South Korea Major Home Appliances Market to Grow at a CAGR of 4.1% During 2024-2032, Aided by Growing Disposable Incomes of the Middle-Class Population

In South Korea, the presence of leading players, technological advancements, and the rising demand for electronic appliances in homes contribute to the South Korea major home appliances market growth. Despite reaching a developed stage and experiencing market saturation, the market retains the potential for further expansion. This promising trend is driven by rising disposable incomes and rapid urbanisation observed across the country. Notably, major home appliances continue to demonstrate stronger sales performance compared to small appliances.

On August 16, 2023, the South Korean government enacted a revised version of the Act on Resource Circulation of Electrical and Electronic Equipment and Vehicles (the Act). This revision mandates that manufacturers and importers of electronic and electrical equipment (EEE) adhere to material and structural guidelines established by the Ministry of Environment and the Ministry of Trade, Industry and Energy. This initiative aims to promote the recycling of EEE products.

The advancement in product development and the integration of cutting-edge technologies like the Internet of Things (IoT) and artificial intelligence (AI) are also propelling the market growth. Consumers are increasingly drawn to features like smart home capabilities, the prevalence of built-in appliances in construction projects, and the connectivity and functionality offered by AI and IoT-enabled appliances. For example, the global scarcity of water resources is driving demand for washing machines that utilise water efficiently.

Whirlpool Corporation (NYSE: WHR), a leading manufacturer of home appliances, offers a wide range of major and small appliances globally. The company operates in South Korea through its HTKJ cluster, encompassing Hong Kong, Taiwan, Korea, and Japan, with headquarters in Hong Kong. Whirlpool's diverse product portfolio includes washing machines, dryers, dishwashers, refrigerators, cooker hoods, microwave ovens, steam ovens, and more.

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Market Breakup by Product and Distribution Channel:

• On the basis of the product, the market is divided into refrigerators, freezers, dishwashers, washing machines, and cookers and ovens, among others.

• The market can be segmented based on distribution channel into hypermarkets and supermarkets, speciality stores, and online, among others.

Key Findings of the Report:

• The South Korea major home appliances market expansion is being driven by continuous product innovation. Leading players like Samsung and LG are introducing new products, such as refrigerators and washing machines with enhanced capacities, catering to evolving consumer needs.

• Government policies and advancements in product features, including Internet of Things (IoT) functionalities, are further fostering the market expansion. The rise in single-person households, growing demand for premium products, increasing consumer interest in personalisation, and cost-reduction opportunities through automation are also contributing to the market's positive outlook.

• In November 2023, total home appliance sales reached approximately KRW 2.9791 trillion, representing a 3.0% year-over-year increase compared to November 2022 (KRW 2.893 trillion). This positive shift follows a downward trend that began in March 2023.

• The Bank of Korea's December 2023 consumer confidence survey indicates a Consumer Confidence Index (CCI) of 99.5, reflecting a 2.3-point increase from November 2023. A CCI exceeding 100 suggests a more optimistic consumer outlook compared to the long-term average.

• A contributing factor to the lower November sales growth was a delayed rise in demand for winter home appliances compared to previous years. While these products typically experience increased sales from October onwards, unseasonably warm weather in the latter part of 2023 led to a delayed surge in demand, which primarily materialised in November. This shift in consumer purchasing behaviour impacted overall sales figures for the month.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea major home appliances market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the products and distribution channels of major home appliances in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea major home appliances market are Robert Bosch GmbH, Electrolux AB, Haier Inc., LG Electronics Inc., Panasonic Holdings Corp., Samsung Electronics Co, Ltd., Whirlpool Corporation, Mitsubishi Electric Corporation, and Hisense International Co., Ltd. (Gorenje), among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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