South Korea Home Appliances Market Growth, Size, Trends, Demand, Revenue and Future Outlook
South Korea Home Appliances Market Size- By Product, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jun-2024 | Report ID: IACT24120 | Pages: 1 - 109 | Formats*: |
| Category : Information & Communications Technology | |||
South Korea Home Appliances Market Introduction and Overview
According to SPER Market Research, the South Korea Home Appliances Market is estimated to reach USD 13.55 Billion by 2033 with a CAGR of 4.23%.
The report includes an in-depth analysis of the South Korea Home Appliances Market, including market size and trends, product mix, applications, and supplier analysis. Refrigerators, washing machines, ovens, microwaves, vacuum cleaners, air conditioners, dishwashers, and other items are common household equipment. Each of these equipment is precisely engineered to perform certain functions, such as food preservation, laundry washing, cooking, or maintaining ideal indoor conditions. Home appliances are important for more than just making housework easier; they also help with energy conservation, time management, and general quality of life. They have become an essential part of modern life, allowing people and families to better manage their homes and enjoy a more comfortable and convenient existence.
- July 2021 - LG Electronics (LG) and Magna International Inc. (Magna) inked a transaction agreement to form a joint venture. The joint venture brings Magna's capability in electric powertrain systems and world-class automotive manufacturing together with LG's expertise in e-motor and inverter component development.
- July 2021 - Samsung Electronics and Q CELLS established a new strategic alliance, combining their technological skills to create 'zero energy home' solutions. A zero-energy home becomes self-sufficient by solely using energy generated by the home itself. This self-sufficiency is achieved by both producing energy from renewable sources, such as solar, and reducing energy usage by using more efficient technologies.
Market Opportunities and Challenges
Opportunities-The market is primarily driven by shifting consumer tastes, expanding urbanisation, and the growing number of people living in smaller rooms and flats. Furthermore, increased government programmes and legislation promoting energy efficiency have had a considerable impact on encouraging the adoption of environmentally friendly and technologically advanced appliances, influencing the total industry. Furthermore, the market is seeing an increase in demand for smart appliances that provide connectivity and automation, allowing users to remotely control and monitor their gadgets, which is another development driver. Furthermore, ongoing innovation in product design, functionality, and smart technology integration has encouraged consumers to purchase appliances with cutting-edge features and connection.
Challenges- There are numerous hurdles in the South Korean home appliance business. First and foremost, stiff competition from both domestic and foreign suppliers complicates market share and pricing strategies. Second, rapid technological development needs continuous innovation and trend-following on the part of manufacturers, which can be costly and time-consuming. Third, companies must adapt and supply products that fulfil a variety of demands in response to changing consumer tastes and lifestyles. Changes in raw material prices, as well as supply chain disruptions, may have an impact on production costs and product availability. Manufacturers may also have difficulties in conforming to strict safety and energy efficiency requirements and standards. Finally, economic uncertainty may have an impact on overall demand for kitchen appliances.
Market Competitive Landscape
South Korea's major home appliance market is competitive, with both local and international manufacturers present. The emergence of Japanese and Chinese players has led to an increase in competition in the country. As a result, the business is developing products for the international market in order to meet premium demand. Key market players include Whirlpool Corporation, Electrolux AB, LG Electronics, Samsung Electronics, Panasonic Corporation, Haier Electronics Group Co Ltd, BSH Hausgeräte GmbH, Arcelik AS, Gorenje Group, Mitsubishi Electric Corporation.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Product, By Distribution Channel |
| Regions covered | Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region) |
| Companies Covered | Whirlpool Corporation, Electrolux AB, LG Electronics, Samsung Electronics, Panasonic Corporation, Haier Electronics Group Co Ltd, BSH Hausgeräte GmbH, Arcelik AS, Gorenje Group, Mitsubishi Electric Corporation. |
COVID-19 Impact on South Korea Home Appliances Market
The COVID-19 epidemic has had a significant influence on South Korea's home equipment sector. Individuals are spending more time at home and preparing their meals, which has increased demand for home appliances. Consumers have purchased appliances such as refrigerators, ovens, microwaves, and dishwashers to enhance their cooking experience and convenience. However, due to the economic crisis and financial uncertainties, the decline in consumer spending has slowed overall market expansion. Appliance production and delivery delays have also been caused by disruptions in the global supply chain. Despite this, changes customer behaviour and preferences have created new opportunities for manufacturers to innovate and match changing consumer expectations.
