Household Appliances - South Korea

South Korea

The revenue in the Household Appliances market in South Korea is estimated to reach €8.78bn in 2024.
It is projected to experience an annual growth rate of 3.62% (CAGR 2024-2029).
The largest segment in this market is Major Appliances, with a market volume of €6.13bn in 2024.
When compared globally, in China generates the highest revenue in this market, amounting to €146bn in 2024.
In terms of per household revenues, in South Korea generates €402.50 in 2024.
Online sales are predicted to contribute 44.5% of the total revenue in the Household Appliances market by 2024.
The volume in this market is expected to reach 51.7m pieces by 2029.
However, in 2025, a slight decline in volume growth, 1.3%, is anticipated.
The average volume per household in the Household Appliances market is expected to be 2.22pieces in 2024.
South Korea is experiencing a surge in demand for smart home appliances, as consumers increasingly prioritize convenience and connectivity in their household products.

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

Mercado

Región

Comparación de regiones

Moneda

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 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.