White Goods Market: Current Analysis and Forecast (2023-2030)

Report Description

The White Goods Market was valued at 673.44 billion in the year 2022 and is expected to grow at a strong rate of around 7.54% during the forecast period (2023-2030), owing to the rising urbanization and growing middle class. Furthermore, the rising income levels, particularly in emerging economies, have led to higher purchasing power for consumers, resulting in increased demand for white goods. Additionally, continuous technological innovations in the white goods industry have introduced more energy-efficient, smart, and user-friendly appliances, enticing consumers to upgrade their existing equipment is further accelerating the demand for the white goods in the market. Moreover, the ease of cross-border trade and the growth of e-commerce platforms have made it simpler for consumers to access a wide range of white goods from different manufacturers, expanding their choices and driving demand are also the major factors that are driving the demand for white goods in the market.  For instance, as per the International Trade Association (ITA), China accounts for almost 50% of the total sales through online channels, with total online sales crossing the USD 3.3 trillion mark in the year 2022. After China the USA is the second largest e-commerce market globally.

Some of the major players operating in the market include Whirlpool Corporation; Jhonson Controls; IFB Industries Limited.; Panasonic Industry Co., Ltd.; Godrej & Boyce Mfg. Co. Ltd.; SAMSUNG; DAIKIN INDUSTRIES, Ltd.,; Hitachi, Ltd; LG Electronics; and Haier Group. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Products, the refrigerator segment held the significant share of the market in 2022.”

Based on product, the market is segmented into air conditioners, refrigerators, washing machines, dishwashers, microwave ovens, kitchen appliances, and others. The refrigerator segment holds the sizeable market share of the white goods. The primary reason for this domination includes functionality and necessity, where refrigerators are a necessary appliance in every home, providing a convenient way to store food, preserve perishables, and maintain the freshness of various items. They offer a wide range of features, such as temperature control, multiple compartments, and energy-efficient options to suit diverse consumer needs. Furthermore, the growing global population, urbanization, and changing consumer lifestyles have contributed to increased demand for refrigerators. As households become smaller and busier, individuals prefer storing food in larger quantities, leading to an increased need for spacious and technologically advanced refrigeration solutions. In addition to this, the refrigerator industry has witnessed significant technological advancements in recent years. The introduction of smart refrigerators with features like Wi-Fi connectivity, touch screens, and energy-saving options has further fueled demand. Consumers increasingly prioritize convenience and energy efficiency, driving the adoption of advanced models, which can also be witnessed from the product launches that are happening in this space. For instance, in January 2023, Samsung Electronics unveiled its customizable Bespoke Home lineup. These latest home appliances are designed by Samsung to meet the growing customization demands that are coming from consumers. The Bespoke refrigerator types are equipped with large and immersive 32-inch screens on all four doors and with AI capabilities.

“Amongst distribution channels, the online segment is anticipated to grow at a significant CAGR during the forecast period (2023-2030).”

Based on the distribution channel, the market is bifurcated into online and offline retail. Online retail is witnessing tremendous growth and is the fastest-growing distribution channel. One of the key factors contributing to the rapid growth of online retail in white goods is the convenience it offers to consumers. With just a few clicks, individuals can browse through a vast array of products, compare prices, read reviews, and make purchases from the comfort of their homes. Another factor driving the growth of online retail is the wider reach it provides. Unlike physical stores, online platforms enable businesses to overcome geographical boundaries and cater to customers worldwide. This enhanced accessibility has encouraged businesses to expand their online presence, resulting in increased sales of white goods. Additionally, advancements in technology have paved the way for a seamless online shopping experience. E-commerce platforms have become more user-friendly, offering features such as personalized recommendations and secure payment gateways. These technological advancements have instilled confidence in consumers, leading to a higher adoption of online shopping. Lastly, the continuous improvement of logistics and delivery systems is another area that paves the way for increased demand in online retail. Faster and more efficient delivery services, such as same-day or next-day delivery, have significantly enhanced customer satisfaction and propelled the growth of online sales. Additionally, the emergence of third-party logistics providers has further streamlined the supply chain, making online retail an even more enticing option for purchasing consumer durables.

“Asia Pacific has emerged as one of the fastest growing regions in the white goods segment during the forecasted period (2022-2030).”

In recent years, Asia Pacific has emerged as the fastest-growing region for white goods in the market. Several factors are contributing to creating this high-growth environment for the region. One of the major factors is rapid urbanization, where the expanding urban centers in Asia Pacific countries have led to an increase in disposable income, creating a surge in demand for white goods. As people move to urban areas, they seek appliances, and electronics for their homes, which has stimulated market growth. Furthermore, the rising middle-class population in the Asia Pacific region has had a substantial impact on the growth of white goods. As more individuals elevate their living standards and gain access to better incomes, there is a tremendous demand for products like refrigerators, televisions, air conditioners, and washing machines. Additionally, the rapid growth of e-commerce platforms has revolutionized the way consumers purchase consumer durables. The convenience, accessibility, and competitive pricing offered by online retailers have played a significant role in escalating demand in the region. Moreover, the Asia Pacific region is witnessing substantial investments in infrastructure development, including housing and commercial projects. This creates a significant demand for white goods.

White Goods Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global white goods market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Frequently Asked Questions (FAQ)

Research Methodology

Research Methodology for the White Goods Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global white goods market were the three major steps undertaken to create and analyze the adoption of white goods in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global white goods market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the white goods market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the white goods market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, end-user, and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the White Goods market. Further, we conducted factor analysis using dependent and independent variables such as product, end-user, and distribution channel of the white goods market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the white goods market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global White Goods market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the white goods market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global white goods market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global white goods market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the source, category, and application in the global white goods market.

The main objective of the Global White Goods Market Study

The current & future market trends of the global white goods market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the white goods market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of product, end-user, and distribution channel.
• Define and analyze the regulatory framework for the white goods
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the white goods market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the white goods market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team