The US household appliances market was valued at USD 43.32 billion in 2019. The market is projected to expand at a robust CAGR during the forecast period, 2021 – 2028. 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.
Request Free Sample Report Here
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.
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.
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.
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.
Compititive 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.
About Growth Market Reports:
GROWTH MARKET REPORTS provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GROWTH MARKET REPORTS has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: [email protected]
Web: https://growthmarketreports.com
