Home Appliances Market Segmentation:
Product
Cooktop segment is likely to account for around 31% home appliances market share by 2035 driven by the increasing demand for kitchen appliances for saving efforts, and time, and the need for clean cooking. According to a report by the International Energy Agency in 2023, it is estimated that due to a lack of clean cooking, more than 3.7 billion premature deaths occur annually, where children and women are at the highest risk.
Moreover, there is an increase in disposable income for improving the living standards which acts as a growth driver got the growth of the home appliances revenue globally. In addition, the constantly changing consumer behavior and higher convenience and flexibility. These appliances have low and sometimes no service and maintenance costs which also acts as a surge in the second hand small domestic appliances market demand while making them highly affordable.
Distribution Channel
The bricks & mortar segment in home appliances market is set to garner a notable CAGR and is likely to remain the second largest segment in the distribution channel of the home appliances landscape led by exclusive offers such as discounts and after-sale services, and the presence of several type stores that provide mortar and bricks such as Walmart, Target, and many more. According to a report in 2023, about 46% of retailers in North America have achieved double-digit revenue growth in 2021.
Additionally, there is a surge in the penetration of the internet and target marketing for promoting their companies and products due to which e-commerce is also in demand owing to digitization globally.
Our in-depth analysis of the home appliances market includes the following segments:
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