DUBLIN, Nov. 17, 2023 /PRNewswire/ -- The "The US Small Household Appliances Market (by Category, Product, & Distribution Channel): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The US small household appliances market is expected to reach US$27.17 billion in 2023, growing at a CAGR of 5.02% during the forecast period. Also, the US small household appliances market by volume is likely to rise to 410.66 million by 2027, at a CAGR of 1.58%, during the projected period.
Rapid adoption of IoT technology driving smart small household appliances, as well as increased consumer knowledge regarding the evolution and use of cutting-edge technological items such as humidifiers, would have an influence on demand for the US small household appliances market in the coming years.
Factors such as increasing wealth and rise in disposable incomes are expected to lead to an increase in the number of single person households in the region. With the rise in income, people can afford to bear all kinds of expenses on their own and therefore, an increasing number of people are anticipated to choose to live alone.
Moreover, the young generation gives greater focus to their education and career, which is expected to lead to delayed marriages and thus an increase in the number of adults living alone. The growing number of single-person households would exert great influence on the advanced household appliances industry.
People living alone need to manage all their tasks by themselves and tend to have less time for cooking and thus prefer cooking and other kitchen appliances. Thus, the growing number of single-person households in the US is anticipated to provide a huge impetus to the demand for household appliances and thus support the market growth.
Trend: Cloud Technology
The cloud computing provides different services through the internet, inclusive of servers, data storage, database, networking etc. The cloud based storage allow the user to save files remotely and access them as per the need. The evolvement and rise in cloud technology have supported and enriched the smart home technology.
In the proposed method, the technology collects and stores information of small home appliance like dishwasher, coffee machines, etc. using home network technologies and sends the information to the cloud server for storage and management. Hence, the progressive growth of cloud technology is expected to support the growth of the market.
Challenge: Increased Tariffs on Raw Materials
Increased tariffs on raw materials such as steel and aluminum restrained the market for household appliances in the historic period. Steel and aluminum are predominantly used in manufacture of several household appliance components such as vacuum cleaners, coffee machines, microwave ovens, toasters, etc. Increasing import tariffs on raw materials such as steel and aluminum hindered the market for household appliances in the US.
The COVID-19 Analysis
The outbreak of Coronavirus illness harmed the US small household appliance sector in 2020, as governments around the world instituted lockdowns.
The dip in 2020 was not as severe, and the market recovered in 2021 as a result of increased consumer spending, an increase in the number of single-person households, the launch of new businesses, and so on. The market is likely to grow in the future as many companies introduce novel tiny household appliances and the sector makes extensive use of artificial intelligence and cloud computing.
Analysis of Key Players
The US small household appliances market is fragmented with the presence of a large number of players majorly dominating worldwide. Key players of the US small household appliances market are Samsung Electronics Co., Ltd., Haier Group Corporation, LG Electronics Inc., Whirlpool Corporation, Panasonic Corporation, Newell Brands Inc., Electrolux AB, Robert Bosch GmbH, Spectrum Brands, Koninklijke Philips N.V., Hamilton Beach Brands Holding Company, Dyson Limited, and Smeg SpA.
Segment Covered
By Category: In terms of category, the report provides the bifurcation of the US small household appliances market into four segments: Cooking, Home Environment, Food Preparation, and Personal Care.
Cooking segment held largest market share. Rise in urban population, growth in adoption of methods to conserve natural resources and reduce negative impact on the environment are considered the major factors that encouraged cooking appliances in the US small household appliances industry.
By Product: On the basis of product, the US small household appliances market is segregated into ten segments: Small kitchen appliances, Vacuum Cleaners, Grills & roasters, Coffee machines, Microwave ovens, Irons, Hair clippers, Toasters, Hair dryers and Electric Kettles.
Small kitchen appliances accounted for highest share in the US small household appliances market, due to rise in demand from consumers, surging urban population, growing number of single person household, rising urge of consumers to learn new cooking skills, paved favorable conditions for the growth of small kitchen appliances market.
The US small household appliances market volume is also segmented on the basis of products. Where Small kitchen appliances held the almost 50% share of the market and is expected to grow in the future due to the rising living standards, growing consumer purchasing power, growing popularity of smart home & kitchen appliances in the region.
By Distribution Channel: Further, the report splits the US small household appliances market into two distribution channel: Online and Other.
Online channel occupied the maximum share in the market and is expected to grow at a significant CAGR. The online sales of small household appliances experienced an increase, during the ongoing COVID-19 pandemic.
The US online small household appliance sales surged due to the emergence of numerous e-commerce website which offer attractive deals & discounts. In addition, the online purchase offers home delivery and easy return of products which make online shopping more reliable and convenient for millennial as well as for the working class population.
Market Dynamics
Growth Drivers
- Growing Number of Single-Person Households
- Rise in Disposable Income
- Surging Urban Population
- Growth in Number of Smart Homes
- Rising Millennial Population
- Surging Online Sales of Small Household Appliances
- Surging Smart Sensors Demand
- Rising Demand for Energy Optimization
Challenges
- Increased Tariffs on Raw Materials
- Rising Privacy Threats
- Changing Regulations
Market Trends
- Cloud Technology
- Integration of Artificial Intelligence Technology
- Surge in Adoption of Internet of Things (IoT)
- Growing Influence of Social Media
- Introduction of Innovative Small Household Appliances
Company Profiles
- Dyson Limited
- Electrolux AB
- Haier Group Corporation
- Hamilton Beach Brands Holding Company
- Koninklijke Philips N.V.
- LG Electronics Inc.
- Newell Brands Inc.
- Panasonic Corporation
- Robert Bosch GmbH
- Samsung Electronics Co., Ltd.
- Smeg SpA
- Spectrum Brands
- Whirlpool Corporation
For more information about this report visit https://www.researchandmarkets.com/r/xedt3g
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
