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Household Appliance Market size is set to grow by USD 121.1 billion from 2024-2028, product innovation and advancement leading to portfolio extension and product premiumization boost the market, Technavio

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NEW YORK, June 19, 2024 /PRNewswire/ — The global household appliance market size is estimated to grow by USD 121.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 5.06% during the forecast period. Product innovation and advancement leading to portfolio extension and product premiumization is driving market growth, with a trend towards increased adoption of multi- and advanced products. However, fluctuations in raw material prices and operational costs poses a challenge. Key market players include Electrolux AB, Breville Group Ltd., Dyson Group Co., Glen Dimplex Group., SEB Developpement SA, Haier Smart Home Co. Ltd., Hamilton Beach Brands Holding Co., Hisense International Co. Ltd., Hitachi Ltd., Koc Holding AS, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, MIRC Electronics Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TEKA INDUSTRIAL SA, Transform Holdco LLC, and Whirlpool Corp.

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Household Appliance Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 5.06%

Market growth 2024-2028

USD 121.1 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.55

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 54%

Key countries

China, US, Germany, Japan, and France

Key companies profiled

Electrolux AB, Breville Group Ltd., Dyson Group Co., Glen Dimplex Group., SEB Developpement SA, Haier Smart Home Co. Ltd., Hamilton Beach Brands Holding Co., Hisense International Co. Ltd., Hitachi Ltd., Koc Holding AS, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, MIRC Electronics Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TEKA INDUSTRIAL SA, Transform Holdco LLC, and Whirlpool Corp.

Market Driver

The household appliance market experiences significant growth due to the increasing demand for multifunctional products. These appliances cater to multiple household applications, providing excellent value for money. Consumers prefer multifunctional appliances as they save time, resources, and eliminate the need for purchasing separate products. Vendors innovate continuously to meet this demand and offer convenience through space-saving, cost-effective, and efficient multifunctional appliances, such as multicookers and automatic washing machines. This trend drives the adoption of multifunctional household appliances and increases new and replacement purchases, fueling the global household appliance market’s growth. 

The household appliance market is experiencing significant growth with various trends shaping the industry. Smart appliances, such as refrigerators and dishwashers, are becoming increasingly popular due to their energy efficiency and convenience. Producers are focusing on Artificial Intelligence and the Internet of Things to enhance the functionality of these appliances. Disposable and reusable filters in vacuum cleaners and air purifiers are gaining traction as consumers prioritize sustainability. Additionally, the demand for energy-star certified appliances is on the rise as governments and organizations promote energy conservation. Consumers are also seeking appliances with larger capacities to accommodate growing families and households. Overall, the household appliance market is witnessing innovation and advancement in technology, design, and sustainability. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The household appliance market is influenced by the cost of raw materials, which can fluctuate due to international prices and transportation costs. Major materials like steel, iron, plastic, and petroleum products have seen increased volatility, impacting product prices or manufacturer profit margins. Transportation costs, including fuels and taxes, also rise with raw material prices, increasing the final product cost. Competition in the market restricts vendors from raising prices, forcing them to reduce profit margins and impacting operational costs and research and development. These challenges may negatively affect the growth of the global household appliance market.The household appliance market faces several challenges in today’s technological landscape. One major challenge is keeping up with the latest advancements in technology. Consumers expect smart and energy-efficient appliances, which require continuous innovation. Another challenge is maintaining a competitive price point while incorporating new features. Additionally, ensuring compatibility with various home automation systems can be complex. Furthermore, ensuring durability and reliability is crucial to retain customer trust. Lastly, adhering to regulatory standards and ensuring cybersecurity are ongoing concerns. Overall, the household appliance industry must balance innovation, affordability, and consumer expectations to thrive in the market.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This household appliance market report extensively covers market segmentation by

