The Manufacture of Domestic Appliances sector in the UK recorded a turnover of 1.8 billion pounds in 2023. Over the past decade, turnover has experienced significant fluctuations, peaking at 2.26 billion pounds in 2013 and reaching a low of 1.72 billion pounds in 2014. In the last two years, the sector observed a declining trend, with a year-on-year decrease of 1.6% in 2023 and 3.53% in 2022. The 5-year CAGR ending in 2023 stood at -2.9%, indicating a persistent downturn. Looking forward, the forecasted data suggests a continued downward trajectory with a 5-year CAGR of -1.41% and an overall growth rate of -6.85% by 2028.
Future trends to watch for:
- Impact of technological advancements and smart home integration on traditional domestic appliance manufacturing.
- Influencing factors of economic conditions and consumer spending power on the sector.
- Environmental regulations and sustainability demands driving innovation in the industry.
