Electrical Appliances Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Electrical Appliances Market is segmented By Product (Refrigerator, Entertainment Appliances, Cooking Appliances, Washing Appliances), By Operation (A....
Electrical Appliances Market Size
Market Size in USD
CAGR9.2%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 9.2% |
| Market Concentration | High |
| Major Players | Samsung Electronics, LG Electronics, Panasonic, Haier Group, Whirlpool Corporation |
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Electrical Appliances Market Analysis
The Global Electrical Appliances Market is estimated to be valued at USD 611.1 Bn in 2024 and is expected to reach USD 1,341.3 Bn by 2031, growing at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031. Washing machines, dryers, dishwashers, refrigerators and other small appliances like fans are witnessing steady demand from households and commercial establishments across the world.
The market is expected to witness positive growth over the forecast period due to rising incomes, growth of the middle- class population globally, and increasing electricity access mainly in developing regions. Furthermore, innovation and development of energy efficient products suitable for smart homes will continue to present lucrative opportunities for manufacturers. However, high initial costs and presence of low-cost alternatives in certain product segments may restraint market growth.