Product 1.1 Major household appliances1.2 Small household appliancesDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Major household appliances- Household appliance market experiences consistent growth due to increasing consumer demand for convenience and efficiency. Major players include Whirlpool, LG, and Samsung. These companies offer a range of products such as refrigerators, washing machines, and dishwashers. Innovations like energy efficiency and smart technology drive market expansion. Consumers prioritize brands that provide reliable, high-quality appliances at affordable prices. Market size is expected to reach significant figures by 2025.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Household Appliance Market is experiencing significant growth due to the integration of smart technologies, such as Wi-Fi, Bluetooth, and artificial intelligence. Consumers, particularly those in single-person households, are increasingly adopting technologically advanced appliances for energy optimization and sustainability. Rising disposable income and improving living standards are driving demand for energy-efficient appliances. Novel technologies, including wireless sensors and cloud technology, are enabling real-time energy usage monitoring and optimization. However, supply chain disruptions and regulations pose challenges to market growth. Do-it-yourself pursuits and changing consumer lifestyles are also influencing the market dynamics. E-commerce channels are becoming crucial distribution channels, while AR/VR technologies are offering new opportunities for product innovation. Overall, the household appliance market is poised for continued growth, driven by consumer disposable income, product innovation, and sustainability concerns.

Market Research Overview

The Household Appliance Market encompasses a wide range of consumer goods designed to make daily living easier and more efficient. These include refrigerators, freezers, washing machines, dishwashers, ovens, cooktops, air conditioners, and more. The market is driven by factors such as increasing disposable income, urbanization, and technological advancements. Consumers seek appliances that offer energy efficiency, convenience, and advanced features. The market is segmented based on product type, technology, and geography. Companies are focusing on innovation and sustainability to meet evolving consumer demands and stay competitive. The future of the household appliance market looks promising, with continued growth expected due to increasing global population and rising standards of living.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductMajor Household AppliancesSmall Household AppliancesDistribution ChannelOfflineOnlineGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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JA Solar with 23 Leading Solar Companies unveils the first Initiative for Global Solar Sustainable Alliance at UNGC’s summit

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JAKARTA, Indonesia, May 25, 2025 /PRNewswire/ — On May 25, 2025, at the UN Global Compact (UNGC)’s Inaugural Global Business Summit in Jakarta, a total of 24 global leading solar companies including JA Solar, Jinko Solar, Tongwei, LONGi, GCL Group and other core upstream suppliers, collectively released the initiative for “Global Solar Sustainable Alliance (GSSA)”.

Distinguished leaders across government, industry and academia attended the summit, including United Nations Global Compact Assistant Secretary-General and CEO Sanda Ojiambo, United Nations Resident Coordinator in China Siddharth Chatterjee , Chairman of the National Economic Council of the Republic of Indonesia H.E. Luhut B. Pandjaitan, Founder and co-chairman of Bridgewater Associates Ray Dalio, President of the China Electricity Council Bao’an Xin, Chairman of Xiamen Airlines Dong Zhao, Founder and Chairman of GCL Gongshan Zhu.

At this critical juncture of global energy transition, the solar industry, as a cornerstone of renewable energy, serves as a pivotal solution to combat climate change and achieve carbon neutrality goals. Amid rapid industry growth, leading enterprises have jointly launched this initiative to address social and environmental challenges and advance sustainable development. Committed to delivering clean energy globally, the Initiative aims to strengthen sustainability across the entire value chain — promoting green mineral sourcing from the source, protecting ecosystems and biodiversity, building an equitable society for common good, and driving inclusive growth.

Aligned with the UNGC Ten Principles and Sustainable Development Goals (SDGs), the Initiative outlines 9 actionable pathways across three pillars, advancing ESG progress across the solar value chain and promoting its positive impact on the international market.

The GSSA initiative has garnered strong endorsement from the UNGC. Meng Liu, UNGC China Representative, stated: “We commend the global solar industry, particularly Chinese photovoltaic enterprises, for their contributions to advancing the global energy transition, and we welcome the launch of this initiative. Closely aligned with the principles of the United Nations Global Compact, the Initiative underscores corporate responsibilities in environmental protection, human rights safeguards, and sound governance. We look forward to the solar industry setting an exemplary model for global sustainable development through collective action.”

Jing Li, Vice President of Branding and Sustainability Officer of JA Solar, officially launched this GSSA Initiative at the event, and introduced JA Solar’s newly constructed responsible supply chain strategy with the theme of “Together Towards Tomorrow”, which aims to promote the multi-stakeholders along the industry’s value chain to evolve towards a sustainable future.

UNGC encourages more solar companies and supply chain partners to join this initiative and jointly advance the sustainable development of the industry. To truly fulfill the summit’s vision of ‘Better Business, Better World: Accelerating the SDGs’, the first co-signatories pledge to collaboratively develop a concrete action roadmap with stakeholder engagement, to ensure effective implementation of the Initiative.

