Household Appliances - Iceland | Statista Market Forecast

In 2024, the revenue in the Household Appliances market in Iceland amounts to US$73.49m.
It is projected to grow annually by 4.22% (CAGR 2024-2029).
The largest segment in the market is Major Appliances, which has a market volume of US$41.87m in 2024.
When compared globally, China generates the most revenue in the Household Appliances market, with US$160bn in 2024.
In terms of per household revenues, in 2024, each household in Iceland generates US$457.60.
By 2024, online sales are expected to contribute 36.0% of the total revenue in the Household Appliances market in Iceland.
The volume in the Household Appliances market is predicted to reach 581.7k pieces by 2029.
In 2025.0, the Household Appliances market is expected to experience a volume growth of 2.3%.
The average volume per household in the Household Appliances market is projected to be 3.25pieces in 2024.
It is worth noting that all the mentioned figures and data are specific to the Household Appliances market in Iceland.
Icelandic households have been increasingly investing in energy-efficient household appliances, aligning with the country's commitment to sustainability and reducing carbon emissions.

Definition: The Household Appliances market covers appliances that are usually used in private households to perform various tasks such as cleaning, washing, cooking, and refrigeration. The market is competitive, and features various prominent manufacturers including Whirlpool, Midea Group, Electrolux, and Haier Group, to name a few. Consumers electronics and appliances for professional usage are not included in this segment.

Structure: The market is divided into two major segments:

Major Appliances, which includes refrigerators, freezers, dishwashing machines, washing machines, cookers, ovens, and air conditioners.
Small Appliances, which includes vacuum cleaners, small kitchen appliances, hair clippers, irons, toasters, grills, roasters, coffee machines, air fryers, and hair dryers.

Additional Information: The market comprises key performance indicators such as revenues, volume, price per unit, average revenue and volume per household, sales channels, and key players. In addition, a comparable estimates box is provided, which shows the forecasted development of the selected market from different sources.

Note that the volume sales only refer to B2C (business to consumer) sales, via both the offline and the online channel. The average revenue and volume per household are determined by dividing the revenues and volume by the number of households, where a household refers to a house and its occupants, regarded as a unit. Finally, price per unit refers to the cost of a single unit of the product.

For more information on the displayed data, please use the info button right next to the boxes.

Major and small appliances
Refrigerators and freezers
Dishwashing machines and washing machines
Cookers, ovens, coffee machines and small kitchen appliances
Vacuum cleaners and irons
Air conditioners

Consumer electronics
Fans, fan heaters
Lamps and lights

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.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Since the first caveman lit a crude fire and cooked his first meal, to the smart cooking ranges of today, humans have been advancing their domestic equipment to make their lives easier. The home appliance industry, which includes electrical or mechanical devices used in a household, is a multi-billion-dollar industry with global retail sales expected to generate around 670 billion U.S. dollars in 2024. The overall appliance market is forecast to grow further over the next few years to more than 800 billion U.S. dollars in value by 2028. The leading companies in the industry include the Chinese Haier Electronics Group, the U.S.-based Whirlpool, the German BSH Home Appliances Group, the Swedish company Electrolux, and the South Korean multinational giant LG Electronics.