The U.S. household appliances market size is expected to reach USD 93.04 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.5% from 2022 to 2030. Rising fuel prices, the increasing number of nuclear families, and the growth in induction cooking technology have increased the dependence of users on household appliances and hence are expected to have a significant impact on the U.S. market growth.
Other factors contributing to the growth of the U.S. market include the popularity of multi-functional and advanced products, which are capable of addressing more than one household application, thus giving good value for money. Vendors continually innovate to stay competitive, enhance customer satisfaction, expand the customer base, and generate demand for multi-functional household appliances to respond to the growing demand.
U.S. Household Appliances Market Report Highlights
- The refrigerator product segment captured the second-largest revenue share in 2021. The market value for smart refrigerators is increasing due to expanding consumer desires for linked home appliances with enhanced features and capabilities. The adoption of smart refrigerators in the home will be aided by the rising internet and smartphone penetration
- The air conditioner product segment is projected to register a growth rate of 7.3% during the forecast period. Public awareness regarding energy-efficient models is projected to have a positive impact on the product demand in the U.S.
- The introduction of technologically sophisticated air conditioners, such as air conditioners with inverter and air purification technologies, is expected to have a beneficial impact on the U.S. market throughout the forecast period
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The cooktop, cooking range, microwave, and oven segment held the largest revenue share of over 30.0% in 2021. The rising standards of living in the U.S. are predicted to fuel the demand for cooktops in the U.S. market. The increasing number of residential and non-residential construction projects is expected to increase the demand for cooktops in the U.S. According to the United States Department of Agriculture, in the U.S., a total of 1,495,000 construction permits were issued in July 2020 at SAAR (seasonally adjusted annual rate), this rate is 9.4% higher than July 2019 and 18.8% higher than June 2020.
Moreover, in July 2020, the seasonally adjusted annual rate (SAAR) for total completions of construction from permits was 1,280,000. This increased by 3.6% from June 2020 and increased by 1.7% from July 2019. Out of the completed construction, 60,524 were residential and 62,959 were non-residential. This increase in construction will drive the demand for induction cooktops in the U.S.
The e-commerce segment is expected to register the fastest CAGR from 2022 to 2030. E-commerce penetration is significant in the United States, resulting in a large sales volume. The majority of sales in the home appliance sector are driven by major online platforms like Amazon. Despite the fact that other regional manufacturers have found it difficult to get into the market, numerous worldwide manufacturers have attempted to do so. In most regions, customers are willing to try new things. Benefits such as quick returns, online retailer post-sale help, and free and one-day delivery features, on the other hand, are attracting a significant number of customers.
U.S. Household Appliances Market Insights By Demographics
Many brands have opened their experience stores in the U.S. in order to gain traction among customers. The rapid expansion of e-commerce, along with the growing digitalization, especially among the young and millennial population at a global level, is driving the online sales of household appliances in the U.S. Additionally, easy payment transactions and the busy lifestyles of consumers are driving the online sales of the products. Many U.S. consumers bought the products through online retailers such as Amazon and Walmart in record numbers.
Industry Share Analysis By Major Companies
The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches to enhance their portfolio offering in the market. Some prominent players in the U.S. household appliances market include:
- Dongbu Daewoo Electronics
- Electrolux
- Fisher & Paykel Appliances Holdings Ltd.
- Frigidaire
- GE Appliances
- Haier Group Corporation
- LG Electronics
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U.S. Household Appliances Market Segmentation
Grand View Research has segmented the U.S. household appliances market on the basis of product and distribution channel
- U.S. Household Appliances Product Outlook (Revenue, USD Million, 2017 – 2030)
- U.S. Household Appliances Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of the U.S. Household Appliances Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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