Appendix : Global Solar Sustainable Alliance (GSSA)

As the backbone of renewable energy, the global solar sector provides consumers, industries, and society with affordable and reliable clean energy. It has made remarkable contributions to advancing global energy transition and promoting sustainable development, with immense potential yet to be realized.

On the other hand, after decades of growth, the social and environmental footprints of the solar industry, particularly the associated risks across its supply chain—have increasingly emerged. These challenges pose significant obstacles to unleashing the industry’s full potential and achieving its own sustainable development.

In light of this, we, as the undersigned photovoltaic enterprises and supply chain participants, guided by the Ten Principles of the United Nations Global Compact and the UN Sustainable Development Goals (SDGs), hereby launch the Global Solar Sustainable Alliance (GSSA). We call on all companies in the industry and its supply chains to adopt sustainability principles and strategies, and actively undertake the following actions:

I. Just Transition: Safeguarding the green ecosystems and environment

a) Reduce pollution, conserve resources, improve environmental management, implement clean production, and promote a circular economy.

b) Cut energy consumption and carbon emissions, adapt to climate change, establish science-based greenhouse gas reduction targets, and achieve net-zero emissions as soon as possible.

c) Protect biodiversity and ecosystems, promoting green mining from origins of materials, ensuring zero deforestation and no net loss of biodiversity.

II. People-Centric Development: Building an Equitable Society for Common Good

a) Respect and protect workers’ fundamental rights, create gender-responsive, diverse, inclusive, safe, and healthy workplaces, and enhance employees’ skills and development potential.

b) Advance responsible procurement and marketing practices, implement human rights due diligence in supply chains, improve value chain transparency, traceability, and collaborative mechanisms, and strengthen supply chain resilience.

c) Plan PV projects in alignment with local conditions, respect the rights of communities and residents, and leverage industry expertise to support community and social development.

III. Governance Enhancement: Driving Inclusive Growth

a) Optimize corporate governance structures, enhance professionalism and diversity in governance mechanisms, improve investor relations management, and protect the rights of minority shareholders.

b) Operate with integrity and compliance, oppose all forms of unfair competition practices, proactively uphold a sound market order, and foster the healthy development of the industry.

c) Strengthen internal and external oversight systems, conduct standardized information disclosure and regular tracking of progress and targets, and establish multi-channel stakeholder engagement and dialogue mechanisms.

Building on the above consensus, we will pool wisdom and resources, engage in full collaboration, and establish a concrete action roadmap with the participation and support of multi-stakeholders to ensure the effective implementation of the GSSA Initiative.

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SOURCE JA Solar Technology Co., Ltd.

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Curotec Unveils Self-Hosted AI Platform That Cuts Dev Time by 70% Without Compromising Security

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With the help of Curotec, companies in regulated industries can now deploy generative AI securely—achieving 3X faster time to market without sacrificing privacy or control.

PHILADELPHIA, May 25, 2025 /PRNewswire-PRWeb/ — Curotec, a leader in nearshore software development and AI strategy, announces the launch of its self-hosted large language model (LLM) infrastructure—a cutting-edge approach to generative software development that enables clients to harness AI securely and efficiently, without compromising code, intellectual property, or sensitive data.

“We built our model infrastructure with security, control, and developer productivity at its core,” said Brian Dainis, CEO of Curotec.

As enterprise adoption of generative AI accelerates, so do concerns from CIOs and general counsel over privacy, IP leakage, and regulatory compliance. Curotec’s infrastructure addresses these concerns head-on by deploying the top-performing open-source LLMs entirely within Curotec-owned and controlled environments, avoiding reliance on third-party model providers.

Unlike typical AI development tools that rely on external APIs, Curotec’s models are fully self-contained—running within isolated environments that are hardened for enterprise-grade privacy. This ensures client data never leaves the trusted boundary of Curotec’s infrastructure, making it ideal for highly regulated sectors like FinTech, HealthTech, and SaaS.

Curotec piloted its self-hosted LLM platform with several of its clients in 2025, including growth-stage FinTech and HealthTech companies with stringent SOC 2 compliance requirements. This pilot proved the approach’s efficacy in unlocking significant developer efficiency and the ability to get legal, security, and compliance leaders on board with the data concerns that LLM platforms introduce.

Since implementing this approach across internal and client-facing projects, Curotec has seen up to a 70% reduction in man-hours required for application development projects. These gains translate into a 3X faster speed to market, allowing businesses to outpace competitors without sacrificing security or code quality.

