Global Consumer Appliances Market Report 2024: Market Insights And Future Outlook

The Business Research Company's Consumer Appliances Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 15, 2024 /EINPresswire.com/ -- The global consumer appliances market has demonstrated significant growth, expanding from $435.10 billion in 2023 to $465.85 billion in 2024, at a compound annual growth rate (CAGR) of 7.1%. It will grow to $615.50 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. This surge is largely due to increased consumer spending power, a rising demand for energy-efficient and multifunctional products, changes in consumer lifestyles, and the growing interest in home automation.

Rising Popularity of Restaurants Driving Market Growth
The increasing popularity of restaurants is expected to propel the consumer appliances market forward. Restaurants, which prepare, serve, and sell food and beverages, are becoming more popular due to consumers' growing desire for convenient, diverse, and social dining experiences. Consumer appliances play a crucial role in enhancing operational efficiency, improving food quality, and expanding culinary capabilities. These appliances enable restaurants to innovate, offer diverse menu options, and maintain high standards of hygiene and service. For example, in the first quarter of 2024, restaurants in Sweden experienced a 1.2% increase in sales volume and a 5.9% rise in turnover compared to the same period in 2023. This trend underscores the impact of restaurant popularity on the consumer appliances market.

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Key Players and Market Trends
Leading companies in the consumer appliances market include Samsung Electronics Co. Ltd., Robert Bosch GmbH, General Electric Company, Hitachi Ltd., and Panasonic Corporation, among others. These companies are focusing on innovation, particularly in AI-based kitchen robots, which are revolutionizing meal preparation. For instance, Wonderchef, an India-based company, launched Chef Magic in June 2024, an all-in-one kitchen robot featuring 360° induction heating, an in-built weighing scale, and a Wi-Fi-connected touchscreen interface that receives regular updates with fresh recipes and new features.

Segments:
• Product Type: Kitchen Applications, Small Appliances, Washing Machine, Air Purifiers, Water Heaters, Water Purifiers, Cloth Dryers And Tumblers, Air Conditioners, Vacuum Cleaners
• Sales Channel: Offline, Online
• End User: Domestic, Professional

Geographical Insights: Asia-Pacific to Lead Market
Asia-Pacific was the largest region in the consumer appliances market in 2023, with North America expected to be the fastest-growing region during the forecast period. The market's growth in North America can be attributed to rising living standards, increasing purchasing power, and the growing adoption of smart appliances and smart homes.

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Consumer Appliances Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Consumer Appliances Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on consumer appliances market size, consumer appliances market drivers and trends, consumer appliances market major players, competitors' revenues, market positioning, and market growth across geographies. The consumer appliances market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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