Market Insights Consumer Household Appliances

Small Appliances - South Korea

South Korea

In South Korea, the revenue generated in the Small Appliances market reached €2,650.00m in 2024.
It is projected to experience an annual growth rate of 4.22% (CAGR 2024-2029).
When compared globally, in China leads the market with a revenue of €52,570m in 2024.
Looking at the per household revenues, in 2024, each household in South Korea is expected to generate €121.40.
By 2029, the volume in the Small Appliances market is estimated to reach 39.8m pieces.
A growth of 1.2% is expected in 2025.
Furthermore, the average volume per household in the Small Appliances market is projected to be 1.71pieces in 2024.
South Korea's small appliance market is experiencing a surge in demand for high-tech kitchen gadgets such as air fryers and smart coffee makers.

Key regions: Canada, Japan, Indonesia, India, United States

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Analyst Opinion

The small appliances market, which includes products such as vacuum cleaners, microwave ovens, and small kitchen appliances, amongst others, witnessed revenue growth of 10.5% in 2020 and 9.9% in 2021 respectively, when most other markets witnessed a decline, owing to the rising sales of products such as vacuum cleaners amid the pandemic, in many countries. For instance, according to Statista’ Global Consumer Survey, vacuum cleaner ownership in Nigeria rose to 14% as of early 2022, compared to just 6% in 2019. Much of the growth in this market is being driven by emerging economies, amid rising income levels, changing lifestyle, and growing urbanisation.

The introduction of new appliances with new features and technologies is expected to drive market growth further. For instance, LG has launched a new microwave oven with a charcoal lighting feature, which uses considerably less oil and makes it appealing to health-conscious consumers.

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.