South Korea Major Home Appliances Market Report and Forecast 2024-2032

South Korea Major Home Appliances Market Outlook

The South Korea major home appliances market size reached approximately USD 5.60 billion in 2023. The market is further projected to grow at a CAGR of 4.1% between 2024 and 2032, reaching a value of USD 8.20 billion by 2032.

Key Trends in the Market

Major home appliances refer to large electrical appliances that are used for both domestic and commercial applications. These semi-portable and non-portable appliances are used for routine housekeeping activities including washing, cooking, cleaning, and food preservation, among others. These appliances include dishwashers, washing machines, and refrigerators, among others.

• The increasing lifestyle complexities and disposable incomes are aiding the South Korea major home appliances market growth. Appliance including washing machines and dishwashers aid in convenient and swift completion of washing dishes and clothes, allowing the individuals to save time.

• The rising requirement for energy efficient appliances owing to increasing environmental concerns among the population of South Korea is supporting the market expansion. Various manufacturers are increasingly investing towards the development and availability of major home appliances that are environmentally sustainable as well as economically efficient.

• The growing adoption of aggressive promotional and marketing strategies by the key market players is providing lucrative growth opportunities to the market. These strategies include the deployment of social media for reaching the ideal audience in a more targeted manner.

South Korea Major Home Appliances Market Analysis

On the basis of product, the market is divided into refrigerators, freezers, dishwashers, washing machines, and cookers and ovens, among others. Based on distribution channel, the South Korea major home appliances market segmentation includes hypermarkets and supermarkets, speciality stores, and online, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Robert Bosch GmbH 

• Electrolux AB 

• Haier Inc. 

• LG Electronics Inc. 

• Panasonic Holdings Corp. 

• Samsung Electronics Co, Ltd. 

• Whirlpool Corporation 

• Mitsubishi Electric Corporation 

• Hisense International Co., Ltd. (Gorenje) 

• Others

Market Share by Product

Dish washers account for a significant South Korea major home appliances market share. The increasing lifestyle complexities and hectic work schedules eliminate the availability of spare time for completion of household chores including washing, boosting the demand for dish washers in South Korea. The product aids in water conservation and is available in various sizes, from full sized family options to slimline dishwashers, allowing the consumers to choose the size most suitable for their requirements.

Market Share by Distribution Channel

Online distribution channels are anticipated to witness significant growth over the forecast period. This growth can be attributed to the various convenient facilities offered by the services including at door delivery, availability of a wide range of products and brands, and discount codes and offers, among others. The presence of detailed product descriptions and customer reviews allows individuals to select the product that is most suitable to their requirements. The strong purchasing power of the consumers coupled with hectic wok schedules are boosting the South Korea major home appliances market demand.

Competitive Landscape

Robert Bosch GmbH, headquartered in Gerlingen, Germany, is known for offering innovative solutions for smart homes and is pursuing a vision for mobility that is both sustainable and safe. The company also specialises in sustainable technology and artificial intelligence, among others.

Electrolux AB, headquartered in Stockholm, Sweden, is involved in the manufacture of small appliances, vacuum cleaners, washing machines, refrigerators, ovens, and cookers, among others. The company was founded in 1919.

Haier Inc. is one of the leading household appliances manufacturing companies that was founded in 1984. The company manufactures televisions, microwave ovens, water heaters, washing machines, and air conditioners, among others.

Other South Korea major home appliances market key players include LG Electronics Inc., Panasonic Holdings Corp., Samsung Electronics Co, Ltd., Whirlpool Corporation, Mitsubishi Electric Corporation, and Hisense International Co., Ltd. (Gorenje), among others.

Key Highlights of the Report