Ahmed Sherif
Research expert covering IT services and gaming hardware
Major home appliances - statistics & facts
Imagine a day without your refrigerator, washing machine, or stove. Difficult, isn’t it? This is the power and influence of major household appliances in our lives. They are not just conveniences, but necessities that translate into a booming billion-dollar industry. The home appliances market is expected to increase beyond 400 billion U.S. dollars for the first time in 2024 and is forecast to continue growing to over 500 billion U.S. dollars by 2028. Refrigerator sales represented the largest segment of the market, with cookers and ovens trailing closely, both of which account for nearly half of those total sales. In contrast, freezers, specifically stand-alone freezers, are a far smaller segment of the market in an expected trend as stand-alone freezers are not as common households in contrast to commercial usage.
As our reliance on these appliances continues to grow, so too does the industry. The market for major household appliances is forecast to continue thriving in the coming years.
Major kitchen appliances shape the industry
The major appliance industry is divided into two main product segments: major kitchen appliances and major domestic appliances. The first category is the largest in the market and includes large kitchen appliances such as refrigerators, freezers, dishwashers, as well as cookers and ovens. Refrigerators alone generated an estimated 120 billion U.S. dollars in global revenue in 2024. The second category – domestic appliances – includes washing machines, dryers, and air conditioners. In 2024, the washing machines market was set to increase to nearly 60 billion U.S. dollars, with Asia playing the biggest part and accounting for more than half of all washing machine revenues globally.Which companies lead the market?
The companies leading the industry include the U.S.-based Whirlpool, the South Korean multinational giant LG Electronics, the Midea Group from China, the BSH Home Appliances Group in Germany, and the Swedish company Electrolux. Despite the international presence of these leading companies, they all generate a significant portion of their revenue in their home market and are often their country’s most recognized brand. In South Korea, the most purchased washing machine brand is LG Electronics, with over 50 percent market share. In Sweden, understandably, Electrolux has the largest share of the market. Overall, close to one in three consumers pay attention to the brand when buying household appliances.As our reliance on these appliances continues to grow, so too does the industry. The market for major household appliances is forecast to continue thriving in the coming years.
