Market Insights Consumer Household Appliances

Major Appliances - Latvia

Latvia

In 2024, the revenue in the Major Appliances market in Latvia amounted to US$84.36m.
It is projected to grow annually by 3.85% (CAGR 2024-2029).
When compared globally, in China generates the highest revenue with US$102bn in 2024.
In terms of per household revenues, in Latvia generates US$105.70 in 2024.
Looking ahead, the volume in the Major Appliances market is expected to reach 136.6k pieces units by 2029.
Additionally, there is an estimated volume growth of 2.2% in 2025.
On average, each household in Latvia is expected to have a volume of 0.15pieces in the Major Appliances market in 2024.
In Latvia, there is a growing trend towards energy-efficient major appliances, driven by government initiatives and consumer demand for sustainability.

Key regions: Germany, India, United Kingdom, China, Canada

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Analyst Opinion

The major appliances market is divided into refrigerators, freezers, dishwashing machines, washing machines, cookers, air conditioners and ovens. The COVID-19 pandemic augured well for the market, with an uptick in volume sales of all products, as consumers placed greater emphasis on cleaning and hygiene. The market witnessed a bit of a slow down amid the Russia- Ukraine war, owing to supply chain disruptions, component shortages and consumers curbing their discretionary spend, but is expected to rebound over the short term.

Amongst other drivers fueling the market include the growing population and urbanisation, especially in emerging economies, technological advancements, such as smart washing machines and smart refrigerators and the growing trend towards home cooking, which augers well for products such as ovens.

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.