South Korea Household Appliances Market Outlook

The south korean appliances market has witnessed steady growth over the past decade. the country is one of the most progressive in terms of innovation and technology related to household appliances. furthermore, favorable government policies, an increase in consumer demand, and a rising preference for electronic home products is helping the south korean appliances market to grow substantially. the south korean appliances market is expected to witness significant growth in the coming years backed by a surge in consumer disposable income and an increasing preference for electronic home appliances. additionally, due to the rising disposable income among south koreans, demand for luxury goods like domestic appliances is also increasing. also, the noted rise in the number of two-family households and a shift in e-commerce sales is leading to fueling the demand for home appliances. it is estimated that the south korean household appliances market was worth $37.5 billion in 2018 and is expected to be worth $61.4 billion by 2032, growing at a annualized rate of 5.7% over the forecast period. the consumer electronics and appliances segment is leading the category, with growing demand from the mobile device market. increasing demand for automatic home appliances like washing machines, dishwasher, refrigerators and air conditioners are driving the sales of appliances in the country. additionally, south korea's younger and more affluent population also contributes to the expansion of the country's appliance market. moreover, the south korean appliances industry is driven by the government support in the form of various initiatives and rising consumer expectations. the government of south korea has set up several centers with the aim of promoting the development and use of advanced home appliances in the country. with increasing technology advancements in home appliances and rising consumer demand for convenience-oriented products, it is estimated that the south korean appliance market will continue to exhibit strong growth in the coming years. moreover, with the government’s surge in digitalization and other technological advancements such as smart cities, the demand for home appliances is expected to witness a further boost.