The U.S. household appliances market size is expected to reach USD 93.04 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.5% from 2022 to 2030. Rising fuel prices, the increasing number of nuclear families, and the growth in induction cooking technology have increased the dependence of users on household appliances and hence are expected to have a significant impact on the U.S. market growth.
Other factors contributing to the growth of the U.S. market include the popularity of multi-functional and advanced products, which are capable of addressing more than one household application, thus giving good value for money. Vendors continually innovate to stay competitive, enhance customer satisfaction, expand the customer base, and generate demand for multi-functional household appliances to respond to the growing demand.
The cooktop, cooking range, microwave, and oven segment held the largest revenue share of over 30.0% in 2021. The rising standards of living in the U.S. are predicted to fuel the demand for cooktops in the U.S. market. The increasing number of residential and non-residential construction projects is expected to increase the demand for cooktops in the U.S. According to the United States Department of Agriculture, in the U.S., a total of 1,495,000 construction permits were issued in July 2020 at SAAR (seasonally adjusted annual rate), this rate is 9.4% higher than July 2019 and 18.8% higher than June 2020.
Moreover, in July 2020, the seasonally adjusted annual rate (SAAR) for total completions of construction from permits was 1,280,000. This increased by 3.6% from June 2020 and increased by 1.7% from July 2019. Out of the completed construction, 60,524 were residential and 62,959 were non-residential. This increase in construction will drive the demand for induction cooktops in the U.S.
The e-commerce segment is expected to register the fastest CAGR from 2022 to 2030. E-commerce penetration is significant in the United States, resulting in a large sales volume. The majority of sales in the home appliance sector are driven by major online platforms like Amazon. Despite the fact that other regional manufacturers have found it difficult to get into the market, numerous worldwide manufacturers have attempted to do so. In most regions, customers are willing to try new things. Benefits such as quick returns, online retailer post-sale help, and free and one-day delivery features, on the other hand, are attracting a significant number of customers.
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The refrigerator product segment captured the second-largest revenue share in 2021. The market value for smart refrigerators is increasing due to expanding consumer desires for linked home appliances with enhanced features and capabilities. The adoption of smart refrigerators in the home will be aided by the rising internet and smartphone penetration
The air conditioner product segment is projected to register a growth rate of 7.3% during the forecast period. Public awareness regarding energy-efficient models is projected to have a positive impact on the product demand in the U.S.
The introduction of technologically sophisticated air conditioners, such as air conditioners with inverter and air purification technologies, is expected to have a beneficial impact on the U.S. market throughout the forecast period
Grand View Research has segmented the U.S. household appliances market on the basis of product and distribution channel :
U.S. Household Appliances Product Outlook (Revenue, USD Million, 2017 - 2030)
Cooktop, Cooking Range, Microwave, and Oven
Mixer, Grinder, and Food Processor
U.S Household Appliances Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
Brick & Mortar
List of Key Players of the U.S. Household Appliances Market
Dongbu Daewoo Electronics
Fisher & Paykel Appliances Holdings Ltd.
Haier Group Corporation
Robert Bosch GmbH
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