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South Korea Major Home Appliances Market Size, Analysis: By Product: Refrigerators, Freezers, Dishwashers, Washing Machines, Cookers and Ovens, Others; By Distribution Channel: Hypermarkets and Supermarkets, Speciality Stores, Online, Other; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 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
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
|
| Breakup by Distribution Channel |
|
| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Major Home Appliances Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Major Home Appliances Historical Market (2018-2023)
8.3 Asia Pacific Major Home Appliances Market Forecast (2024-2032)
9 South Korea Major Home Appliances Market Overview
9.1 Key Industry Highlights
9.2 South Korea Major Home Appliances Historical Market (2018-2023)
9.3 South Korea Major Home Appliances Market Forecast (2024-2032)
10 South Korea Major Home Appliances Market by Product
10.1 Refrigerators
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Freezers
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Dishwashers
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Washing Machines
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Cookers and Ovens
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 South Korea Major Home Appliances Market by Distribution Channel
11.1 Hypermarkets and Supermarkets
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Speciality Stores
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Online
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Other
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Competitive Landscape
13.1 Market Structure
13.2 Company Profiles
13.2.1 Robert Bosch GmbH
13.2.1.1 Company Overview
13.2.1.2 Type Portfolio
13.2.1.3 Demographic Reach and Achievements
13.2.1.4 Certifications
13.2.2 Electrolux AB
13.2.2.1 Company Overview
13.2.2.2 Type Portfolio
13.2.2.3 Demographic Reach and Achievements
13.2.2.4 Certifications
13.2.3 Haier Inc.
13.2.3.1 Company Overview
13.2.3.2 Type Portfolio
13.2.3.3 Demographic Reach and Achievements
13.2.3.4 Certifications
13.2.4 LG Electronics Inc.
13.2.4.1 Company Overview
13.2.4.2 Type Portfolio
13.2.4.3 Demographic Reach and Achievements
13.2.4.4 Certifications
13.2.5 Panasonic Holdings Corp.
13.2.5.1 Company Overview
13.2.5.2 Type Portfolio
13.2.5.3 Demographic Reach and Achievements
13.2.5.4 Certifications
13.2.6 Samsung Electronics Co, Ltd.
13.2.6.1 Company Overview
13.2.6.2 Type Portfolio
13.2.6.3 Demographic Reach and Achievements
13.2.6.4 Certifications
13.2.7 Whirlpool Corporation
13.2.7.1 Company Overview
13.2.7.2 Type Portfolio
13.2.7.3 Demographic Reach and Achievements
13.2.7.4 Certifications
13.2.8 Mitsubishi Electric Corporation
13.2.8.1 Company Overview
13.2.8.2 Type Portfolio
13.2.8.3 Demographic Reach and Achievements
13.2.8.4 Certifications
13.2.9 Hisense International Co., Ltd. (Gorenje)
13.2.9.1 Company Overview
13.2.9.2 Type Portfolio
13.2.9.3 Demographic Reach and Achievements
13.2.9.4 Certifications
13.2.10 Others
14 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Major Home Appliances Market: Key Industry Highlights, 2018 and 2032
2. South Korea Major Home Appliances Market: Key Industry Highlights, 2018 and 2032
3. South Korea Major Home Appliances Historical Market: Breakup by Product (USD Billion), 2018-2023
4. South Korea Major Home Appliances Market Forecast: Breakup by Product (USD Billion), 2024-2032
5. South Korea Major Home Appliances Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
6. South Korea Major Home Appliances Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
7. South Korea Major Home Appliances Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 5.60 billion in 2023.
The market is projected to grow at a CAGR of 4.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 8.20 billion by 2032.
The major market drivers include increasing lifestyle complexities and rising disposable incomes.
The key trends fuelling the growth of the market include rising requirement for energy efficient appliances and growing adoption of aggressive promotional and marketing strategies by the key market players.
The major products available in the market include refrigerators, freezers, dishwashers, washing machines, and cookers and ovens, among others.
The significant distribution channels include hypermarkets and supermarkets, speciality stores, and online, among others.
The key players in the 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.
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