The United States home appliances market is projected to exhibit sizeable growth in the next few years thanks to increasing disposable incomes coupled with the rapid urbanization trend further facilitating rising consumer spending.
While that is indeed an exciting outlook, given the heated competition in the industry, it’s not easy to pinpoint how big of a chunk the major competitors seem to be taking on a yearly basis. Having such critical insights into the market can help make a solid long-term strategy for any National Account Manager. In this writeup, we’ll try to uncover some key insights that shed light on the same with the help of Market Insight, the 360-degree market analytics platform by Pricing Excellence.
Key Indicators Driving the Growth
Technological advancements have been leading to developing appliances such as smart refrigerators and similar new home appliances, and this trend is also expected to drive the growth of home appliances market during the forecast period. Plus, there is fast-paced growth in the major home appliances.
The US has always been a mature and homogenous market when it comes to home appliances that have high product penetration. Most consumers choose stylish and modern home appliances that complement their improving living standards, on top of this the market is also introducing products that are equipped with advanced technological features to cater these demands.
US Home Appliances 2020-2025 Projected Outlook Summarized
To sum it all up, some of the most notable toplines of the United States appliances industry outlook are as follows:
- As of 2020, the revenue of the household appliances industry reached a projected $19,416m.
- In terms of an annual growth rate (CAGR), a 6.2% increase is expected between 2020 and 2025, which puts the market volume to be at an estimated $26,190m by 2025.
- User penetration peaked at 27.1% this year, and is expected to be at 41.7% by 2025.
- The average revenue per user (ARPU) will cross an estimated $216.
- In terms of the global comparison, the United States home appliances market will be in the top 5 behind the United Kingdom and China.
Major Players in the US Home Appliances Market
Home Appliances Market Share by Brand
The below screenshot has been taken from the Market Insight dashboard which shows market share for all the major home appliances brands in terms of units sold in the 2020 calendar year.
As mentioned, while brands such as GE, Whirlpool, and Samsung are all there as expected – EASTMAN has by far been taking the biggest chunk of the pie with a 15.82% market share and 5.25 million units sold in 2020. Similarly, other brands such as Frigidaire and InSinkErator seem to be doing well this year with a 6.14% and 6.81% market share respectively. For more similar insights into the home appliances market share, set up a trial now for Market Insight.
Refrigerator Segment Is Taking the Largest Share
The refrigerator segment is the biggest contributor to the United States major home appliances market. Understandably so, as a refrigerator is one of the most essential items of a household and is among the very first appliances purchased as soon as the household reaches an adequate level of income. With the introduction of advanced technologies such as smart refrigerating systems, the segment is expected to keep on driving the market in the near future.
For example, at major retail outlets across the United States last month, the refrigerator segment saw a whopping $147.5 million+ in sales with over 761,000 units sold. This was at a generous average selling price of $511. These insights alone explain the seismic potential of the refrigerator market.
*Above data has been sourced from the Market Share by Stores report, courtesy of Market Insight.
In terms of market share, the US major home appliances market is still dominated by the bigger players, but with product innovation and technological advancement, the playing field is still wide open as insights from MI seem to show. Competing brands are continuously increasing their market presence by tapping new markets and securing more contracts, such is the example of EASTMAN appliances with a respectable market share this year.
In such highly competitive times, the most important aspect for any National Account Manager or Business Unit Head is to stay one step ahead with key market research data and updated insights when it comes to their category.
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