In 2023, sales of small electric household appliances in the US reached $1.8028 billion. This represents a marginal year-on-year increase of 0.89% from 2022. From 2013 to 2017, the category experienced robust growth, despite a dip in 2016. The 2018-2023 period showed a moderated growth trend with occasional declines, such as in 2020. Over the past five years (2018-2023), the compound annual growth rate (CAGR) was 0.95%, indicating a slow but steady market.
Looking ahead, the forecast from 2024 to 2028 suggests gradual growth with a five-year CAGR of 0.71% and an overall 3.59% increase by 2028. This implies a continued conservative expansion in the small electric household appliances market.
Future trends to watch for include shifts in consumer preferences towards smart and energy-efficient appliances, potential impacts of economic fluctuations on consumer spending, and advances in technology that could introduce new product categories or enhance existing ones.
