Summary

The North American home appliances market is a thriving, due to the potential it holds to grow and address consumer’s needs. Consumers are giving more preference to purchase the products, which are efficient and consume less power. The products with multi-utility features, which look simple yet fashionable than the usual ones, and which are aesthetically pleasing are gaining more significance. These products are widely appreciated by the consumers, as majority of customers are youths in the region [according to the Central Intelligence Agency, 39.29% of the United States’ population and 39.62% of Canada’s population are in 25-54 years, as of July 2018].

Moreover, environmentally friendly products are also gaining considerable significance in recent times, with an increasing focus on initiatives, in order to control global warming by both the government and buyers. Replacement sales are driven by the products with enhancing quality standards, less power consumption, less or limited harmful emissions, technology advancements, better wireless goods, ease of access, and in-built and chargeable invertor have been the most prominent revenue form for manufacturers. Influence of social media on consumer’s decision-making process, before purchasing a product or goods, has been increasing. Social network users are using social media, to find product reviews and information before purchasing any products. Moreover, majority of the users prefers to share their reviews about the products on different social networking sites after using it.

Key Market Trends

Small Appliances are Dominating the Market

Small appliances, like vacuum cleaners, coffee makers, toasters, hairdryers, curlers, kettles, steam units, and fryers, are showing a constant growth when compared to large appliances, like refrigerators, washing machines, dryers, freezers, dishwashers, and microwave ovens, among others. Smart home appliances sales were doubled in 2017 from the previous year, and they are increasing in a constant manner. The revenue of the market studied hit its all-time high with USD 7,481 million, in 2018. The market for these smart and small home appliances is expected to increase, owing to the factors, like their less presence rate in the market, the improving innovation and automation they hold, affordable prices, and the precision they bring in the task at hand. These products are easing the lives of the working population (around 61% in the United States and 60.9% in Canada), which comforts consumers by minimizing the time they spend on the tasks.

Manufactures are giving greater importance to dynamic changes that are occurring in the consumer’s preferences. In June 2019, Samsung launched its first customizable refrigerator, BESPOKE, in Gangnam, (Seoul, South Korea). BESPOKE enables the buyers to customize the refrigerator just like any regular furniture. The customers can choose their size (either single, double, or multi door) and type of refrigerator (upper refrigerator and lower freezer, and vice versa).

Increasing Online Sales Growth is Driving the Market

In the North American region, the e-market penetration is high, resulting the sales volume generated through it. In the home appliances market, most sales are led by major online platforms, like Amazon. Though the region is a bit tough to penetrate for other region manufacturers, many global manufacturers have been trying to enter the market. The customers are highly open to experiment in most of the regions. However, benefits, like easy returns, post-sale support provided by the online retailers, and free and one-day delivery features, are attracting the large number of customers.

Competitive Landscape

The report covers major international players operating in the North American home appliances market. Samsung is ahead of Whirlpool and LG Electronics, in the home appliances business market in the United States. As of Q1 2019, the firm occupies 19.9% in the market share by value, followed by Whirlpool home appliances with 16.3%, while LG Electronics accounted for 15.7% in the home appliances market in the United States. Refrigerators occupy the major share in the home appliances market in sales volume, followed by washing machines. Samsung accounted for 22.3% of the refrigerator segment, and 20.4% in the washing machine segment in the United States.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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