Home appliance industry statistics 2024

Household appliance industry market and manufacturing data

Between 2024 and 2028, the value of the U.S. household appliances market is projected to increase by 12.81% to just under $70 billion.

Globally, the market is valued at approximately $680 billion in 2022 and is projected to reach over $900 billion by 2028.

In 2023, the major household appliance manufacturing industry in the U.S. reached a market size of $26.3 billion. This market has grown, on average, by about 2.3% per year since 2018, increasing even faster than the overall U.S. economy.

The largest segment of the household appliances market is major appliances, which includes refrigerators, dishwashers and washing machines.

Top home appliance manufacturers

Six major manufacturers of home appliances around the world earned an excess of $10 billion in 2022. Haier Smart Home, a Chinese company, outearned all of the others with approximately $35 billion in revenue.

The top home appliance manufacturers are:

• Haier Smart Home
• LG, Whirlpool
• Midea
• BSH Home Appliances
• Electrolux

Many top home appliance makers are located in Europe (BSH Home Appliances: Germany, Electrolux: Sweden) and Asia (Midea and Haier Smart Home: China, LG: South Korea). The concentration of major industry players in these regions highlights their strength in the competitive global home appliance market. In the U.S., the top four companies in the industry are expected to hold 32% of the nation’s market's revenue in 2024.

Factors like established brands, manufacturing scale and proximity to growing consumer markets help explain the dominance of companies headquartered in these areas. Some European companies have over a century of history and strong brand recognition globally — for example, German manufacturer Miele was founded in 1899 and over 120 years later, continues to be a high-performing and trusted brand.

Global buying trends and industry overview

There are two major home and household appliances market segments.

• Major appliances include refrigerators and freezers, stoves and ovens, cookers, dishwashers, and clothes washers and dryers.
• Small appliances consist of coffee makers, food processors and blenders, microwaves, and vacuum cleaners, to name a few.

Compared to the rest of the world, the U.S. is the largest household appliances market. The total household appliances market in the United States reached a market revenue of over $58 billion in 2022. Major appliances made up over half of this revenue, at about $30 billion.

Buying trends in household appliances can vary globally based on accessibility, culture and many other factors. A 2023 Global Consumer Survey by Statista found that over 90% of households in the U.S., UK, Russia, Italy, Turkey and Spain own cookers or ovens. Meanwhile, less than half of households in South Korea own cookers/ovens.

The survey also found that more than three-quarters of households in Austria, Germany, France, Sweden and Spain own a coffee machine, but only 27% do so in South Africa.

U.S. buying and ownership trends

U.S. households spent an average of $463 on major household appliances in 2021, up from $214 in 2013. For small appliances and other housewares, the average spending has been at or over $100 since at least 2013, reaching $143 in 2021.

When asked which household appliances their household owns, the top two answers given by U.S. consumers were microwaves and refrigerators. Other commonly owned appliances included vacuums, cookers or ovens and washing machines, with an approximately 70% rate of household ownership. Small appliances, such as toasters, food processors, juicers and coffee machines, showed ownership rates over 60%.

The smart appliances segment is rapidly expanding, with almost 17 million U.S. users in 2023. About 13% of U.S. households own a smart appliance. This is expected to develop into a larger segment with increasing shipments and the general increase in the presence of smart home devices in consumers’ homes.

U.S. home appliance imports and exports

Over a million home appliances are shipped in the U.S. every year. The U.S. is wholly a consumers’ market for home appliances — imports have grown almost 75% in the last decade, and the value of imports is north of seven times higher than the value of exports.

In 2022, the U.S. imported nearly $41.7 billion worth of household appliances, up over $1 billion from the previous year, and this growth has been relatively steady.

Household appliance exports from the U.S. reached a record $7.5 billion in 2022, showing positive recovery after a decline in exports during the COVID-19 pandemic.

Household appliance retail market size

In 2022, consumers around the world spent about $440 billion on major appliances, with nearly 900 million units shipped every year. More than 4.5 billion units worth of household appliances were sold around the world in 2023, as were 3.75 billion units of small appliances.

• The highest revenue-generating items in the household appliances industry are major kitchen appliances, small household appliances and major laundry appliances.
• Currently, the U.S. household appliance store industry employs nearly 80,000 people across more than 13,000 businesses.
• In the U.S., 2022 home appliance store sales came to about $20.6 billion but fell a little short compared to 2021's record-setting $21 billion.

In the last five years, competition from big appliance retailers caused aggressive discounting, restricting profit. E-commerce also negatively affected the industry's growth, as many consumers took pandemic-related safety measures and purchased online.

Impact of COVID-19 on the home appliance market

At the start of the COVID-19 health crisis, manufacturers reduced production to match the diminishing demand for appliances, but due to the social distancing measures taken during the pandemic, many people stayed home and took on home improvement projects. The work-from-home setup further helped increase the demand for small home appliances. There was also a high demand for new homes, causing a boost in residential construction.

These factors contributed to a spike in the demand for home appliances. However, the reduced home appliance production lessened the available supply in the market and caused longer lead times and price increases. In 2024, there are still supply chain issues going on, so the demand for home appliances remains high.

Household appliances industry comparison by state

In 2021, there were a reported 350 household appliances industries in the U.S. accounting for a total of nearly $23 billion in retail sales.

California boasts the highest number of household appliance manufacturing sites at 59, followed by Texas (32) and Tennessee (22).

