Since the first caveman lit a crude fire and cooked his first meal, to the smart cooking ranges of today, humans have been advancing their domestic equipment to make their lives easier. The home appliance industry, which includes electrical or mechanical devices used in a household, is a multi-billion-dollar industry with global retail sales expected to generate around 670 billion U.S. dollars in 2024. The overall appliance market is forecast to grow further over the next few years to more than 800 billion U.S. dollars in value by 2028. The leading companies in the industry include the Chinese Haier Electronics Group, the U.S.-based Whirlpool, the German BSH Home Appliances Group, the Swedish company Electrolux, and the South Korean multinational giant LG Electronics.
The home appliance industry is divided into two main sectors: major appliances and small 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 an estimated revenue of more than 415 billion U.S. dollars in over 770 million units shipped in 2024. The second category, small domestic appliances, includes products such as food processors, toasters, and coffee makers. The global market revenue of small kitchen appliances is projected to exceed the 250-billion-dollar mark consistently over the next few years.
With the steady progress of technology, our living spaces are also transforming, with smart home appliances becoming more popular than ever among consumers. The global smart home penetration rate is forecast to grow from around 19 percent in 2024 to over a third of households globally in 2028. The smart home appliances market size is expected to exceed 154 billion U.S. dollars in 2024, with smart domestic appliances as the largest segment. Further segments in the smart home appliances market include control and connectivity devices for home automation and remote control of appliances, home security, and home entertainment devices such as smart speakers.
The home appliances market, and particularly the smart home appliances industry, is poised for robust growth in the coming years. This trend is hardly surprising, considering the pivotal role these appliances play in our daily lives, coupled with an ever-increasing global population.
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