The global appliances market was valued at USD 562.7 billion in 2022 and is projected to expand at a CAGR of 5.6% from 2023 to 2030. The growth of the market is attributed to the increasing demand for energy-efficient products and the rising number of nuclear families. In addition, the growing trend of smart appliances is further expected to drive the market. The emergence of artificial intelligence (AI) and internet of things (IoT) technology is enabling the integration of advanced features in appliances, such as voice command and remote control. For instance, in June 2021, Midea launched its first smart home appliance series for the Indian market. The series includes an air conditioner, a washing machine, and a refrigerator.

The introduction of advanced features such as touchscreens and voice commands in appliances is expected to further drive the market. For instance, in March 2021, LG launched a new refrigerator, LG InstaView ThinQ that features voice command and a 29-inch touchscreen. Furthermore, the product is compatible with Alexa and Google Assistant, allowing users to control it using voice commands.

The increase in energy-saving initiatives by governments is expected to drive the market. For instance, in April 2021, the United States Environmental Protection Agency (EPA) launched the ENERGY STAR Most Efficient 2021 program, which highlights products that deliver cutting-edge energy efficiency along with the latest technological innovations. Moreover, the growing trend of online shopping is further expected to drive the market. For instance, in April 2021, Johnson & Johnson launched the ‘Go Shop’ online store in India, which provides customers with a wide range of home appliances and consumer electronics products.

Furthermore, some market participants are continuously investing in research and development activities to develop innovative products with advanced features. For instance, in December 2021, Electrolux launched a new air conditioner, the ‘Flexminder’, with smart features, such as voice control, a smart Wi-Fi remote, and the ability to detect air temperature and humidity. The product is designed to provide a comfortable environment for users.

Moreover, the rising disposable income of consumers is expected to drive the market. For instance, in May 2021, Samsung launched a new line of home appliances in India, including a washing machine, refrigerator, air conditioner, and microwave oven. The products are equipped with advanced features and are available in different sizes. Additionally, the rising trend of green building is further expected to drive the market. For instance, in April 2021, Whirlpool launched its ‘Green Building Program’ in India, which focuses on providing energy-efficient and environment-friendly appliances.

The kitchen appliances segment led the market and accounted for a share of around 28.7% in 2022. Growing demand for technologically advanced and innovative kitchen appliances such as smart refrigerators, ovens, and dishwashers are the primary factors driving the growth of the segment. Furthermore, factors such as changing lifestyles and increasing disposable income are also contributing to the growth of the segment. According to an article published by the National Kitchen and Bath Association, in April 2020, more than 62% of kitchen renovation projects include replacing major appliances.

The home laundry appliances segment is anticipated to expand at the fastest CAGR of 5.4% over the forecast period. Growing demand for energy-efficient and smart laundry appliances such as washers, dryers, and washing machines is driving the market growth. According to an article published by the Association of Home Appliance Manufacturers, in January 2020, nearly 60% of consumers prefer to buy energy-efficient appliances. In addition, increasing adoption of innovative features such as steam and air-drying technology and automated sensors is also driving the segment growth.

The traditional retail stores segment accounted for the major share of the overall market in 2021. Traditional retail stores include department stores, specialty stores, and single-brand stores. The exponential growth of the segment is due to the growing preference of consumers for physical stores over online stores. The consumers prefer to touch and feel the product before making a purchase decision. This is further supported by the fact that traditional retail stores offer the best in class customer service and wide product selection.

The online segment is anticipated to expand at the highest CAGR of 8.4% over the forecast period. The growth of the segment is driven by the increasing preference of customers for online shopping due to the convenience and discounts offered by the vendors. Furthermore, the availability of a wide variety of products on various e-commerce platforms is also contributing to the growth of the segment. Moreover, the increasing number of discounts and offers on the purchase of appliances through various e-commerce websites is also propelling the growth of this segment.

