Household appliances market segmentsThe home appliance industry is divided into two main sectors: major domestic appliances and small domestic appliances. The first category includes large machines used at home, such as refrigerators, freezers, stoves, dryers, and washing machines. Sales of major appliances make up most of the overall home appliances market, with retail sales of more than 300 billion U.S. dollars and close to 700 million units shipped annually.
The second category, small domestic appliances, includes products such as food processors, toasters, and coffee makers, to name a few. The global market revenue of small kitchen appliances is projected to exceed the 100 billion dollar mark consistently over the next few years.
Growth outlook - Smart kitchen & vacuum robotsThe global smart home penetration rate is forecast to grow from around 10 percent in 2020 to about 20 percent in 2025. Most of the additional smart home devices are projected to come from home entertainment, smart speakers, and the home security and lighting segment. But the smart appliances sub-market within the home appliance industry holds some promise as well for the future. Washing machines, refrigerators, and room air-conditioners are projected to become the primary appliance categories within the smart appliances market.
Vacuum consumer robots are another product category in the broader household appliances market expected to show strong growth in the future.