US Household Appliances Market Outlook 2031:
The US household appliances market size was valued at USD 56.86 Billion in 2022 and is projected to reach USD 73.42 Billion by 2031, expanding at a CAGR of 2.88% during the forecast period 2023 - 2031. The growth of the market is attributed to the changing lifestyle of consumers along with rising number of nuclear families, who opt for modern household devices.
Household appliances denote a range of devices, usually operated on electricity and mainly used in home for carrying out home tasks such as cleaning, cooking, and preserving food. They are also known as domestic appliances. Advantages of home appliances and growing urbanization is driving the household appliances market.
Household Appliances Market Trends, Drivers, Restraints, and Opportunities:
- The household appliances market is gaining importance, due to incorporation of modern IOT-enabled technology and smart sensors in the appliances.
- Key manufacturers are focusing on technological advancements, which is expected to boost the market growth.
- Various manufacturers offer appliances with several features in one single product.
- Changing lifestyle preferences and advancements in the housing sector propels the growth of the market.
- Increase in disposal incomes along with rapid urbanization drives the household appliances market.
Scope of Household Appliances Market Report
The report on the US household appliances market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Global US Household Appliances Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Dishwasher, Cooktops, Microwaves, Oven, Mixer Grinder, Food Processor, Refrigerator, Washing Machine, ACs, Heater, And Vacuum Cleaner) and Distribution channel (E-Commerce and Brick & Mortar)
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Country Scope
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The US
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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LG Electronics, Whirlpool Corporation, Samsung, Robert Bosch GmbH, and Haier Group Corporation
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Household Appliances Market Segment Insights
The cooktop, microwave, and cooking range segment held a key market share of 27.6% of the total revenue share
Based on products, the US household appliances market is segregated as dishwasher, cooktops, microwaves, oven, mixer grinder, food processor, refrigerator, washing machine, ACs, heater, and vacuum cleaner. The cooktop, microwave, and cooking range segment is estimated to expand at a robust CAGR during the forecast period. The mixer grinder and food processor segment is predicted to expand at a CAGR of around 5% during the forecast period.
Manufacturers are investing mainly in R&D activities and concentrating on product development. For example, advanced ovens and other cooking appliances provide innovative touch screen controls and LCDs with high-quality visual and control features. Moreover, rising use of Internet of Things (IOT) and connectivity allows for control of appliances without the physical presence of the consumer. This has increased the use of household appliances.
Washing machine producers are shifting their attention towards developing smart appliances to increase their profit margin. This has increased the competition among manufacturers to produce convenient and advanced washing machines.
Brick & mortar segment to hold a key market revenue share
On the basis of distribution channels, the US household appliances market is bifurcated into e-commerce and brick & mortar. The brick & mortar segment includes supermarkets, hypermarket, electronic and electrical stores, general stores, and departmental stores.
The segment is estimated to expand at a substantial CAGR of around 8% during the forecast period. Majority of consumers prefer brick & mortar shopping of household appliances, due to availability of after-sales service by the stores. Manufacturers are connected with distribution channels, which are spread across various countries in the US.
The share of e-commerce segment was around 3.5% of the country’s total GDP. Busy lifestyles along with ease of transactions is expected to boost the online segment. Increasing digitalization and development of e-commerce is estimated to fuel the segment growth.
Accessibility of free home delivery service is a major factor, which drives the e-commerce segment. Consumers are now adopting e-commerce websites for purchasing electronics, as they provide discounts, special pricing, and a wide range of products.
Key online traders in the US, such as Target Brands, Inc., and Wal-Mart Stores, Inc., offer discounted prices, as they make use of economies of scale, by buying the product directly from manufacturers.
Segments
The US household appliances market has been segmented on the basis of
Products
- Dishwasher
- Cooktops
- Microwaves
- Oven
- mixer grinder
- food processor
- refrigerator
- washing machine
- ACs
- Heater
- vacuum cleaner
Distribution Channels
- Bricks and Mortar
- E-commerce
Key Players
Competitive Landscape
Key players in the US household appliances market include LG Electronics, Whirlpool Corporation, Samsung, Robert Bosch GmbH, and Haier Group Corporation. Several companies in the market have entered into merger and acquisition deals, so that they can venture into distribution channels and overcome the challenges in R&D.
In 2016, LG Electronics declared its alliance with e-commerce trader Amazon.com, Inc. The company aims to inculcate Alexa into the SmartThinQ hub, which is a device for joining LG home devices. LG Electronics plans to add Amazon’s dash feature in the SmartThinQ hub for automatic functioning of devices. The main aim is to provide unique IoT features to make LG home solutions convenient for consumers.
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