According to a new report published by Allied Market Research, titled, The global white goods market was estimated at $635.4 billion in 2019 and is expected to hit $1031.0 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027.
Rise in disposable income, growth in advertisement and internet penetration, and surge in the number of restaurants and hotels fuel the growth of the global white goods market. On the other hand, usage of white goods affects the environment and promotes health issues, which impedes the growth of the market. However, launch of new eco-friendly products and further technological advancements are expected to present number of opportunities in the near future.
Growing electrification and rapid expansion of the retail sector in the rural market has been further spurring the growth of the global product market. For instance, according to Consumer Electronics and Appliances Manufacturers Association, rural markets are expected to grow at a compound annual growth rate (CAGR) of 25%, which is majorly attributed to increasing electrification of rural areas.
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Based on end user, the residential segment held largest market share with nearly three-fifths of the global white goods market in 2019, and is anticipated to maintain its dominance till 2027. Growing disposable income and increase in spending on home improvement drive the growth of the segment. At the same time, the commercial segment would showcase the fastest CAGR of 8.5% during the forecast period. Rise inhotel & restaurants, hospital & clinics, commercial complexes and government offices drive the growth of the segment.
“Growing technological advancements in white goods and their adoption has been majorly influencing the growth of the product market. Furthermore, growing standard of living and personal disposable income are considerably facilitating people to buy home appliances.”
Based on product, the refrigerator segment accounted for nearly two-fifths of the global white goods market share in 2019, and is projected to lead the trail by 2027. Growing investments in innovation of refrigerators units and rising income levels coupled with reduced product prices with high specifications availability drive the growth of the segment.
On the other hand, the dishwasher segment is expected to portray the fastest CAGR of 10.3% throughout the forecast period. The rising number of working population and nuclear families is fueling product demand. Also, the growing adoption of the product in both residential and commercial sectors to save the time, water, and energy for utensils cleaning further drives the growth of the segment.
Based on region, Asia-Pacific, followed by North America held the major share in 2019, generating nearly half of the global market. The growing standard of living, rise in disposable income and high spending on the home improvement such as interior designing fuel the growth of the market. The LAMEA region would also showcase the fastest CAGR of 9.4% from 2021 to 2027. Rapid growth of the retail sector and business expansions of the major white goods manufactures in the region drive the growth of the market.
The players operating in the white goods industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market.
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The key players profiled in this report include:
• Alliance Laundry System LLC
• AB Electrolux
• Blue Star Limited
• Haier Group Corporation
• IFB Industries Ltd
• LG Electronics Inc.
• Havells India Limited
• Koninklijke Philips N.V.
• The Middleby Corporation
• Whirlpool Corporation.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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