White Goods Market |Size, Trends, Forecast| 2020 – 2025
The white goods market size was valued at $ 635.5 billion in 2020 and is estimated to succeed in $ 1,031.0 billion by 2026, registering a CAGR of seven .8% from 2021 to 2026.
Market Overview
When you talk about White Goods it includes Air conditioners, refrigerators, washing machines, and dryers, dishwashers, and LED lights are all part of the white goods business.
The white goods industry is expected to expand at a 9 percent CAGR from 2017 to 2022, reaching $48.37 billion, and the Indian appliance and consumer electronics business is expected to develop at an 11 percent CAGR from 2019 to 2026, reaching $21.18 billion.
White goods are commonly used for a variety of purposes, including heating and cooling, cleaning, and washing. Hospitals and clinics, dry cleaners and cleaning services, and the hospitality industry also utilize white goods in substantial quantities. The expansion of smart and advanced white goods has been aided by the increasing adoption of automation in various sectors.
Recent Developments
As global warming affects climatic conditions and demand for air conditioning rises, the market for air conditioning is growing rapidly. Commercial, residential, institutional, and industrial air conditioners are some of the most common applications, according to a global white goods industry analysis.
Increasing digitization and the quick development of the retail sector in the rural market have fueled the worldwide product market’s growth.
As customers demand simple and convenient consumer goods, India’s consumer goods ecosystem is booming. Major companies have pushed for local manufacturing as consumers seek simple and convenient consumer products.
Market Growth
Increasing electricity and the quick expansion of the retail sector in the rural market have driven the worldwide product market’s growth. Rural markets are predicted to develop at a compound annual growth rate (CAGR) of 25%, owing mostly to expanded electrification in rural regions.
Market Drivers
The worldwide white goods market is being fueled by increased demand for and sales of household appliances, as well as an increase in people’s expendable income.
The white goods market has been spurred by rising disposable income, urbanization, and growing demand for human comfort, as demand for white goods such as air conditioning, coolers, and fans is fast expanding due to changing environmental conditions.
Consumers are mostly drawn to acquire and replace their old household appliances because of technological advancements in white goods. Many white goods manufacturers are improving their products to differentiate themselves from their competition. Inverter and air filtration technologies are now accessible in air conditioners, this is expected to have a favorable impact on the global air conditioners market over the forecast period.
Restraints
In 2019, Asia-Pacific had the largest proportion of the white goods market, with North America coming in second.
The expansion of smart and advanced white goods has been aided by the increasing adoption of automation in various sectors. Furthermore, people like to have smart and internet-enabled equipment and appliances in their daily activities for convenience and to prevent tiresome and repeated job tasks.
Market Segmentation
According to white goods market trends, the E-commerce category was valued at $ 132.4 billion in 2019 and is predicted to reach $ 236.3 billion by 2027, with a CAGR of 9.0 percent from 2021 to 2027.
Regional Analysis
The white goods market is categorized into product, end-user, distribution channel, and region, according to the white goods market analysis. The market is divided into air conditioners, refrigerators, washing machines, dishwashers, microwave ovens, and others based on product. It is divided into two categories based on the end-user: residential and commercial. Depending on the channel of distribution, It’s subdivided into supermarkets and hypermarkets, specialty stores, retail stores, e-commerce, and other categories. North America (the United States, Canada, and Mexico), Europe (Germany, United Kingdom, France, Russia, Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, Indonesia, Thailand, and the Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) are the regions studied.
Leading Company
Blue Star Ltd., Voltas Ltd., and Samsung And Hitachi Ltd.
Key Players
Bajaj Electricals Ltd., Videocon Industries Ltd., Onida, Koninklijke Philips N.V., Whirlpool Corporation, LG Electronics Inc., are among the market’s major players.
