North America Luxury Appliance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 27.05 Million |
| Market Size (2029) | USD 34.73 Million |
| CAGR (2024 - 2029) | 5.12 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Luxury Appliance Market Analysis
The North America Luxury Appliance Market size is estimated at USD 27.05 million in 2024, and is expected to reach USD 34.73 million by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).
The Luxury Appliance market in North America is dominated by two big economies namely, America, and Canada. The Appliance market is mature and homogeneous with high product penetration and dominated by replacement products. COVID-19's rapid spread across the world led to serious implications for most suppliers of manufactured products, including luxury and kitchen appliances in North America, in the form of supply chain disruptions. The Pandemic resulted in a decrease in sales from offline stores whereas, there was a rise in sales from E-commerce sites in the second half of 2020. The market demand for core appliances grew by 6% in the US during that period.
US and Canada are the countries with high household disposable income. Consumer spending patterns in household appliances in the US increased by 2.83% CAGR in the last 5 years. A similar consumption pattern is seen in Canada. The spending in the appliance market in the e-commerce sector is also increasing. The use of the online medium to research the appliance increased by 24% whereas sales increased by 15% after the onset of the pandemic. Sustainability has emerged as the key market trend as two-thirds of the global consumer are willing to pay more for environmentally sustainable products. The increasing regulations demand manufacturers to produce energy-efficient and environmentally sustainable products. The energy-efficient appliances, low carbon footprint, and appliances that emit no or low harmful emissions are gaining demand.
North America Luxury Appliance Market Trends
This section covers the major market trends shaping the North America Luxury Appliance Market according to our research experts:
Demand For Smart and Connected Luxury Appliances is Driving the Market
Smart and connected home appliance is the key trend seen in the luxury appliance market which gives more value and benefits back to the user. In a Smart home, all the appliances are connected to the internet which provides better safety, connectedness, and energy consumption. The number of smart homes in North America has grown by 18.7% year on year. According to Berg Insights by 2024, there will be 78 million smart homes in North America about 53% of all households.
The trend of healthy living is also seen in the luxury appliances market. People are becoming more aware of health, diet, and other bodily hygiene. This will lead to increased demand for the luxury appliances such as steam ovens and multi-drum washers. There is also a growing trend for multi-functional and time-saving, auto-operated luxury appliances as more people are living in urban smaller areas and have less time for other household chores. Manufacturers are also combining multi-functionality into the singular appliance, helping consumers to save not only space but cost as well. A recent example is Amazon launching Alexa compatible Smart oven which was not only just a traditional oven but also an air fryer, microwave, and food warmer all in one.
The E-Commerce Sales of Luxury Appliance is on Rise
Global E-commerce sale for the appliance market is growing at a double-digit growth rate. The E-commerce sale of appliances in the US is also expected to grow by 12%. This trend experienced more growth during the pandemic as it resulted in more time spent at home which led consumers to allocate more of their budget to home improvement and appliances in the second half of 2020. The market demand for core appliances grew by 6% in the US. The spending in the appliance market in the e-commerce sector is also increasing. The use of online mediums to research the appliance increased by 24% whereas sales increased by 15% after the onset of the pandemic
North America Luxury Appliance Industry Overview
The North American luxury appliance market is highly competitive and homogenous in nature with high product penetration. Competition exists amongst players to gain a higher market share for replacement products. The major players in the industry are Dacor, Miele, Thermador, GE Monogram, Sub-Zero Wolf, Viking Range, Jenn Air, La Cornue, and other general appliance companies such as Samsung, Phillips, and Haier which produce a range of other appliances. Samsung is the market leader with Dacor as the regional brand operating in North America. BSH has Thermador and Codex and Whirlpool has Jenn Air competing for luxury appliance market share in North America.
North America Luxury Appliance Market Leaders
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Dacor
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Miele
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GE Monogram
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Viking Range
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Thermador
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Jenn Air
*Disclaimer: Major Players sorted in no particular order
North America Luxury Appliance Market News
- In June 2022, Miele selected Touchwood shopping centre in Solihull as the location for its latest store. The German premium domestic appliance manufacturer has taken 2,000 sq ft on a new ten-year lease. The store takes the form of an 'Experience Centre' showcasing Miele's most popular and sustainable appliances, and opened this week following a high-quality fit-out.
