worldwide commercial kitchen appliances market is anticipated to reach USD 138.5 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Key highlights of the commercial kitchen appliances market report are listed below:
- Based on the product landscape, the refrigerator segment led the worldwide market revenue in the year 2017.
- In terms of regional contribution, North America market segment is projected to be the biggest contributor to the global revenue over the forecast duration.
According to the report, the key drivers of the commercial kitchen appliances market are increasing number of food establishments and the booming tourism industry. These days, changes in lifestyle and hectic schedules of office goers have stimulated outside dining instances. As well, surging disposable income is a significant contributor to the market growth.
Restaurants and food chains are increasingly implementing hi-tech kitchen appliances to ease kitchen activities and provide improved customer service. Restaurants prefer space efficient and compact appliances, which has motivated industry partakers to introduce new products in the market. Growing expenditure on the tourism activities and hospitality domain encourages restaurants to enhance their infrastructure and provide better services. Based on the findings of the report it can be concluded that the product demand is also triggered by the surging need to employ kitchen appliances that consume less power and offer faster kitchen services.
Burgeoning concerns about the environment and surging adoption of energy efficient appliances are projected to offer a plethora of growth opportunities in the foreseeable timeline. However, the high costs of these appliances, high installation charges, and stringent regulations on the manufacture of commercial cooking appliances would deter market growth over the forecast period.
Rising disposable income in consort with the growth in the working class populace has transfigured the lifestyle patterns of consumers. The report cites that the commercial kitchen appliances business has experienced substantial growth in the last few years because of enhanced lifestyle, evolving consumption patterns of people, and surging occurrences of social events.
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Speaking of the regional proliferation, North America amassed the greatest revenue in the worldwide market in the year 2017 and is projected to dominate the market over the predicted timeframe. This growth can be attributed to high living standards and high disposable income of North Americans. Other factors promoting regional growth include different consumption habits, the growing popularity of diverse cuisines, and the multi-cultural environment. The findings of the report suggest that the Asia-Pacific market is projected to grow at a considerable pace during the estimated period owing to the improving living standards and the increasing population.
The various kinds of commercial kitchen appliances comprise dishwashers, refrigerators, cooking appliances, and others. In the year 2017, refrigerators amassed the biggest share of the market owing to the growing need to preserve edible items at varying temperature ranges. As per the report, the restaurants are increasingly implementing advanced technology refrigerators to suffice higher storage needs and to provide premium quality & fresh food to customers. Due to burgeoning environmental concerns, food establishments prefer using energy efficient refrigerators.
The leading organizations profiled in the commercial kitchen appliances market report include Carrier Corporation, Rational AG, Fagor Industrial, Hoshizaki Corporation, Ali Group Company, Duke Manufacturing Co. Inc., Fujimak Corporation, Hobart Corporation, and Meiko International. These leading organizations introduce new products and join forces with other market giants to innovate and introduce new products to improve their offerings and enhance customer base.