Market Insights Consumer Household Appliances

Major Appliances - South Korea

South Korea

In 2024, the Major Appliances market in South Korea generated a revenue of US$6.68bn.
It is projected to experience an annual growth rate of 3.52% (CAGR 2024-2029).
When compared to other countries, in China leads the global market with a revenue of US$102bn in 2024.
Considering the number of households, the per household revenue in South Korea's Major Appliances market is estimated to be US$306.30 in 2024.
Looking ahead to 2029, the volume in this segment is anticipated to reach 11.9m pieces.
However, there is a slight decline expected in 2025, with a volume growth rate of 1.4%.
On average, each household in South Korea is predicted to have a volume of 0.51pieces in the Major Appliances market in 2024.
"The demand for smart and energy-efficient major appliances in South Korea is rapidly increasing, driven by the country's tech-savvy and environmentally conscious consumer base."

Key regions: Germany, India, United Kingdom, China, Canada

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Analyst Opinion

The major appliances market is divided into refrigerators, freezers, dishwashing machines, washing machines, cookers, air conditioners and ovens. The COVID-19 pandemic augured well for the market, with an uptick in volume sales of all products, as consumers placed greater emphasis on cleaning and hygiene. The market witnessed a bit of a slow down amid the Russia- Ukraine war, owing to supply chain disruptions, component shortages and consumers curbing their discretionary spend, but is expected to rebound over the short term.

Amongst other drivers fueling the market include the growing population and urbanisation, especially in emerging economies, technological advancements, such as smart washing machines and smart refrigerators and the growing trend towards home cooking, which augers well for products such as ovens.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on Household Appliances.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, trade data, national statistical office data, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global Survey), as well as performance factors. In addition, we use relevant key market indicators and data from country-specific associations, such as number of households, consumer spending, and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques, such as exponential trend smoothing, for instance. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Survey data is reweighted for representativeness.