- In 2021, Thermador launches its new luxury appliance package named "Leap Into Luxury". It is the first time, the company has delivered luxury kitchen appliance packages starting at just under USD 10,000. It is an Intentionally crafted package that is designed specifically for first-time homeowners, newlyweds, and those looking to replace existing appliances. It includes freestanding Refrigeration, Masterpiece Ovens as well as other cooking, Ventilation, and Dish care appliances.
North America Luxury Appliance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Supply Chain/Value Chain Analysis
4.3 Insight on growing digitization in Appliance Industry
4.4 Insight on Growing Use of E-Commerce in Appliance Industry
4.5 Insight on Sustainability Aspects in Luxury Appliance
4.6 Insight on Shift Toward Smart and Connected Appliance
5. MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Industry Attractiveness - Porter's Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Consumers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitutes
5.4.5 Intensity of Competitive Rivalry
6. MARKET SEGMENTATION
6.1 Based on Type
6.1.1 Cooking and Baking Appliance
6.1.2 Cooling Appliance
6.1.3 Cleaning Appliance
6.1.4 Other kitchen appliances
6.2 Based on Distribution Channel
6.2.1 E-Commerce
6.2.2 Multi-Brand Stores
6.2.3 Exclusive Stores
6.2.4 Other Distribution Channel
6.3 Based on End Users
6.3.1 Residential
6.3.2 Commercial
6.4 Based on Geography
6.4.1 US
6.4.2 Canada
7. COMPETITIVE LANDSCAPE
7.1 Market Concentration Overview
7.2 Competitors Profile
7.2.1 Dacor
7.2.2 Miele
7.2.3 Thermador
7.2.4 GE Monogram
7.2.5 Viking Range
7.2.6 Jenn Air
7.2.7 La Cornue Global
7.2.8 Gagganau
7.2.9 Electrolux
7.2.10 THG Paris*
8. Future of the Market
9. APPENDIX
9.1 Macroeconomic Indicators ( GDP, Disposable income, Consumer Spending)
9.2 Person per Household, Urbanization, Environment and other Guidelines
9.3 E commerce and Consumer behaviour for online purchasing
9.4 Trade Statistics ( Import and export by product and country)
North America Luxury Appliance Industry Segmentation
Luxury appliances are high-end appliances that are built for top performance. They provide consumers with both optimal functional and aesthetic value. They cost more than regular appliances for their state-of-art engineering.
The North American luxury appliances market can be segmented by product type, end-user, distribution channel, and geography. By product type, segments can be cooking and baking, cooling, cleaning, and other appliances. By end-user, segments can be commercial and residential. By distribution channel, segments can be multi-brand stores, Exclusive stores, E-commerce, and other distribution channels. By geography, segments can be divided into the USA and Canada. The report also offers a complete background analysis of the luxury appliances market, including the analysis and forecast of market size, market segments, industry trends, and growth drivers.
| Based on Type | |
| Cooking and Baking Appliance | |
| Cooling Appliance | |
| Cleaning Appliance | |
| Other kitchen appliances |
| Based on Distribution Channel | |
| E-Commerce | |
| Multi-Brand Stores | |
| Exclusive Stores | |
| Other Distribution Channel |
| Based on End Users | |
| Residential | |
| Commercial |
| Based on Geography | |
| US | |
| Canada |
North America Luxury Appliance Market Research FAQs
How big is the North America Luxury Appliance Market?
The North America Luxury Appliance Market size is expected to reach USD 27.05 million in 2024 and grow at a CAGR of 5.12% to reach USD 34.73 million by 2029.
What is the current North America Luxury Appliance Market size?
In 2024, the North America Luxury Appliance Market size is expected to reach USD 27.05 million.
Who are the key players in North America Luxury Appliance Market?
Dacor, Miele, GE Monogram, Viking Range, Thermador and Jenn Air are the major companies operating in the North America Luxury Appliance Market.
What years does this North America Luxury Appliance Market cover, and what was the market size in 2023?
In 2023, the North America Luxury Appliance Market size was estimated at USD 25.73 million. The report covers the North America Luxury Appliance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Luxury Appliance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America High-End Appliances Industry Report
Statistics for the 2023 North America High-End Appliances market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. North America High-End Appliances analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