The built-in appliances segment is expected to register a CAGR of 5.7% during the forecast period. The increasing trend of miniaturization and integration of kitchen appliances into other furniture, such as kitchen cabinets and walls, is driving the growth of the segment. Also, the increasing number of smart homes and automated retail stores is increasing the demand for built-in appliances. For instance, in May 2021, Whirlpool Corporation announced the launch of its smart home appliances collection in the U.S., which includes an array of built-in appliances such as refrigerators, ovens, microwaves, and hoods.

The freestanding appliances segment is anticipated to be the largest revenue contributor to the market. The increasing demand for freestanding appliances is due to their low cost, portability, and ease of installation. Furthermore, the ongoing trend of minimalism and smart living among consumers is driving the demand for compact and multipurpose appliances, such as mini-fridges and washer-dryer combos. Companies such as Samsung and Midea are focusing on the production of multipurpose appliances to capitalize on the growing demand.

Asia Pacific is projected to witness the fastest growth over the forecast period. This is attributed to the growing urbanization in the region, along with the rising disposable income of the middle-class population. Moreover, rapid technological advancements in the region are leading to the introduction of innovative appliances, which is further boosting the growth of the market. For instance, in November 2021, Xiaomi launched the world’s first AI-enabled laundry appliance in India.

North America is expected to hold the second largest share in the market. This is attributed to the presence of numerous prominent players in the region. Moreover, the increasing demand for energy-efficient appliances, along with the rising initiatives to promote energy conservation, is expected to drive the demand for energy-efficient appliances in the region. For instance, in June 2021, Whirlpool launched its energy-efficient range of laundry appliances in the US.

In this part of the appliances products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your appliances products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for an appliances products business comes from the sale of products, services, and support. Here you will find a list with a description of each of them and other possible sources of profit such as the sale of spare parts, warranties, and promotional items.

Projecting Expenses
In this section, all the regular expenses related to keeping the appliances products business running will be described. The list of operating expenses includes rent, wages, marketing and advertising, utilities, insurance policies, and others.

Some of the key companies operating in the appliances market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In July 2022, LG Electronics launched the InstaView Door-in-Door refrigerator with a built-in touchscreen.

– In June 2022, Siemens launched the iQ700 kitchen range, a range of kitchen appliances designed to make cooking and baking more efficient.

– In August 2022, Bosch launched the Home Connect range of appliances, designed to provide greater convenience and connectivity.

Some of the prominent players in the appliances market include:

– LG Electronics
– Samsung Electronics
– Siemens AG
– Whirlpool Corporation
– Panasonic Corporation
– Electrolux AB
– Midea Group
– Haier Group
– Bosch Group
– KitchenAid

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global appliances market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Kitchen Appliances
– Home Appliances
– Laundry Appliances
– Cleaning Appliances
– Heating and Cooling Appliances

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Retail
– Wholesale
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– Built-in Appliances
– Freestanding Appliances

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What Factors are Driving Growth in the Appliances Products Market?
[A]: The global appliances products market is driven by factors such as the rising demand for convenience among consumers, the need for energy efficiency, the popularity of smart home appliances, and the increasing disposable incomes of consumers. Additionally, growth in the construction industry and the increasing demand for appliances from the hospitality sector are also driving market growth.

[Q]: What are the Major Segments of the Appliances Products Market?
[A]: The major appliance product segments include residential appliances and commercial appliances. Residential appliances include kitchen appliances, laundry appliances, refrigeration appliances, and other home appliances. On the other hand, commercial appliances include restaurant and cafeteria appliances, office appliances, and other commercial appliances.

[Q]: What is the Regional Breakdown of the Appliances Products Market?
[A]: The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest market share, followed by Europe and Asia Pacific. The increasing demand for energy efficient appliances in countries such as Japan, China, India, and South Korea is driving the market in the Asia Pacific region.

[Q]: Who are the Major Players in the Appliances Products Market?
[A]: Major players in the global appliances products market include Electrolux AB, Whirlpool Corporation, Panasonic Corporation, Haier Group Corporation, LG Electronics Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Midea Group, AB Electrolux, and others.