White Goods Market Hits $1031.00 Bn, globally, by 2027

Rise in disposable income, growth in advertisement and internet penetration, and surge in the number of restaurants and hotels fuel the growth of the global white goods market

Allied Market Research published a report, titled, “White Goods Market by Product (Air Conditioner, Refrigerator, Washing Machine, Dishwasher, Microwave Oven and Others), End User (Residential and Commercial), and Distribution Channel (Supermarket & Hypermarket, Specialty Store, Retail Store, E-commerce and Others): Global Opportunity Analysis and Industry Forecast 2021–2027.”According to the report published by Allied Market Research, the global white goods market was estimated at $635.4 billion in 2019 and is expected to hit $1031.0 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027.

Rise in disposable income, growth in advertisement and internet penetration, and surge in the number of restaurants and hotels fuel the growth of the global white goods market. On the other hand, usage of white goods affects the environment and promotes health issues, which impedes the growth of the market. However, launch of new eco-friendly products and further technological advancements are expected to present number of opportunities in the near future.

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Covid-19 scenario-

  • The outbreak of covid-19 led to suspension of the retail outlets, which in turn obstructed the trades of white goods.
  • The prolonged lockdown disrupted the supply chain and created shortage of raw materials.
  • The import and export were also deranged during the first phase of the lockdown. However, various regions are now implementing relaxations on the existing regulations, which would assist the industry to recoup soon.

The refrigerator segment to dominate throughout the forecast period-

Based on product, the refrigerator segment accounted for nearly two-fifths of the global white goods market share in 2019, and is projected to lead the trail by 2027. Growing investments in innovation of refrigerators units and rising income levels coupled with reduced product prices with high specifications availability drive the growth of the segment. On the other hand, the dishwasher segment is expected to portray the fastest CAGR of 10.3% throughout the forecast period. The rising number of working population and nuclear families is fueling product demand. Also, the growing adoption of the product in both residential and commercial sectors to save the time, water, and energy for utensils cleaning further drives the growth of the segment.

The residential segment to lead the trail throughout the forecast period-

Based on end user, the residential segment held largest market share with nearly three-fifths of the global white goods market in 2019, and is anticipated to maintain its dominance till 2027. Growing disposable income and increase in spending on home improvement drive the growth of the segment. At the same time, the commercial segment would showcase the fastest CAGR of 8.5% during the forecast period. Rise inhotel & restaurants, hospital & clinics, commercial complexes and government offices drive the growth of the segment.

Asia-Pacific, followed by North America, to rule the roost throughout the forecast period-

Based on region, Asia-Pacific, followed by North America held the major share in 2019, generating nearly half of the global market. The growing standard of living, rise in disposable income and high spending on the home improvement such as interior designing fuel the growth of the market. The LAMEA region would also showcase the fastest CAGR of 9.4% from 2021 to 2027. Rapid growth of the retail sector and business expansions of the major white goods manufactures in the region drive the growth of the market.

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The key market players-

  • 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
  • Whirlpool Corporation.

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