INDUSTRY REPORT
“ The increasing adoption of integrated smart home technology is one of the prime growth drivers for the household appliance market over the next few years .”
GLOBAL HOUSEHOLD APPLIANCE MARKET 2020-2024
INDUSTRY REPORT
The Smart Revolution
According to analyst Technavio , the global household appliance market is poised to grow by US $ 21.76 billion during 2020-2024 , progressing at a CAGR of almost 1 % during the forecast period . Its research study identifies the increased adoption of integrated smart home technology as one of the prime reasons driving household appliance market growth over the next few years .
The smart kitchen appliance market size , said the analyst , also has the potential to grow by US $ 6.16 billion during 2020-2024 , and its growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth .
According to Data Bridge Market Research , the global household appliances market is expected to see a growth rate of 4.3 % from 2021 to 2028 .
Home appliances in focus
We highlight trends , growth drivers and challenges for the global household appliances industry .
Home appliances refer to an array of devices , generally operated on electricity and used in the home for chores such as cooking , cleaning or preserving cold food . Also termed ‘ domestic ’ appliances , these mainly involve white goods such as refrigerators ; air conditioners ; dishwashers ; clothes dryers ; drying cabinets ; freezers ; kitchen stoves ; water heaters ; washing machines etc .
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