The South Korea Home Appliances Market Size was valued at USD 9.2 Billion in 2022. The Home appliances industry is projected to grow from USD 9.5 Billion in 2023 to USD 13.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.00% during the forecast period (2024 - 2032). Technological advancements and changing consumer lifestyles are the main market drivers anticipated to propel the Home Appliances Market in South Korea.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Increased consumer buying power and rising disposable income are key drivers of the South Korea Home Appliances Market CAGR. A home appliance is an electronic device that assists with household duties such as cooking, washing, and cleaning. The purchase of white goods, such as refrigerators, cooking and washing machines, as well as heating and cooling appliances, is due to rising disposable incomes, a growing global population, and improved living standards. Consumer spending power increased, resulting in a high demand for such appliances. New white goods, such as refrigerators, washing machines, air conditioners, and cooking equipment, are pricey and accessible to those with a high disposable income.
Moreover, Tech-savvy consumers are eager to invest in smart home gadgets that will improve their lives. The rapidly increasing number of internet users has altered customer behavior and the retail landscape in this business. Thus, driving the South Korea Home Appliances market revenue. New technological advances for intelligent and energy-efficient appliances are critical drivers that will drive market growth in 2021. Major household appliance manufacturers are focused on delivering efficient appliances with intelligent services that maximize energy savings in order to give users long-term solutions. For example, in February 2021, Panasonic Holdings Corp., a Japanese corporation, announced plans to expand its Al-enabled products in India, including linked refrigerators, air conditioners, and washing machines.
The South Korea Home Appliances Market segmentation, based on Product, includes Refrigerators, Freezers, Dishwashers, Washing Machines, Cookers and Ovens and Other Products. Refrigerators dominated the market in 2023. A refrigerator, commonly referred to as a "fridge," is a household and commercial appliance having a thermally insulated interior. A refrigerator's principal function is to keep the temperature low, slowing bacterial growth and preventing food from spoiling. Refrigerators on the market have a wide range of functions to pick from. They come in a variety of capacities, sizes, designs, and energy consumption levels. The segment will grow as disposable income rises and refrigerators become more accessible, available, and affordable. Every family, or the vast majority of them, has a fridge due to its versatility and efficiency. The development of internet shopping, with large discounts, specials, and interest-free EMI payment options, has made it easier for people to buy refrigerators of their choice without worrying about affordability or budget constraints.
The South Korea Home Appliances Market segmentation, based on Distribution Channels, includes Hypermarkets/Supermarkets, Specialty Stores, E-commerce/Online, and Other Distribution Channels. In 2023, the specialty stores category led the market. Specialty stores sell a small number of things, but they do so under a variety of brands and arrangements. The enormous number of options allows consumers to compare products, find better bargains, and make purchases more easily. They employ competent salespeople to assist consumers and answer their concerns. The excellent after-sales support also contributes to the popularity of the services provided. They also provide a range of payment options. They offer branded, certified, and high-quality products, which build consumer confidence and trust over time.
Figure 1: South Korea Home Appliances Market, Distribution Channel, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The South Korea Home Appliances Market is a thriving sector that provides a comprehensive selection of appliances to fulfill the needs of its customers. Demand for energy-efficient and smart appliances drives the market, which places a high value on technological innovation. The market is extremely competitive, with domestic and foreign competitors contending for market share. Refrigerators, washing machines, air conditioners, and televisions are among the most important product categories. South Korean consumers place a premium on quality, dependability, and innovative features when making purchase decisions. The market is likely to expand further, driven by reasons such as urbanization, increased disposable incomes, and the growing trend of smart homes.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the South Korea Home Appliances Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Home Appliances industry must offer cost-effective items.
Major players in the Home Appliances Market are attempting to increase market demand by investing in research and development operations, including LG Electronics, Dong Yang Diecasting Co, Samsung Electronics, Bosch, Electrolux AB, Whirlpool Corporation, Panasonic Corporation, Haier Electronics Group Co. Ltd, Mitsubishi Electric Corporation, Gorenje Group.
South Korea Home Appliances Industry Developments
In May 2023, Pohang Iron and Steel Co (South Korea) secured a three-year contract with South Korea-based Samsung Electronics to provide steel sheets for household appliances through 2026.
In December 2022, LG Electronics (LG) released the LG ThinQ™ UP upgradeable household appliances, including refrigerators, washers, dryers, oven ranges, and dishwashers.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 9.2 Billion |
| Market Size 2023 | USD 9.5 Billion |
| Market Size 2032 | USD 13.0 Billion |
| Compound Annual Growth Rate (CAGR) | 4.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Distribution Channel, and Region |
| Countries Covered | South Korea |
| Key Companies Profiled | LG Electronics, Dong Yang Diecasting Co, Samsung Electronics, Bosch, Electrolux AB, Whirlpool Corporation, Panasonic Corporation, Haier Electronics Group Co. Ltd, Mitsubishi Electric Corporation, Gorenje Group |
| Key Market Opportunities | Increasing demand for energy-efficient appliances Growing adoption of smart home technologies |
| Key Market Dynamics | Technological advancements Changing consumer lifestyles |
Frequently Asked Questions (FAQ) :
The South Korea Home Appliances Market size was valued at USD 9.5 Billion in 2023.
The market is projected to grow at a CAGR of 4.00% during the forecast period, 2024-2032.
The key players in the market are LG Electronics, Dong Yang Diecasting Co, Samsung Electronics, Bosch, Electrolux AB, Whirlpool Corporation, Panasonic Corporation and others.
The specialty stores category dominated the market in 2023.
Refrigerators had the largest share in the market.
Research Analyst Level II I have a degree in engineering (civil), with masters in business administration (marketing). with more than 4 years of experience in market research and consulting, i am involved in end-to-end process of market research, proposals, project kickoffs and delivery. i have research knowledge and expertise in consumer goods/packaging domain. also i have worked for various other domains like construction & equipment. effectively managed and delivered more than 60 report studies for regional as well as global clientele.
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