Small Domestic Appliances Market is Expected to Rise at a CAGR of ~6% Between 2020 and 2030

October 18 20:32 2021
Small Domestic Appliances Market is Expected to Rise at a CAGR of ~6% Between 2020 and 2030
Small Domestic Appliances Market To Reach Valuation Of US$ 67.9 Bn By 2030

Transparency Market Research delivers key insights on the global small domestic appliances market. In terms of revenue, the global small domestic appliances market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global small domestic appliances market report.

In the report, TMR predicts that the global small domestic appliances market would be largely driven by factors such as growing middle class population, disposable income, and improved products. Rapid industrialization and urbanization have resulted in uplifting various economies around the world. The trend of using multifunctional appliances and replacing traditional appliances is expected to boost the growth of the small domestic appliances market during the forecast period.

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According to the small domestic appliances market report, the product type segment includes kitchen appliances (coffee machine, air fryer, juicer, steamers, others), floor care appliances (vacuum cleaners, mops, others), garment care appliances (iron and garment steamer), and other appliances (air purifiers, humidifiers & dehumidifiers, others); the end-use segment comprises residential and commercial (hotels, restaurants, cafes, others); based on distribution channel, the market is divided into online (e-Commerce websites and company-owned websites) and offline (supermarkets/hypermarkets, specialty stores, and others). In terms of product, kitchen appliances account for major share of the small domestic appliances market. Increase in urbanization and growing working population in various countries contributes majorly to the expansion of this segment. Kitchen appliances segment is projected to expand at a significant rate in the near future.

The capability of small domestic appliances to sync with wireless Bluetooth devices is a new way of starting appliances in the kitchen. Consumers no longer have to wait for long to preheat the oven, thus increasing convenience and saving time. The introduction of advanced controls such as swipe control or touch control is likely to attract more consumers in the small domestic appliances market during the forecast period.

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The small domestic appliances market is projected to remain influential in the residential segment at a CAGR of 6% in terms of value. This is due to the rise in the number of residential units and preference of end users for convenience products. This is likely to enhance the demand for small domestic appliances. Continuous rise in the number of households across the globe is likely to promote sales of small domestic appliances in the upcoming years.

Based on distribution channel, the offline segment dominated the small domestic appliances market in 2019, owing to the preference of consumers to experience the quality of the product physically before purchasing. In addition, many consumers who prefer premium appliances aspire to physically visit the store and experience the appliances. However, rapid penetration of Internet services worldwide has resulted in growth of online sales, thus generating opportunity for manufacturers in the small domestic appliances market during the forecast period. All these factors are expected to drive the demand for small domestic appliances during the forecast period.

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Small Domestic Appliances Market: Prominent Regions

Asia Pacific holds major share of the global small domestic appliances market followed by Europe. Key players largely depend on geographical expansion, promotions, and technological advancements to cater to customer demand and gain a competitive edge in the global small domestic appliances market.

Asia Pacific accounted for ~31% share of the global small domestic appliances market in 2019, followed by Europe and North America. It is anticipated to maintain its dominance in the market during the forecast period, due to growth and development in the home care segment, and mass migration of rural citizens to major urban centers, along with the continued development of rural areas.

Small Domestic Appliances Market: Key Players

Key players operating in the global small domestic appliances market include Candy Hoover Group Srl, Dyson Limited, Morphy Richards, Groupe SEB, Kenwood Limited, Koninklijke Philips N.V., Robert Bosch GmbH, Russell Hobbs, Stanley Black & Decker, Inc. and Whirlpool Corporation.

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