The future of the home appliance industry

The value of the household appliance market is expected to exceed $900 billion over the next four years. The demand for home appliances will continue to grow as unemployment rates drop and homeowners gain more disposable income for their home improvement projects. E-commerce and residential construction will also drive the household appliances market.

Small household appliances are expected to exceed a revenue of $250 billion steadily over the next several years. A record $305.04 billion in small appliances is expected to be sold by 2028.

The global presence of smart home devices in households is expected to increase to roughly 29% by 2027, with washing machines, refrigerators and air conditioning units expected to become the primary appliances sold in the smart appliances market.

References

1. "Major Household Appliance Manufacturing in the US - Market Size (2004–2029)." IBIS World. Evaluated on Feb. 24, 2024.Link Here
2. "Home & Household Appliances in the U.S. - statistics & facts." Statista. Evaluated on Feb. 24, 2024.Link Here
3. "Revenue of the household appliances industry in the U.S. 2018-2028." Statistia. Evaluated on Feb. 25, 2024.Link Here
4. "Household appliance store sales in the United States from 1992 to 2022." Statista. Evaluated Feb. 25, 2024.Link Here
5. "U.S. imports of household and kitchen appliances from 2002 to 2022." Statista. Evaluated on Feb. 25, 2024.Link Here
6. "U.S. exports of household appliances from 2002 to 2022." Statista. Evaluated on Feb. 25, 2024.Link Here
7. "Household appliances ownership in the U.S. as of December 2023." Statista. Evaluated Mar. 4, 2024.Link Here
8. "Household ownership rate of major appliances in selected countries worldwide in 2023." Statista. Evaluated Feb. 26, 2024.Link Here
9. "Household ownership rate of small appliances in selected countries worldwide in 2023." Statista. Evaluated Feb. 26, 2024.Link Here
10. "Mean annual expenditure of households in the United States on major appliances from 2013 to 2021." Statista. Evaluated Feb. 26, 2024.Link Here
11. "Average annual household expenditure on small appliances and miscellaneous housewares in the United States from 2013 to 2021." Statista. Evaluated Feb. 26, 2024.Link Here
12. "Household Appliance Stores in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)." IBIS World. Evaluated Feb. 26, 2024.Link Here
13. "3352: Household appliance manufacturing." U.S. Census Bureau. Evaluated Feb. 26, 2024.Link Here
14. "All Sectors: County Business Patterns, including ZIP Code Business Patterns, by Legal Form of Organization and Employment Size Class for the U.S., States, and Selected Geographies: 2021." U.S. Census Bureau. Evaluated Feb. 26, 2024.Link Here
15. "Number of establishments - 3352 - Household appliance manufacturing | All establishments | All establishments | 2021." U.S. Census Bureau. Evaluated Feb. 26, 2024.Link Here
16. "Annual payroll ($1,000) - 3352 - Household appliance manufacturing | All establishments | All establishments | 2021." U.S. Census Bureau. Evaluated Feb. 26, 2024.Link Here
17. "Selected leading home appliances manufacturers worldwide ranked by revenue in 2022." Statista. Evaluated Feb. 26, 2024.Link Here
18. "Home & household appliances - statistics & facts." Statista. Evaluated Feb. 26, 2024.Link Here
19. "Household Appliances - Worldwide." Statista. Evaluated Mar. 4, 2024.Link Here
20. "Smart home - statistics & facts." Statista. Evaluated Mar. 5, 2024.Link Here
21. "Household Appliances: market data & analysis." Statista. Evaluated Mar. 1, 2024.Link Here
22. "Revenue of small household appliances worldwide from 2018 to 2028, by category." Statista. Evaluated Mar. 3, 2024.Link Here
23. "Major Household Appliance Manufacturing in Alaska - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
24. "Major Household Appliance Manufacturing in Hawaii - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
25. "Major Household Appliance Manufacturing in Arkansas - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
26. "Vacuum, Fan & Small Household Appliance Manufacturing in Arkansas - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
27. "Major Household Appliance Manufacturing in Delaware - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
28. "Major Household Appliance Manufacturing in Maryland - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
29. "Vacuum, Fan & Small Household Appliance Manufacturing in Maryland - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
30. "Major Household Appliance Manufacturing in Kansas - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
31. "Major Household Appliance Manufacturing in Louisiana - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
32. "Major Household Appliance Manufacturing in Maine - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
33. "Major Household Appliance Manufacturing in Nevada - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
34. "Major Household Appliance Manufacturing in Nebraska - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
35. "Vacuum, Fan & Small Household Appliance Manufacturing in Nebraska - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
36. "Major Household Appliance Manufacturing in New Hampshire - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
37. "Major Household Appliance Manufacturing in New Mexico - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
38. "Major Household Appliance Manufacturing in North Dakota - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
39. “Major Household Appliance Manufacturing in Oregon - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
40. "Vacuum, Fan & Small Household Appliance Manufacturing in Oregon- Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
41. "Major Household Appliance Manufacturing in Rhode Island - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
42. "Major Household Appliance Manufacturing in Utah - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
43. "Vacuum, Fan & Small Household Appliance Manufacturing in Utah - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
44. "Major Household Appliance Manufacturing in Vermont - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
45. "Major Household Appliance Manufacturing in West Virginia - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
46. "Major Household Appliance Manufacturing in Wyoming - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
47. "Major Household Appliance Manufacturing in Montana - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
48. "Major Household Appliance Manufacturing in South Dakota - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here
49. "Vacuum, Fan & Small Household Appliance Manufacturing in South Dakota - Market Research Report." IBIS World. Evaluated Mar. 5, 2024.Link Here