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According to a new report published by Allied Market Research, titled, “White Goods Market by Product, End User and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,”The white goods market size was valued at $ 635.4 billion in 2019, and is estimated to reach $ 1,031.0 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027.
“Growing technological advancements in white goods and their adoption has been majorly influencing the growth of the product market. Furthermore, growing standard of living and personal disposable income are considerably facilitating people to buy home appliances. It is also found through the study, that consumers are actively replacing their old home appliances with smart home appliances during the lockdown period of COVID-19 pandemic, which further boost the demand for white goods market.”
White goods are large home and commercial end appliances such as refrigerators, freezers, washing machines, dishwashers, and air conditioners. They are large electrical goods for the household and commercial purposes, which are traditionally available only in white. Even though you can purchase them today in a wide range of different colors, they continue being called white goods. Integration of the internet and smartphones with smart home appliances is majorly influencing the growth of the white goods market during the forecast period 2021-2027.
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Growing electrification and rapid expansion of the retail sector in the rural market has been further spurring the growth of the global product market. For instance, according to Consumer Electronics and Appliances Manufacturers Association, rural markets are expected to grow at a compound annual growth rate (CAGR) of 25%, which is majorly attributed to increasing electrification of rural areas.
Global warming and emission of the greenhouse gasses are considered to be the major challenge for the growth of the AC market during the forecast period 2021-2027. Chlorofluorocarbons (CFCs) is the
greenhouse gas, which is responsible for depletion of the ozone layer and this gas is significantly emitted though the refrigerators and air conditioners.
According to white goods market analysis, the white goods market segmented into product, end user, distribution channel, and region. On the basis of product, the white goods market report is categorized into air conditioner, refrigerator, washing machine, dishwasher, microwave oven and others. By end user, it is segregated into residential and commercial. According to distribution channel, it is divided into supermarket & hypermarket, specialty store, retail store, e-commerce and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, Indonesia, Thailand and Rest of Asia-Pacific) and LAMEA (Latin America, Middle East, Africa)
The players operating in the white goods industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Alliance Laundry System LLC, AB Electrolux, Blue Star Limited, Haier Group Corporation, IFB Industries Ltd, LG Electronics Inc., Havells India Limited, Koninklijke Philips N.V., The Middleby Corporation and Whirlpool Corporation,
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The Covid-19 pandemic has a vital impact on the growth of the global White Goods market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the global White Goods market.
Key Market Segments:
○ By Product
○ By End User
○ By Distribution Channel
○ By Region
Key findings of the study:
The white goods market was valued at $ 635.4 billion in 2019, and is estimated to reach $ 1,031.0 billion by 2027, growing at a CAGR of 7.8% during the forecast period.
By product, the dishwasher segment is estimated to witness the fastest growth, registering a CAGR of 10.3% during the forecast period.
In 2019, depending on end user, the residential segment was valued at $ 370.7 billion, accounting for 58.3% of the global white goods market share.
In 2019, the China was the most prominent market in Asia-Pacific, and is projected to reach $260.8 billion by 2027, growing at a CAGR of 7.9% during the forecast period.
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*Related Blog: 5 Major trends in white goods that are on the way
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