Household Appliances - Hong Kong

  • Hong Kong
  • In 2024, the revenue in the Household Appliances market in Hong Kong amounts to HK €1.74bn.
  • It is projected to have an annual growth rate of 4.61% (CAGR 2024-2029).
  • The largest segment in this market is Major Appliances, with a market volume of HK €1.20bn in 2024.
  • When compared globally, in China generates the highest revenue in the Household Appliances market, reaching HK €148bn in 2024.
  • In terms of per household revenues, in Hong Kong generates HK €0.62k in 2024.
  • By 2024, online sales are expected to contribute 6.6% of the total revenue in the Household Appliances market.
  • Additionally, the market volume is projected to reach 11.5m pieces units by 2029.
  • In 2025, the market is expected to show a volume growth of 1.4%.
  • Lastly, the average volume per household in the Household Appliances market is anticipated to be 3.80pieces units in 2024.
  • In Hong Kong, the household appliances market is currently experiencing a surge in demand for energy-efficient and space-saving appliances due to the high population density and limited living spaces in the city.

Key regions: Europe, Worldwide, United States, United Kingdom, India

 
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Analyst Opinion

The transition to more innovative and energy-efficient technology for use in households is the major driving force behind the growth of the Household Appliances market. The market is propelled by two segments. On the one hand, there is the Major Appliances segment, comprising appliances such as refrigerators, cookers, and ovens, which come with a higher price tag but are replaced less often. On the other hand, there is the Small Appliances segment, which contributes the most to volume sales. Small appliances come with a shorter lifespan, and, in most cases, consumers are easily swayed, willing and happy to exchange their small appliance for a newer model.

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 Global Consumer 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). GCS data is reweighted for representativeness.

Visión general

  • Revenue
  • Key Players
  • Volume
  • Price
  • Analyst Opinion
  • Sales Channels
  • Global Comparison
  • Methodology
  • Key Market Indicators
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