United States household appliances Market to Grow at a CAGR of 3.2% during the Forecast Period
The United States household appliances market is growing at a high CAGR due to the swift increase in the number of single-person households, smart houses, and the rising number of millennials.
A recent study by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States household appliances market was worth USD 48.4 billion in 2021. The market is projected to grow at a CAGR of 3.2%, earning around USD 60.1 billion in revenues by the end of 2028. The United States household appliances market is booming due to the swift increase in the number of single-person households, smart houses, and the rising number of millennials, coupled with an increase in population disposable income levels in the United States. Additionally, trends such as the growing need for smart sensors and energy efficiency are driving the market for household appliances in the United States.
Manufacturers of household appliances focus on innovation and technological advancements to increase overall revenue.
Many businesses are concentrating on strengthening their product portfolio across all market categories through innovation and better capital measurements. The global market for household appliances is also expected to increase due to aggressive marketing and promotion efforts. Manufacturers offer innovative goods with low energy usage, smart features, and higher performance. The overall growth of the electrical household appliances market is anticipated to be driven by companies securing their positions through mergers and acquisitions, product line expansion, or both over the forecast period.
The need for smart home appliances is increasing due to the current trend of developing smart homes, and the market for electrical appliances appears to be following this pattern consistently. The market is anticipated to grow at a substantial rate throughout the course of the projected period due to factors such as the rising trend of modular kitchens, utilization of comfort home solutions, preference for high-capacity handling kitchens, portable appliances, and cleaning appliances, etc.
On the other hand, long-term product development, particularly that of household appliances, is constrained by the maximum utilization of natural resources. The push of customers toward environmental sustainability in the household appliance market is fueled by the availability of products with greener features, which are constructed of recycled materials and utilize fewer heavy metals and dangerous chemicals.
The United States Accounted For The Largest Market Share of Home Appliances in 2021
The distribution channel segment is bifurcated into offline, online, and others. Multi-branded stores and specialty shops represent the remaining offline market segment. The offline market's revenue share was highest in 2021. When choosing where to buy household appliances, most buyers select offline stores because of the specialized offerings made by product experts and the after-purchase services. These are probably "experience stores" where customers may really use the things. Customers that visit these stores have a wide range of possibilities. Many firms have opened experiential retail outlets in the United States in an effort to draw in more customers. The online market is predicted to expand fastest throughout the forecast period. This market is projected to grow as a result of consumers utilizing the internet more frequently and firms focusing their marketing efforts on all customer touchpoints. Household appliance sales online in the United States are being fueled by the booming e-commerce industry and rising digitization, particularly among the young and millennial population worldwide. Online goods sales are also being fueled by speedy payment procedures and consumers' busy lifestyles.
Impact of COVID-19 on the United States household appliances Market
The rapid spread of COVID-19 worldwide resulted in substantial supply chain disruptions for most businesses, especially for American manufacturers of large home appliances. Limited component availability, labor shortages, and other supply chain-related issues are the main worries that the majority of industry players are currently focusing on. Customers were compelled to reassess their priorities, alter their buying patterns, and establish new routines. Numerous statistics show that buyers are buying more and more appliances online as people adopt social distancing. The pandemic has impacted larger household appliances, including refrigerators, stoves, dishwashers, dryers, and others.
The key players operating in the United States household appliances market are L.G. Electronics, Haier Group, Whirlpool Corporation, Midea Group, Samsung Electronics, Robert Bosch LLC, Electrolux, Frigidaire, G.E. Appliances, Panasonic Corporation, Fisher & Paykel Appliances Holdings Ltd and other prominent players.
With numerous manufacturing firms operating there, the domestic appliance industry in the United States is quite fragmented. The market leaders maintain their dominance by investing in R&D, adding cutting-edge technology into their products, and producing improved products for consumers. There are other strategies employed, such as strategic alliances, contracts, mergers, and partnerships.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the United States household appliances market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States household appliances market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market's growth drivers, challenges, and competitive dynamics.
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