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CO_15648
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Pages: 102
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Apr 2015 | 25309 Views
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Author(s) :
Priyanka Bisht
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Tables: 33
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Charts: 32
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Global Kitchen Appliances Market is expected to garner $253.4 billion by 2020, registering a CAGR of 6.4% during the forecast period 2014-2020. The global kitchen appliances market are instrument or devices designed for the smooth functioning of kitchen activities. Kitchen appliances operate with the help of either gas or electricity. They are used mainly for cooking, storage and cleaning functions in the kitchen.
Although major portion of kitchen appliances are operated by electricity; cooking fuel, renewable and solar energy also play an important role in the operation of kitchen appliances. Stove, refrigerator and dishwashers are some of the major devices used in kitchen. Kitchen appliances also comprise of minor appliances such as blenders, food processors, coffee makers, usually designed for countertops. These appliances are less expensive and used for some specialty purposes. Kitchen appliances are gaining popularity due to the rising disposable income and changing lifestyles of people, which in turn is narrowing the price gap between similar consumer products offered by different companies. In addition to this, technological advancements in appliances have also catalyzed the growth of kitchen appliances market. Easy and functional appliances are the need of the hour, which has led to the development of smart and efficient appliances. The massive energy consumption of kitchen devices is a major concern for the market.
Segment Overview
The global kitchen appliances market is segmented based on types, user application, fuel type, product structure and geography. By type, the market is segmented into refrigerator, cooking appliance, dishwasher and other minor appliances. The user application segment includes household and commercial applications. In terms of fuel types, the market is segmented into gas, electricity and others. Other fuel type include solar energy, renewable energy, fuel wood, and biogas. By product structure, market is divided into free stand and built-in appliances. A study with respect to region is conducted to perform in-depth analysis of kitchen appliances across various geographies. The regions examined are North America, Europe, Asia-Pacific and LAMEA.
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Increasing health consciousness, technological advancements, increasing disposable income, energy consumption, adoption of smart appliances and balance between low price and high quality are the major impacting factor for the global kitchen appliances market. Along with these factors, the global market also depend on consumer awareness and performance of kitchen appliances. All these factors collectively contribute towards the market growth, while some of them limit the market growth.
Increasing health concern
Growing working class population paired with increasing trend of fast food consumption has led to increased health concerns among customers. Nowadays, demand for kitchen appliances that cooks food easily with less oil content has increased, in turn positively effecting the demand for smart kitchen appliances among consumers.
Technological advancement
Demand for smart kitchen appliances has increased over the past few years. Technological advancements have influenced the demand for up gradation of kitchen appliances, thereby enabling smooth and reliable productivity while cooking.
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Key players in the market are adopting product launch and acquisition as their key developmental strategies to meet the customer requirements and increase their customer base. Acquisition would help the players to share technological requirements for their existing and new products. This would ultimately help the market leaders to enhance their product portfolio with comparatively less investment and thereby increase their market share across various regions. The cost cutting in operations would also lead manufacturers to invest into marketing. In February 2015, Electrolux acquired one of the leading manufacturer of professional dishwashers - Shanghai Veetsan Commercial Machinery Co. Ltd., with the aim to enhance its product positioning in China.
The market is segmented based on types, user application, fuel type, product structure, and geography.
Kitchen appliances are generally used for cooking, storage, and cleaning purposes. The prominent appliances used in the kitchen include refrigerators, cooking appliances and dishwashers, whereas, the small appliances include coffee makers, grinders, mixers, and kettle, etc. The global kitchen appliance market is continuously evolving and holds potential opportunities for the market players. Companies are coming up with newer and innovative products, such as, energy efficient appliances to expand their existing market share and acquire new markets.
The refrigerator segment holds a major market share in the kitchen appliances market, followed by cooking appliances. The changing lifestyle, rise in disposable incomes along the growing food service industry are the key factors, fuelling the demand for the kitchen appliances market. The use of kitchen appliances in households contributes for higher revenue. The commercial usage is also increasing, primarily, due to the increasing trend in food services establishment and changing food consumption patterns of the consumers. Increasing health concerns has also prompted the market players to come up with kitchen appliances which use less oil and keep intact the nutrients of food while preparation. Improved living standards and the changing lifestyle of customers has set the trend of rapidly growing modular and advanced line of kitchen appliances. Hence, customers are opting for built- in appliances in their kitchen. However, the free stand appliances still continue to be the major market trend. Increasing urbanization and the rise in disposable incomes across developing regions such as China and India, largely facilitates the demand of kitchen appliances. By 2020, eventually, the market should also mark a major presence in the LAMEA region.
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