The global kitchen appliances industry was USD 159.29 billion in 2019 and is projected to reach USD 210.80 billion by 2027, expected to grow at a CAGR of 3.7% during the forecast period. This is attributable to the increasing adoption of smart and energy-efficient kitchen appliances across the globe. Fortune Business Insights, in its latest report, titled, “Kitchen Appliances Market, 2023-2027.”
Information Source:
https://www.fortunebusinessinsights.com/kitchen-appliances-market-104504
List of Key Players Profiled in the Kitchen Appliances Market Report:
- Koninklijke Philips N.V. (Amsterdam, Netherland)
- Miele (Gutersloh, Germany)
- General Electric Company (Massachusetts, United States)
- Haier Group Corporation (Qingdao, China)
- Beko (Istanbul, Turkey)
- Electrolux AB (Stockholm, Sweden)
- The Samsung Group (Seoul, South Korea)
- LG Electronics Inc. (Seoul, South Korea)
- BSH Hausgeräte GmbH (Munich, Germany)
- The Whirlpool Corporation (Michigan, United States)
- Robert Bosch GmbH (Gerlingen, Germany)
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Increasing Demand for Smart Kitchen Appliances to Augment Growth
The availability of high disposable income and the hectic lifestyle of working professionals is driving the sales of smart kitchen products that aid in the effective reduction of time and effort. In addition to this, the surging electricity bills and the growing demand for sustainable consumer products are propelling manufacturers to develop energy-efficient kitchen appliances globally. These factors are likely to favor the global kitchen appliances market growth in the forthcoming years.
Reduced Consumer Spending amid COVID-19 to Lead to Sluggish Growth
The novel coronavirus has led to the unprecedented economic loss suffered by several industries globally. In addition to this, several people have lost their jobs owing to suspended or completely stopped businesses. This has led to a significant reduction in consumer spending ahead of the uncertain times leading to the market going through a sluggish growth in the near future.
Kitchen appliances are equipment extensively adopted in households for daily cooking needs. These appliances aid in effectively reducing the time and effort that are required during cooking activities. Owing to their compactness and functionality, these appliances are in great demand across the globe.
Factors Affecting the Growth of the Kitchen Appliances Market:
- Technological advancements: The kitchen appliances industry is highly dependent on technological innovations. Advancements such as smart appliances, IoT connectivity, energy-efficient solutions, and improved functionality can drive market growth. Consumers are increasingly seeking appliances that offer convenience, automation, and enhanced user experience.
- Changing consumer lifestyles: The changing lifestyles and busy schedules of consumers have led to a greater demand for time-saving and efficient kitchen appliances. People are looking for appliances that can simplify cooking, food preparation, and cleaning tasks. Additionally, the growing trend of home cooking and healthy eating habits has driven the demand for appliances like blenders, juicers, air fryers, and steamers.
- Rising disposable income: Economic factors play a significant role in the growth of the kitchen appliances market. As disposable incomes rise, consumers have more purchasing power, enabling them to invest in high-quality appliances. Increased discretionary spending and a desire for upgraded kitchen appliances contribute to market growth.
- Growing urbanization: Urbanization is a global trend that is driving the demand for kitchen appliances. In urban areas, smaller living spaces and fast-paced lifestyles have created a need for compact and multifunctional appliances. Additionally, the growing number of apartments and high-rise buildings with modern kitchens has increased the demand for appliances that fit the available space and offer sleek designs.
- Environmental concerns and energy efficiency: With a growing focus on sustainability, energy-efficient kitchen appliances have gained popularity. Consumers are increasingly conscious of their environmental footprint and seek energy-saving options that can reduce electricity bills. Manufacturers are responding to this demand by developing eco-friendly appliances that consume less energy while maintaining performance.
- Online retail and e-commerce: The rise of online retail and e-commerce platforms has significantly impacted the kitchen appliances market. Consumers can easily browse and compare products, read reviews, and make purchases online, offering convenience and a wide range of options. The growth of online channels has expanded the market reach and accessibility for both consumers and manufacturers.
- Demographic factors: Demographic shifts, such as an aging population and increasing urbanization in developing countries, can influence the kitchen appliances market. Older adults may require appliances with user-friendly features and accessibility enhancements. Furthermore, the growing middle class in emerging economies is driving the demand for affordable appliances, which opens up new market opportunities.
SEGMENTATION:
The refrigerator Segment Held a 37.56% Market Share in 2019
The refrigerator segment, based on product type, held a market share of about 37.56% in 2019 and is projected to showcase exponential growth owing to the increasing demand for innovative refrigerators that aid in increasing the shelf life of food products.
REGIONAL INSIGHTS
Asia-Pacific to Remain at Forefront; Presence of Large Number of Middle-Class Families to Augment Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global kitchen appliances market in the forthcoming years. This dominance is attributable to the large presence of middle-class families that propel the sales of kitchen appliances for household purposes in the region.
The market in Europe is anticipated to experience significant growth in the forthcoming years. This is ascribable to factors such as the growing demand for innovative dishwashers in countries such as the U.K., France, and Italy in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Major Companies Focus on Acquiring Other Enterprises to Brighten Their Market Prospects
The global kitchen appliances market is fragmented by the presence of major companies that are focusing on acquiring other companies to expand their kitchen appliances product and further boost their sales revenue. Furthermore, the adoption of strategies such as the introduction of new products, partnership, and collaboration by other key players to gain a major chunk of the share is expected to bode well for the market growth in the forthcoming years.
Industry Development:
- March 2020 – iFresh, Inc., a leading supermarket chain, announced the acquisition of Xiamen DL Medical Technology Co. which is likely to aid in the expansion of their supermarket chain across the Asian countries.
