DUBLIN--(BUSINESS WIRE)--The "US Small Household Appliances Market: Insights and Forecast (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
Rapid adoption of IOT technology driving smart small household appliances, as well as increased consumer knowledge regarding the evolution and use of cutting-edge technological items such as humidifiers is forecast to have an influence on demand for the US small household appliances market in the coming years.
The US small household appliances market is expected to reach US$27.17 billion in 2023, growing at a CAGR of 5.02% during the forecast period. Also, the US small household appliances market by volume is likely to rise to 410.66 million by 2023, at a CAGR of 1.58%, during the projected period.
Report Segmentation:
By Category: In terms of category, the report provides the bifurcation of the US small household appliances market into four segments: Cooking, Home Environment, Food Preparation, and Personal Care. Cooking segment held largest market share. Rise in urban population, growth in adoption of methods to conserve natural resources and reduce negative impact on the environment are considered the major factors that encouraged cooking appliances in the US small household appliances industry.
By Product: On the basis of product, the US small household appliances market is segregated into ten segments: Small kitchen appliances, Vacuum Cleaners, Grills & roasters, Coffee machines, Microwave ovens, Irons, Hair clippers, Toasters, Hair dryers and Electric Kettles. Small kitchen appliances accounted for highest share in the US small household appliances market, due to rise in demand from consumers, surging urban population, growing number of single person household, rising urge of consumers to learn new cooking skills, paved favorable conditions for the growth of small kitchen appliances market. The US small household appliances market volume is also segmented on the basis of products. Where Small kitchen appliances held the almost 50% share of the market and is expected to grow in the future due to the rising living standards, growing consumer purchasing power, growing popularity of smart home & kitchen appliances in the region.
By Distribution Channel: Further, the report splits the US small household appliances market into two distribution channel: Online and Other. Online channel occupied the maximum share in the market and is expected to grow at a significant CAGR. The online sales of small household appliances experienced an increase, during the ongoing COVID-19 pandemic. The US online small household appliance sales surged due to the emergence of numerous e-commerce website which offer attractive deals & discounts. In addition, the online purchase offers home delivery and easy return of products which make online shopping more reliable and convenient for millennial as well as for the working class population.
Top Impacting Factors
Growth Drivers
- Growing Number of Single-Person Households
- Growth in Number of Smart Homes
- Rising Millennial Population
- Surging Online Sales of Small Household Appliances
Challenges
- Increased Tariffs on Raw Materials
- Rising Privacy Threats
Trends
- Cloud Technology
- Integration of Artificial Intelligence Technology
- Surge in Adoption of Internet of Things (IoT)
- Introduction of Innovative Small Household Appliances
Driver: Growing Number of Single-Person Households
Factors such as increasing wealth and rise in disposable incomes are expected to lead to an increase in the number of single person households in the region. With the rise in income, people can afford to bear all kinds of expenses on their own and therefore, an increasing number of people are anticipated to choose to live alone. Moreover, the young generation gives greater focus to their education and career, which is expected to lead to delayed marriages and thus an increase in the number of adults living alone. The growing number of single-person households would exert great influence on the advanced household appliances industry. People living alone need to manage all their tasks by themselves and tend to have less time for cooking and thus prefer cooking and other kitchen appliances. Thus, the growing number of single-person households in the US is anticipated to provide a huge impetus to the demand for household appliances and thus support the market growth.
Challenge: Increased Tariffs on Raw Materials
Increased tariffs on raw materials such as steel and aluminum restrained the market for household appliances in the historic period. Steel and aluminum are predominantly used in manufacture of several household appliance components such as vacuum cleaners, coffee machines, microwave ovens, toasters, etc. Increasing import tariffs on raw materials such as steel and aluminum hindered the market for household appliances in the US.
Trend: Cloud Technology
The cloud computing provides different services through the internet, inclusive of servers, data storage, database, networking etc. The cloud based storage allow the user to save files remotely and access them as per the need. The evolvement and rise in cloud technology have supported and enriched the smart home technology. In the proposed method, the technology collects and stores information of small home appliance like dishwasher, coffee machines, etc. using home network technologies and sends the information to the cloud server for storage and management. Hence, the progressive growth of cloud technology is expected to support the growth of the market.
Analysis of Key Players
The US small household appliances market is fragmented with the presence of a large number of players majorly dominating worldwide. Key players of the US small household appliances market are Samsung Electronics Co., Ltd., Haier Group Corporation, LG Electronics Inc., Whirlpool Corporation, Panasonic Corporation, Newell Brands Inc., Electrolux AB, Robert Bosch GmbH, Spectrum Brands, Koninklijke Philips N.V., Hamilton Beach Brands Holding Company, Dyson Limited, and Smeg SpA.
For more information about this report visit https://www.researchandmarkets.com/r/i0x60d
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