The global major appliances market size was estimated at USD 395.1 billion in 2024 and is projected to reach USD 510.18 billion by 2030, growing at a CAGR of 4.5% from 2025 to 2030. This growth trajectory reflects ongoing consumer demand for functional, energy-efficient, and smart household appliances. According to data from the U.S. Bureau of Labor Statistics, the Producer Price Index (PPI) for major household appliance manufacturing witnessed a notable price surge from mid-2021 to mid-2022, with pricing stabilizing by the end of 2022.

In the past 18 months, the cost of manufacturing major appliances has consistently increased, placing pressure on manufacturers. Industry leaders such as Samsung, LG, General Electric, and Whirlpool have been navigating these cost escalations while continuing to innovate and maintain market competitiveness.

According to the June 2024 Retail Sector report by the Home Improvement Research Institute (HIRI), major domestic appliances have become the top spending category within home improvement projects in 2024. The median cost of a single appliance purchase is now estimated at approximately USD 1,000, which is higher than spending on kitchen remodeling, flooring, or window and door upgrades. This surge is fueled by the increasing adoption of smart appliances, which are becoming more user-friendly, technologically advanced, and interconnected, offering improved control, efficiency, and convenience.

Energy efficiency remains a central concern for homeowners and property managers, as major appliances significantly impact a home’s total energy use. This has led to a growing trend of replacing outdated appliances with modern, energy-saving models, contributing to market growth.

Supporting this shift, APPLiA’s 2022–2023 statistical report highlights the strong pace of innovation in the home appliance sector. Over the past ten years, the number of patents granted for home appliances in Europe has doubled, underlining a sharp focus on R&D. Importantly, energy consumption of home appliances has been reduced by 50% over the last two decades, with modern refrigerators using just a quarter of the energy they required 20 years ago. This progress exemplifies how technological advancements continue to drive efficiency, sustainability, and consumer interest in the global appliance market.

Key Market Trends & Insights:

• The major appliances industry in North America is projected to grow at a compound annual growth rate (CAGR) of 2.9% from 2025 to 2030, indicating steady expansion across the region. This growth is expected to be supported by rising demand for energy-efficient and technologically advanced appliances, along with ongoing home improvement trends and housing developments.

• Within North America, the United States remains the most significant market, with its major appliances industry forecasted to grow at a CAGR of 2.7% during the same period. This growth is driven by increasing consumer interest in modernizing home environments, growing disposable incomes, and the rising popularity of smart appliances in American households.

• By product category, the refrigerators segment accounted for the largest share of 25.01% in 2024. Refrigerators remain an essential household appliance, and continuous innovations—such as energy efficiency, smart technology integration, and customizable storage—have kept them at the forefront of consumer preference.

• When segmented by type, conventional appliances dominated the market, representing a revenue share of 93.38% in 2024. Despite the rise of smart devices, traditional appliances continue to lead due to their affordability, widespread familiarity, and reliability among a broad consumer base.

• In terms of distribution channels, electronic stores were the most prominent sales avenue in 2024, accounting for a 44.37% share of total revenue. These retail outlets remain preferred by consumers who seek in-person product demonstrations, expert advice, and immediate availability, contributing to their dominant position in the appliance sales ecosystem.

Order a free sample PDF of the Major Appliances Market Intelligence Study, published by Grand View Research.

Market Size & Forecast:

• 2024 Market Size: USD 395.1 Billion

• 2030 Projected Market Size: USD 510.18 Billion

• CAGR (2025-2030): 4.5%

• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

Many manufacturers in the major appliances industry are increasingly incorporating Internet of Things (IoT) technology into their products to create smart appliances. These connected devices can interact seamlessly with mobile applications or popular virtual assistants like Amazon Alexa and Google Assistant. This integration enables users to remotely control their appliances from anywhere, providing convenience and enhanced user experience. Additionally, smart appliances allow homeowners to monitor real-time energy consumption, helping them optimize usage and reduce utility costs. They also offer maintenance alerts, notifying users when servicing or repairs are needed, which helps in prolonging appliance lifespan and avoiding unexpected breakdowns.

Beyond technological innovation, manufacturers are also focusing on catering to the tastes of design-conscious consumers by introducing customizable features. These include options such as interchangeable panels and a variety of color choices, allowing buyers to personalize the appearance of their appliances to match home decor or personal style. Moreover, the adoption of modular designs in appliance manufacturing is gaining traction. This approach enables consumers to upgrade or replace individual components or parts of an appliance without having to replace the entire unit, providing greater flexibility, cost savings, and sustainability benefits.

Key Players

• Whirlpool Corporation

• Electrolux AB

• Samsung Electronics Co., Ltd.

• LG Electronics Inc.

• Haier Smart Home Co., Ltd.

• Panasonic Corporation

• Miele & Cie. KG

• Bosch (BSH Hausgeräte)

• Daikin Industries Ltd.

• Sharp Corporation

• iRobot Corporation

• Midea Group

• Gree Electric Appliances Inc.

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion:

The global major appliances market is experiencing steady growth, driven by urbanization, technological advancements, and increasing consumer demand for energy-efficient and smart appliances. Manufacturers are focusing on integrating IoT technology to offer connected appliances that enhance user convenience and energy management. Additionally, the market is witnessing a shift towards online retail channels, reflecting changing consumer purchasing behaviors.