This article is designed to provide an overall analysis of the home appliances market based on statistics. Overall, the home appliances market is expected to achieve more than a 4% increase during the next 5 years, due to increasing economies and evolving consumer lifestyles.

The most important factor that influences the home appliances market is COVID-19. The epidemic situation had led to restrictive control including remote working, social distancing, and the shutdown of commercial activities that caused operational challenges. However, most home appliances manufacturers have rearranged their commercial operations and recovered from the COVID-19 impact.

Trending features of home appliances:

China is one of the biggest producers and consumers of various home appliances. Since China has more advanced technologies and cheaper prices, it occupies a large market share over the world in the home appliances field. Due to these competitive advantages, China has become one of the largest export countries. With the rapid development in technology, smart appliances are forecasted to drive the market over the next few years. Smart appliances provide advanced and intelligent functions and are more environmentally friendly. The increase in people’s disposable income, rising living standards, and the demand for comfort push consumers to upgrade their current appliances to smarter versions, which is further forecasted to stimulate the market demand. The fundamental reason people buy home appliances is that these products provide ease, diminish efforts, and save time, hence increasing the living standard. Therefore, some value-added features that are expected to capture the market share over the next couple of years include new product development, product innovation, product differentiation, and integration of various functions. No matter you are a factory that manufactures home appliances or a distributor who imports home appliances from other countries, these factors are extremely important to concern. Besides, the home appliances market is expected to be driven by trends such as sustainability, diversity, effectiveness, and stylish design.

Due to the pandemic situation when COVID-19 first came, people spent more time at home and hence pay more attention to their appliances. Even though the situation is better to some extent, the influences are permanent. Therefore, it comes to the conclusion that the home appliance industry will show strong vitality in the coming years.

Major home appliances market prediction:

To predict the market performance, we use the segment of refrigerators as a sample. The reason we choose refrigerator as a sample is because the refrigerators segment accounts for a significant market share in the field. Refrigerators can be seen as the easiest and most convenient way to store food and food products. Rising disposable income, availability of smart and energy-efficient refrigerator units, and widening base of nuclear families are leading to an upsurge in demand for refrigerators for household applications. In terms of types, single-door refrigerators are the most popular type as they usually cost less money and are easy to use. However, recently the French door refrigerators are gaining popularity due to their modern design and various functions.

The diagram above shows the global revenue of the refrigerator segment from 2017 to 2026 (prediction). There is an obvious up trending in coming years. According to the “Household Appliances Global Market Report”, the home appliances market is forecasted to reach $436.04 billion in 2025 at a CAGR of 7%.

In conclusion, the home appliance market will show an upward trending in the coming years and it is definitely a good investment if you are looking for an opportunity.