Global white goods market expected to reach €882.7 billion by 2027
The global white goods market was valued at €544 billion in 2019 and is estimated to reach €882.7bn by 2027, at a CAGR of 7.8% from 2021 to 2027, according to a new report published by Allied Market Research.
The report “White Goods Market by Product, End User and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027”, stated that upgrading to the latest white goods innovations will be a key area for growth in the period.
Roshan Deshmukh, Assistant Manager, Consumer Goods at Allied Market Research, said: “Growing technological advancements in white goods and their adoption has been majorly influencing the growth of the product market.
“Furthermore, the growing standard of living and personal disposable income are enabling people to buy home appliances. Our study showed that consumers actively replaced their old home appliances with smart home appliances during the lockdown period of the COVID-19 pandemic, which is a further boost for the white goods market.”
Looking at dishwashers, Allied Market Research said the category was valued at €17.9bn in 2019, and is projected to reach €35.4bn by 2027, registering a CAGR of 10.3% from 2021 to 2027.
Mr Deshmukh expects the commercial segment to reach €389.8bn by 2027, at a CAGR of 8.5%.
“The commercial segment comprises hospitality and food services industries, hospital and clinics, government and commercial complexes and manufacturing industries,” said Mr Deshmukh.
Allied Market Research reported that the e-commerce segment was valued at €113.3bn in 2019, and is expected to reach €202.3bn by 2027, registering a CAGR of 9.0% from 2021 to 2027.
Region-wise, Asia-Pacific held the major market share of white goods and North America held the second highest share in 2019.
With regard to APAC sales, Mr Deshmukh outlined: “Many Asian countries are also showing similar developments as rising income levels and expansion of modern retail and exclusive factory outlets across this region is driving the reach of white goods and are anticipated to position strong development in developing countries in the Asia-Pacific region including India and China.”