Key Target Audience
- Young Professionals and Newlyweds
- Middle-aged Families
- Senior Citizens
- Urban Dwellers
- Eco-conscious Consumers
- Luxury Segment
Our in-depth analysis of the South Korea Home Appliances Market includes the following segments:
| By Product: |
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| By Distribution Channel: |
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Key Topics Covered in the Report
- South Korea Home Appliances Market Size (FY’2024-FY’2033)
- Overview of South Korea Home Appliances Market
- Segmentation of South Korea Home Appliances Market By Product (Major Appliances, Small Appliances)
- Segmentation of South Korea Home Appliances Market By Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, E-commerce, and Others)
- Statistical Snap of South Korea Home Appliances Market
- Expansion Analysis of South Korea Home Appliances Market
- Problems and Obstacles in South Korea Home Appliances Market
- Competitive Landscape in the South Korea Home Appliances Market
- Impact of COVID-19 and Demonetization on South Korea Home Appliances Market
- Details on Current Investment in South Korea Home Appliances Market
- Competitive Analysis of South Korea Home Appliances Market
- Prominent Players in the South Korea Home Appliances Market
- SWOT Analysis of South Korea Home Appliances Market
- South Korea Home Appliances Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Home Appliances Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Home Appliances Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Home Appliances Market
7. South Korea Home Appliances Market, By Product (USD Million) 2020-2033
7.1. South Korea Home Appliances Market Size, Share and Forecast, By Product, 2020-20267.2. South Korea Home Appliances Market Size, Share and Forecast, By Product, 2027-20337.3. Major Appliances
7.3.1. Refrigerators7.3.2. Freezers7.3.3. Dishwashing Machines7.3.4. Washing Machines7.3.5. Cookers and Ovens
7.4. Small Appliances
7.4.1. Vacuum Cleaners7.4.2. Toasters7.4.3. Grills and Roasters7.4.4. Coffee/Tea Makers7.4.5. Mixers and Grinders
7.4.6. Others
8. South Korea Home Appliances Market, By Distribution Channel (USD Million) 2020-2033
8.1. South Korea Home Appliances Market Size, Share and Forecast, By Distribution Channel, 2020-20268.2. South Korea Home Appliances Market Size, Share and Forecast, By Distribution Channel, 2027-20338.3. Supermarkets and Hypermarkets8.4. Specialty Stores8.5. E-commerce8.6. Others
9. South Korea Home Appliances Market Forecast, 2020-2033 (USD Million)
9.1. South Korea Home Appliances Market Size and Market Share
10. South Korea Home Appliances Market, By Region, 2020-2033 (USD Million)
10.1. South Korea Home Appliances Market Size and Market Share By Region (2020-2026)10.2. South Korea Home Appliances Market Size and Market Share By Region (2027-2033)10.2.1. Seoul Capital Area10.2.2. Yeongnam (Southeastern Region)10.2.3. Honam (Southwestern Region)10.2.4. Hoseo (Central Region)10.2.5. Others
11. Company Profile
11.1. Whirlpool Corporation
11.1.1. Company details11.1.2. Financial outlook11.1.3. Product summary11.1.4. Recent developments
11.2. Electrolux AB
11.2.1. Company details11.2.2. Financial outlook11.2.3. Product summary11.2.4. Recent developments
11.3. LG Electronics
11.3.1. Company details11.3.2. Financial outlook11.3.3. Product summary11.3.4. Recent developments
11.4. Samsung Electronics
11.4.1. Company details11.4.2. Financial outlook11.4.3. Product summary11.4.4. Recent developments
11.5. Panasonic Corporation
11.5.1. Company details11.5.2. Financial outlook11.5.3. Product summary11.5.4. Recent developments
11.6. Haier Electronics Group Co. Ltd
11.6.1. Company details11.6.2. Financial outlook11.6.3. Product summary11.6.4. Recent developments
11.7. BSH Hausgeräte GmbH
11.7.1. Company details11.7.2. Financial outlook11.7.3. Product summary11.7.4. Recent developments
11.8. Arcelik AS
11.8.1. Company details11.8.2. Financial outlook11.8.3. Product summary11.8.4. Recent developments
11.9. Gorenje Group
11.9.1. Company details11.9.2. Financial outlook11.9.3. Product summary11.9.4. Recent developments
11.10. Mitsubishi Electric Corporation*
11.10.1. Company details11.10.2. Financial outlook11.10.3. Product summary11.10.4. Recent developments
11.11. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
South Korea Home Appliances Market is projected to reach USD 13.55 billion by 2033, growing at a CAGR of 4.23% during the forecast period.
South Korea Home Appliances Market grew in Market size from 2022. The Market is expected to reach USD 13.55 billion by 2033, at a CAGR of 4.23% during the forecast period.
South Korea Home Appliances Market CAGR of 4.23% during the forecast period.
South Korea Home Appliances Market size is USD 13.55 billion from 2024 to 2033.
South Korea Home Appliances Market Segment is covered By Product, By Distribution Channel.
The Asia Pacific is anticipated to have the highest Market share in the South Korea Home Appliances Market.
The key players in the Market include Companies Covered Whirlpool Corporation, Electrolux AB, LG Electronics, Samsung Electronics, Panasonic Corporation, Haier Electronics Group Co Ltd, BSH Hausgeräte GmbH, Arcelik AS, Gorenje Group, Mitsubishi Electric Corporation.
Home appliances are important for more than just making housework easier; they also help with energy conservation, time management, and general quality of life.
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