Report Overview

The growth of the United States household appliances market can be attributed to the rapid rise in American disposable income levels. Factors like an increase in single-person households, a rise in smart homes, and a number of millennials coupled with an increase in the selling of small appliances online and rising demand for smart sensors and energy efficiency are propelling the United States household appliances market.

United States Household Appliances Market - Industry Trends & Forecast Report 2028

United States Household Appliances market was worth USD 48.4 billion in 2021 and is projected to reach USD 60.1 billion by 2028, exhibiting a CAGR of 3.2% in the forecast period. The growth of the United States household appliances market can be attributed to the rapid rise in American disposable income levels. Factors like an increase in single-person households, a rise in smart homes, and a number of millennials coupled with an increase in the selling of small appliances online and rising demand for smart sensors and energy efficiency are propelling the United States household appliances market.

Household Appliances - Overview

The term household appliances refer to equipment used for cooking, cleaning, preserving food, and other activities that make life more comfortable. Some household equipment used in day-to-day life by the general population is microwave ovens, vacuum cleaners, refrigerators, washing machines, and air conditioners. The distribution of these appliances occurs through a number of channels, including multi-brand stores, specialty shops, online retailers, and others.

United States Household Appliances Market Forecast and Trends

Growth Drivers

Increased Residential Housing is Fueling the Demand for Household Appliances

The demand for major home appliances rises as residential housing increases, pushing the production data to a moderately high level. The position of the housing market directly impacts the manufacturing of large home appliances. Major home appliances are likely to increase in demand in the U.S. due to the residential housing market, enhancing the market's prospects for future growth. In the short term, rising home renovation projects in the nation may also increase the demand for large appliances. The sale of building supplies, appliances, décor, and other home improvements, as well as the services provided by contractors and other workers who assist in the construction, installation, modification, and upgrading of homes, are all included in the home improvement industry. I n the United States, stronger than it has been in more than ten years. One of the key elements influencing the nation's demand for new freezers and refrigeration units, cooking appliances, and air conditioners is the construction of new housing. Even though most homes already have one or more appliances, due to the industry's rapid technological advancements, most customers are willing to trade their old models for the newer ones more frequently.

Innovation in Technology and Increasing Focus on Supply Chain Optimization

The introduction of cutting-edge small household appliances, the rise of artificial intelligence technology, the Internet of Things (IoT) adoption that is accelerating, and several other market trends like cloud technology will help to expand the U.S. market. For instance, Spring USA introduced its new LoPRO induction range series in October 2020. This series is portable and built to last. This product has a top made of tempered glass and premium polymer housing. Few businesses have successfully entered the U.S. market by improving their supply chain. This tactic improved the efficiency of operations. More customers should be drawn in by conveying raw materials to producers and finished goods to consumers. For instance, in April 2021, Panasonic Corporation paid USD 7.1 billion to acquire the U.S. supply chain software startup Blue Yonder. This acquisition will aid the expansion of Panasonic in the U.S.

Restraints

High Cost of Household Appliances will Limit The Market Growth

Household appliances are getting advanced with the introduction of technology, and appliances are getting smarter. When compared to traditional appliances, smart appliances are more expensive; this is anticipated to restrict market growth due to high prices. Although technology has long-term benefits, it might be difficult for businesses to draw customers at such huge prices. Currently, the majority of homes in America and Europe have smart appliances installed. However, a sizable segment of the population in these areas still believes that high-end smart home gadgets with cutting-edge technologies are beyond reach. A sizable section of the population in Asian nations like China and India cannot afford even the most basic home equipment. As a result, the high cost of both acquisition and maintenance may limit the expansion of this market on a global scale. Making customers aware of the long-term advantages of adopting smart appliances could help to solve this problem.

Impact of COVID-19 on the United States Household Appliances Market

Large home appliances in the United States in particular experienced supply chain interruptions as a result of the rapid spread of COVID-19 throughout the world. The main concerns that the majority of industry players are currently concentrating on include limited component availability, labor shortages, and other supply chain-related problems. Customers were driven to reevaluate their priorities, modify their purchasing habits, and adopt new routines. According to numerous statistics, consumers increasingly purchase appliances online as they adopt social distancing. The epidemic has affected consumers' purchasing decisions for bigger home appliances, including refrigerators, stoves, dishwashers, dryers, and others. DIY hobbies, including cooking, sewing, decorating, and arts and crafts, have grown in popularity among stay-at-home mothers.

The United States Household Appliances Market - By Product

Based on product, the market is segmented into refrigerators, air conditioners, washing machines, dishwashers, water heaters, and cooking appliance such as microwaves, ovens, and vacuum cleaners. In 2021, the segment with the highest revenue share was cooking appliances. Due to consumers' desire to save time and effort, the demand for cooking appliances in the U.S. real estate market is predicted to increase. Other factors that would fuel demand for microwaves, ovens, and other cooking appliances in the U.S. during the forecast period include rising disposable income and increasing standards of living. The air conditioner market is expected to grow at the fastest CAGR between 2022 and 2028. Rising temperatures and rising middle-class income levels are anticipated to drive the air conditioner segment's growth during the anticipated period. The growing living standard among people and construction activities will provide growth opportunities.

The United States Household Appliances Market - By Distribution Channel

Based on distribution channels, the market is segmented into offline, online, and others. The offline segment is further divided into multi-branded stores and specialty stores. In 2021, the offline segment had the highest revenue share. Due to the exclusive offerings by product experts and the post-purchase services, the majority of customers choose offline stores when purchasing household appliances. In the U.S., numerous retailers sell household appliances, including Target, Old Navy, and Walmart. These are more likely to be "experience stores" that let customers use the products. The customers who shop at these establishments have a variety of options. In the United States, many brands have established their experience retail locations to attract more customers.  

From 2022 to 2030, the online market is anticipated to grow fastest. Consumers are increasingly using the internet, and businesses are targeting their marketing to all customer touchpoints, likely to drive this market's expansion. The Unites States' online household appliance sales are driven by the rapid growth of e-commerce and increasing digitalization, particularly among the young and millennial population globally. Additionally, quick payment processes and consumers' busy lifestyles are fueling online product sales.

Competitive Landscape

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.

The United States household appliances market is highly fragmented, with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics are used, including strategic alliances, agreements, mergers, and partnerships.

Recent Development

• In January 2022, the revolutionary invention by L.G. Electronics received numerous awards. The firm was named with L.G.'s OLED Evo C2 Series, PuriCare AeroTower, DualUp Monitor, Soundbar S95QR, and Washer and Dryer Pair most-awarded brand by USA TODAY/Reviewed. This achievement was given based on four important factors: innovation, technology, design, and value.

• In February 2022, Panasonic created a double-sided full wiring transparent conductive film that combines low resistance and high transmission using its specialized roll-to-roll manufacturing technique. This film helps to reduce environmental impact by using less material and consuming less electricity for displays.

Scope of the Report

By Product

• Refrigerator

• Air Conditioner

• Washing Machine

• Dishwasher

• Water Heater

• Cooking Appliance

1. Microwave

2. Oven

3. Others

• Vacuum Cleaner

• Other Products

By Distribution Channel

• Offline

• Specialty Stores

• Multi-Branded Stores

• Online

• Others