Food Processors
- Grills and Toasters
- Mass Merchandisers
- Exclusive Stores
Key players competing in the Mexico home appliances market are Electrolux AB; LG Electronics; Whirlpool Corporation; Mabe; and BSH Hausgerate GmbH.
Mid-size and smaller businesses are expanding their market position by gaining new agreements and entering new markets as a result of technology improvement and innovative products.