Worldwide kitchen appliances market is estimated to accumulate around US $340.9 billion by the year 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.
Kitchen appliances are in tremendously high demand, owing to people’s changing lifestyles and hectic working schedules of professionals. Consumers across the world prefer kitchen appliances that are easy to operate and facilitate faster cooking. Growing disposable income and rising spending over kitchen appliances in a bid to lead convenient lives are the key factors accounting for the high demand for these appliances.
Other crucial factors promoting the development of the global kitchen appliances market include the adoption of kitchen appliances that enable faster cooking and support healthy food consumption. Several market players have been introducing appliances that are energy efficient, ease cooking while keeping food nutrients intact, and are equipped with various cooking functionalities, at affordable prices. Furthermore, the escalating trend of smart appliances is encouraging manufacturers to focus on innovative kitchen appliances, which are convenient to use and compact.
The key findings of the report state that a considerable rise in the female working population, coupled with busy working schedules, has amplified the demand for kitchen appliances. The other factors propelling market growth include growing number of social gatherings and rising requirement of speedy and efficient kitchen activities. The report also cites that the rising purchasing power of consumers has resulted in higher spending on consumer goods. Increase in disposable income allows consumers to buy multipurpose, easy-to-operate kitchen appliances that help simplify kitchen activities. Generally, consumers go for classy and technologically enhanced kitchen appliances, which complement their living standards. In order to meet the escalating consumer demands, market players are launching new products that are equipped with innovative features, at fairly affordable prices.
The various types of kitchen appliances include refrigerators, cooking appliances, dishwashers, and others. The refrigerators segment bagged the biggest market share, in the year 2017, given the growing need to conserve edible items at different temperatures. On account of the rising environmental concerns, consumers are increasingly preferring energy-efficient refrigerators. Moreover, the introduction of smart refrigerators is likely to propel the market growth in the coming years. Based on the distribution channel types, the global kitchen appliances market is segmented into offline stores and online platforms.
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Speaking of the end-user landscape, the global market is fragmented into commercial and residential end-users. The residential end-user segment held the biggest market share during 2017 and is projected to grow at a vigorous rate over the forecast timeframe. Residential consumers are spending increasingly on kitchen appliances in a bid to ease kitchen chores and lead comfortable lives. Moreover, the higher living standards of consumers has augmented the purchase of technology-driven and luxury kitchen appliances. The incorporation of technologies like Internet of Things, into various kitchen appliances is slated to endow the worldwide market with enormous growth prospects in the future.
As per the geographical outlook, North America region generated the highest market revenue in the year 2017 and is anticipated to lead the worldwide market revenue over the forecast period. This growth can be attribute to the high living standards and rising disposable income of consumers, along with the growing acceptance of smart technologies and home automation systems in the region. Furthermore, the Asia Pacific market is likely to expand at a significant rate over the forecast timeline, on account of the growing population and rising living standards.
The global kitchen appliances market is highly competitive, encompassing key market players such as LG Electronics, Samsung Electronics, Whirlpool Corporation, AB Electrolux, Panasonic Corporation, Koninklijke Philips N.V., Haier Group Corporation, Sharp Corporation, and Robert Bosch GmbH. These companies are presently collaborating with other market leaders in a bid to innovate new products and meet the growing needs of consumers.