The Global Kitchen Appliances Market is estimated to worth USD 246.3 billion by 2022, according to a new study by Grand View Research, Inc. Research and development or innovation by industry participant is anticipated to boost industry growth over the forecast period.
Energy efficiency, cost, technology advancement, quality of the products affect the consumers’ buying decision. Emergence of ecommerce industry and investment in distribution channels has not only boosted industry participants’ revenue but also has expanded their reach. Growing demand for product up-gradation is anticipated to drive industry growth over the next seven years.
Governments worldwide are focusing on curbing energy consumption through new regulation and consumer awareness campaign, which is anticipated to drive demand for energy efficient technology products.
Changing consumer lifestyle and increasing income level is expected to boost industry growth over the forecast period. Increasing demand for ready-to-eat food may pose a challenge to growth over the next seven years.
Further key findings from the study suggest:
- Kitchen appliances include dishwasher, cooking appliances, refrigerator, and other minor product. Some cooking products include griller, oven, barbecue, heater, fryer, cooker, etc. Increase in surplus money and growing dual earning family is expected to drive the demand for higher end or luxury product. Dishwashers are estimated to witness substantial growth owing to increasing home maid wage and decreasing time for household chores. The cooking appliances market is estimated to grow at CAGR of more than 4% over the forecast period.
- Commercial refrigerators are commonly used at convenience stores, grocery stores, restaurants, cafeterias, supermarkets, and other food stores. Increasing in number of fast-food restaurants is expected to favor commercial segment growth over the forecast period. Residential segment was valued at more than USD 100 billion in 2014 and is expected to be the key application sector over the next seven years.
- North America kitchen appliances market is anticipated to dominate global revenue generation in the coming years. Asia Pacific kitchen appliances market is anticipated to witness significant growth owing to increase income level and rising middle class population in the region. Indian government “Make in India” initiative will not only boost manufacturing but also enable industry players to offer products at low cost to Indian customers.
- Europe kitchen appliances market is expected to be propelled by increasing demand for energy efficient products. Government in European countries and the European Union are trying to curb energy consumption through new regulation and consumer awareness program.
- Companies operating in the industry include Dacor Inc, AB Electrolux, LG Electronics, Haier Group Corporation, Panasonic Corporation, and Philips Electronics. Other prominent vendors include Morphy Richards Limited, Samsung Electronics, Robert Bosch GmbH, and Whirlpool Corporation. In February 2014, Philips announced the availability of Philips Airfryer, an innovative kitchen appliance in nearly over 100 countries around the world. In August 2015, Electrolux Professional announced that it had enhanced its delivery offering to allow dealers and designers access to new commercial kitchen equipment just 24 hours after ordering. In October 2014, Electrolux announced the acquisition of Beefeater Barbecues, an Australian barbecue manufacturer, to increase market growth of niche barbecues in the region.
Learn more Full Market Insight Details here: Kitchen Appliances Market Report