The LLMs assist Curotec developers with:

Generating boilerplate and middleware codeWriting unit tests and documentationRefactoring and debuggingTranslating specifications into working codePrompt-assisted feature scaffolding

This innovation is now part of Curotec’s AI-enhanced development services, detailed here:

curotec.com/services/ai-generative-development

Curotec’s self-hosted model platform marks a new frontier in generative software development—one where efficiency doesn’t require compromise, and where enterprises can trust their AI-powered development pipelines are both powerful and secure.

About Curotec:

Curotec is a software consulting firm that helps companies scale their engineering capacity and adopt transformative technologies. With a strong presence in Latin America, Curotec provides elite nearshore talent and consulting services in AI, software development, and digital transformation. Learn more at www.curotec.com.

Media Contact

Brian Dainis, Curotec, 1 610-450-6599, press@curotec.com, https://www.curotec.com/

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SOURCE Curotec

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AB Charity Foundation X AB Blockchain Join Forces to Advance the Global “Tech for Good” Mission

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DUBLIN, May 26, 2025 /PRNewswire/ — AB Charity Foundation (AB Foundation X AB Blockchain) today announced the addition of 10 internationally influential statespersons and global affairs experts to its Senior Advisory Board, further strengthening its strategic think tank and supporting AB Foundation X AB Blockchain in expanding technology-enabled philanthropy and global collaboration.

Their inclusion means the Foundation’s advisory network now spans five continents and nearly 30 former and sitting heads of state, international organization leaders, and policy experts, forming a cross-cultural, cross-sector, cross-institutional “Global Philanthropy Strategy Engine.”

Bertie Ahern, Chair of the Foundation and former Prime Minister of Ireland, said, “We welcome these visionary and action-oriented advisors to AB. ‘Tech for Good’ is a global cooperative endeavor—only by combining governance expertise with technological innovation can we build a trusted, inclusive, and sustainable global philanthropy ecosystem.”

AB Charity Foundation will continue to broaden its governance network and collaborate with the United Nations system, international NGOs, government agencies, and leading technology firms to drive “verifiable acts of goodwill” in critical areas such as education, healthcare, environmental protection, and humanitarian relief.

New Senior Advisory Board Members:

Olusegun Obasanjo — Former President of Nigeria and former Chairperson of the African Union, renowned for driving economic reform and regional cooperation across Africa.

Victor Yushchenko — Former President of Ukraine, celebrated economist and reform-minded leader instrumental in the country’s democratic transition.

Thomas Axworthy — Distinguished Canadian policy scholar and public administration expert, former Secretary to the Prime Minister (Chief Policy Advisor).

Dzhoomart Otorbaev — Former Prime Minister of Kyrgyzstan, noted economist and policymaker, leading reformist in Central Asia.

Denzil Douglas — Former Prime Minister and current Minister of Foreign Affairs of Saint Kitts and Nevis.

Joanna Nurse — Senior expert at the World Health Organization, with extensive experience in global health policy and public health management.

Maha Ibrahim Mohamed Morsy — Wife of former Egyptian Prime Minister Essam Sharaf, active leader in Egypt’s social welfare and education sectors.

Kateryna Yushchenko — Wife of Ukraine’s third President Victor Yushchenko; as First Lady she championed healthcare, child welfare, and cultural exchange initiatives.

Antonina Stoyanova — Former First Lady of Bulgaria and spouse of ex-President Petar Stoyanov; legal expert and diplomat who served in various United Nations roles.

Milena Dobronic — Spouse of former Bolivian President Jorge Quiroga; prominent advocate for social services and education in Bolivia.

About AB Charity Foundation

AB Charity Foundation is an independent international NGO registered in Ireland with EU legal status, supported technologically by AB DAO. The Foundation leverages blockchain, AI, and other cutting-edge technologies to build global philanthropic infrastructure, pioneering a “Governance Trust + Technology-Driven” paradigm to serve the public good.

Currently, $AB is available for trading on over a dozen exchanges, including Bitget, HTX, MEXC, Gate, BingX, BitMart, DigiFinex, Lbank, Hotcoin, Biconomy, BTSE, UEEx, WEEX, and 4E.

Learn more at our official website. https://www.ab.org/en/charityFoundation/

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SOURCE AB Foundation

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