Home Appliances Market – US Industry Analysis, Size, Share, Growth, Trends, and Forecast | Growth Market Reports

The US home appliances market size is projected to expand at a substantial CAGR during the forecast period. Growth of the market is attributed to the increasing urbanization, growing working population, and emerging demand for smart appliances.

A home appliance is also known as an electric appliance, household appliance, and domestic appliance. A home appliance is a machine which helps in household work such as cleaning, food preservation, and cooking.

The Covid-19 pandemic affected the demand and supply of US home appliances market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

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Market Trends, Drivers, Restraints, and Opportunities

• Increasing consumer purchasing capacity and rapidly growing population is projected to boost the market in the coming years.
• Emerging demand for smart appliances is major factor fueling the market during the forecast period.
• Increasing on-demand laundry services is anticipated to hamper the market growth.
• High maintenance cost is projected to hamper the market growth in the coming years.
• R&D investment and technological advancement in home appliances is projected to create lucrative opportunities for the market players.

Market Segment Insights:

The refrigerators segment accounts for key share of the market

Based on types, the US home appliances market is segregated into washing machines, ovens, air conditioners, dishwashing machines, refrigerators, and others. The refrigerator segment accounts for a key share of the market. Growth of the market is attributed to increasing living standards of consumers and rising awareness about advantages of home appliances. The refrigerators segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising disposable income and changing customers focus on energy-efficient product.

The small kitchen appliances segment accounts for a major share of the market

On the basis of small appliances, the US home appliances market is fragmented into hair dryers, toasters, irons, small kitchen appliances, hair clippers, grills & roasters, vacuum cleaners, and others. The small kitchen appliances segment is anticipated to hold a major market share during the forecast period. Growth of the market is attributed to increasing demand for advanced & innovative products. However, the toasters segment is anticipated to expand at a rapid pace during the forecast period due to factors such as introduction of smart meters.

The online segment is estimated to hold a major share of the market

On the basis of distribution, the US home appliances market is segregated into online, multi-brand Stores, Exclusive Stores, and Other. The online segment accounts for a key share of the market. Growth of the market is attributed to increasing investment by emerging countries and rising demand for washing machines. The exclusive store segment is anticipated to expand at a rapid pace during the forecast period due to factors such as changing consumer preference and rising economies.

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Competitive Landscape

The major players in the US home appliances market include Whirlpool Corporation, LG Electronics, Electrolux, Samsung, and Haier.

Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and raise their production line of the business in the coming years.

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