DUBLIN–(BUSINESS WIRE)–The “US Small Appliances Market: By Category, Product, Distribution Channel, Size and Forecast, COVID-19 Impact Analysis and Forecast to 2029” report has been added to ResearchAndMarkets . What com offers.
The US small appliance market was valued at USD 27.17 billion in 2023 and is expected to reach USD 38.01 billion by 2029. The US small appliances market volume is expected to grow to USD 456.58 million in 2029. The US small appliance market is projected to grow at a CAGR of 5.87% during the forecast period from 2024 to 2029.
The growth of the market is driven by the rapid adoption of IoT technology driving smart small appliances, integration of intelligent features in household appliances, increasing consumer awareness of evolution, increasing trend towards personalization or premium experiences, and the residential market is expected to be driven by the boom in sales. Use of latest technology products such as humidifiers, smart lights, premiumization of home experience and trendy multifunctional applications. Additionally, ecosystem partnerships are becoming extremely important for small appliance manufacturers.
Participants in the small household appliances market are mainly focused on product advancement through the introduction of advanced technologies. By entering into partnerships, contracts, joint ventures and financial agreements around the world, the company is able to maintain its brand identity on a global scale.
For example, Samsung Electronics Co., Ltd. announced in December 2023 that it will launch a new lineup of vacuum cleaners equipped with advanced artificial intelligence (AI). Bespoke Jet Bot ComboT, a vacuum and mop robot cleaner, brings enhanced AI features and steam cleaning to create an easier cleaning experience for users.
Market segmentation analysis:
In 2023, the cooking sector will capture more than half of the market share. The growth of urban populations and the increasing adoption of methods that conserve natural resources and reduce negative environmental impacts have been the primary factors driving the use of cooking appliances in small households in the United States. Home appliance industry.
On the other hand, the personal care segment has been identified as the main factors driving the market growth are increasing disposable income of consumers allowing them to spend on premium personal care products, increasing consumer awareness towards the evolution of personal appliances. It is expected to grow at the fastest CAGR. Use of modern technology products in daily use such as trimmers.
The small kitchen appliances segment is expected to account for more than half of the U.S. small appliances market share in 2023 due to rising consumer demand, rapid urban population growth, increase in single-person households, and increasing consumer desire to learn new cooking skills. In order to grow the small kitchen appliances market, which has favorable conditions.
Meanwhile, the electric kettle segment is expected to rise at the fastest CAGR. Electric kettles are convenient, portable, easy to use, time-efficient, and energy-saving, making them extremely popular among individuals compared to other hot water heating methods. The US small home appliances market size is also segmented on the basis of products. Small kitchen appliances account for the majority share of the market and are expected to continue to grow due to improving living standards in the region, increasing purchasing power of consumers, and growing popularity of smart home & kitchen appliances.
Online channels are expected to grow at the highest CAGR over the expected years. As the coronavirus pandemic continues, online sales of small home appliances have increased. Online sales of small appliances in the United States have skyrocketed with the emergence of numerous e-commerce websites offering attractive sales and discounts. Additionally, online purchases offer home delivery and easy returns, making online shopping more reliable and convenient for not only millennials but also the working class.
Market trend
The driving force behind growth
Increase in single-person households Increase in disposable income Rapid increase in urban population Increase in number of smart homes Increase in millennial population Rapid increase in online sales of small appliances Rapid increase in demand for smart sensors Increase in demand for energy optimization
assignment
Increased raw material tariffs Increased privacy threats Regulatory changes
Market trend
Cloud technology Integration of artificial intelligence into small appliances Rapid adoption of the Internet of Things (IoT) Growing influence of social media Introducing innovative small appliances Wellness and healthy lifestyles
The major players in the US small appliances market are:
Haier Group Co., Ltd. Newell Brands Co., Ltd. Samsung Electronics Co., Ltd. LG Electronics Co., Ltd. Whirlpool Co., Ltd. Panasonic Co., Ltd. Electrolux AB Robert Bosch GmbH Spectrum Brands Dyson Limited Smeg SpA Hamilton Beach Brands Holding Company
For more information about this report, please visit https://www.researchandmarkets.com/r/j0gtuo.
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