TraQline keeps you in the know about all of the latest consumer trends and market share data across industries. While the full TraQline report includes detailed data and expansive insights, our free infographics provide the data basics. Here is a short preview of the kind of information you can get from TraQline’s quarterly reports on the major appliance market.
What is a Major Appliance?
Major appliances are also called large appliances, large domestic appliances, large electric appliances, and (in more dated terms) white goods. These products are the more sizable appliances found in most homes. This umbrella encompasses refrigerators, dishwashers, washing machines, dryers, and ranges (ovens).
What is the difference between a large (or major) appliance and a small appliance? You might be surprised to find that it is not a matter of size. Instead, large and small appliances are often distinguished by their portability. If you can easily move an appliance from one place to another, it is generally considered a small appliance. If the mobility of your appliance is limited, it is generally considered a large appliance.
Major Appliance Data, Statistics, and Market Share Insights
Within the home appliance market, it is essential to keep a close eye on three main industry metrics: top-performing brands, regional players, and top-performing retailers.
What are the biggest brand names in the major appliance sector? Looking closely at how leading brands are performing can help you uncover growth opportunities and gain market share. As of the beginning of 2021 in the large appliances industry, the top-performing brands include Samsung (20%), LG (16%), General Electric (16%), Whirlpool (16%), and Maytag (8%).
As the name suggests, regional players are brands and products that dominate a certain region. While you may not see them as a threat, these brands heavily impact sales and carry the potential to expand further into your domain. According to our most recent major appliances market data, 26% of customers chose the retailer with the most convenient location in their area.
Tracking retailer performance is essential within any industry, but it is especially critical with major appliances. These are larger purchases (both in size and in expense), so consumers often want to visit a retailer and view their options in-person rather than buying online. Our data found that 70% of consumers bought their major appliances from a retail store. This is almost a 10% difference from the small appliance market, where only 62% of purchases were from a retail store.
So where do consumers buy their large appliances? According to 2020 TraQline data, Lowe’s accounted for the most major appliance sales (26%) followed by Home Depot (20%) and Best Buy (12%). However, these specifics can vary when looking closely at different kinds of major appliances.
Consumer Motivation: Why Buy New Appliances?
When it comes to understanding any market, it is essential to explore consumer motivation, as it can heavily impact buying decisions. According to TraQline data, most customers (61%) bought a major appliance because their old one was broken. This motivation can impact consumer purchases; for example, when spending hundreds of dollars replacing a broken appliance, consumers may be motivated to seek out a new brand that they feel may last longer.
Other leading motivations behind this consumer purchase decision include moving to a new location (14%), remodeling (8%), and simply wanting an upgrade (8%). If you would like to test your major appliances knowledge, you can take the TraQline quiz: How Much Do You Know About Major Appliances?
TraQline: Home Appliance Market Data
TraQline is your source for market share information. Of the top 10 brands within the appliance industry, 100% trust TraQline for their market research data. If you are ready to unlock the data your business needs to track competitive share and execute your strategy, contact our experts today.