According to a recent research report titled ‘Global Kitchen Appliances Market (2022 Edition)- Analysis By Product Type, Application, Distribution Channel, Technology, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2022-2027), available with MarketStudyReport, global kitchen appliances market is expected to register healthy growth rate through the forecast duration.
The rising urbanization, focus towards replacing aging appliances, growing population, and technological advancements are some of the key factors driving the global kitchen appliances market growth.
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With the rapid advancements in technology, the idea of the kitchen has undergone a substantial transformation, with a strong focus on increasing its efficiency and minimizing the time spent cleaning and cooking. The demand for kitchen equipment that improve living conditions has surged due to the swift changes in lifestyle, which in turn is stimulating the overall industry outlook as well.
Domestic kitchen equipment is known to enhance cooking efficiency and increases food storage security. The popularity of advanced cooking is also rising, especially in developed economies. Even the leading companies are making significant investments in R&D efforts to produce new products in order to sustain revenue share and adjust to changing customer tastes.
On the basis of product type, global kitchen appliances market is divided into refrigerators, dishwashers, cooking appliances, cookers & ovens, and others. Refrigerators currently account for 38% market share and are expected to generate modest gains during the study period, owing to their ability to maintain the quality of food and improving shelf life.
In terms of the application model, this marketplace is split into a commercial and residential model. The residential segment is expected to witness a healthy CAGR through 2027, due to growing adoption of appliances that can be used conveniently and efficiently while saving time and energy.
By distribution channel, the market is bifurcated into online and offline channels, in which the former is expected to generate lucrative returns for the market participants in the subsequent years. The convenience of ordering kitchen equipment online, greater discounts than those offered by brick-and-mortar retailers, and simpler return policies are contributing to the popularity of online sales of kitchen appliances, particularly among urban consumers.
On the basis of technology type, worldwide kitchen appliances market space is segregated into conventional and smart technologies. The smart kitchen appliances market segment is anticipated to amass substantial gains due to a growing inclination toward luxury and tech-savvy appliances.
The regional landscape of global kitchen appliances business sphere spans Asia Pacific, Europe, North America, Latin America, and Middle East & Africa.
Groupe SEB, Panasonic Holdings Corporation, Samsung Group, Miele, Midea Group, Electrolux AB, Robert Bosch GmbH, Whirlpool Corporation, LG Corporation, and Haier Smart Home Co. Ltd. are some of the leading companies in global kitchen appliance industry vertical.