INDUSTRY REPORT
“ The global household appliances market size was valued at US $ 664.34 billion in 2022 and is projected to hit around US $ 1096.54 billion by 2030 .”
INDUSTRY REPORT
SMART AND SUSTAINABLE
Image : Sidekix Media , Unsplash .
Sustainability ; resource-efficiency ; connectivity and circularity are key pillars of development for the global home appliance market .
“ Today ’ s consumers are more empowered and have greater expectations than ever before . Sustainable product innovation that is built on deep consumer insight is therefore essential in driving profitable growth ,” commented The Electrolux Group in its recent Annual Report . It is focused on developing new environmentally friendly and resourceefficient products that can be brought to market on a large scale .
Smart home appliances are continuously gaining ground as the industry embraces new technologies such as artificial intelligence ( AI ); Internet of Things ( IoT ); Wi-Fi ; Bluetooth ; augmented reality ( AR ); virtual reality ( VR ) and cloud computing .
The global market for home appliances
Growth patterns , technology innovations , trends and forecasts for global home appliance markets are highlighted for manufacturers .
According to analyst Precedence Market Research , the global household appliances market size was evaluated at US $ 664.34 billion in 2022 and is projected to hit around US $ 1096.54 billion by 2030 , with a registered CAGR of 6.46 % from 2022 to 2030 .
Growth factors
“ The global household appliances market is anticipated to witness a significant growth rate owing to the changing consumer lifestyle and evolving and growing economic pressure . The rising adoption of technologically advanced appliances is boosting the growth of the market . The proliferation of digital technologies has led to the development of energy-efficient and advanced appliances that offers enhanced performance at lower energy consumption ,” commented the analyst .
“ Rising disposable income , improving living standards and the need
Left : Samsung Electronics UK Ltd . launched its new single door Built-In Fridges and Built-In Freezers in March 2023 . Users can track their energy usage with SmartThings Energy and access energy tips on their smartphones .