Kitchen Appliances Market

The kitchen appliances market size was valued at $237.3 Billion in 2019 and is expected to reach $377.70 Billion by 2027, registering a CAGR of 6.0% from 2020 to 2027.

Kitchen appliances are cooking appliances designed for smooth easy cooking. Gas or electricity isused to operate kitchen appliances. These appliances are majorly used for cooking, storage, and cleaning functions within the kitchen. Electric kitchen appliance dominates the market; however, cooking fuel, renewable energy, and solar energy also play an important role for operating kitchenware appliances. Stove, refrigerator, and dishwasher are some of the major devices used in the kitchen. Theseappliances also comprise blenders, food processors, and coffee makers, usually designed for countertops. They are less expensive and used for specific cooking purposes. They are gaining popularity among the consumers owing to changes in lifestyles of people due to considerable increase in disposable income. Increase in demand for such appliance is narrowing the price gap of similar kitchen appliance offered by different companies operating in the market. In addition, technological advancements are expected to catalyze the growth of kitchen appliances in near future. Demand for easy and fast cooking appliance is expected to increase the overall demand for smart and efficient cooking appliances during kitchen appliances market forecast.

Key players operating in the global kitchen appliances market are adopting product launch and acquisition as their key developmental strategies to cater to the increase in requirements of customer. Acquisition is expected tohelp the companies to share technological requirements for their existing and new products. This is anticipated to ultimately help the market leaders to enhance their product portfolio with comparatively less investment, and there by, increase their market share. Cost cutting in operations is expected to influence the companies to invest in marketing activities to increase awareness about their new energy efficient kitchen appliance offerings.

In February 2015, Electrolux acquired Shanghai Veetsan Commercial Machinery Co. Ltd., leading professional dishwasher manufacturers. The acquisition is anticipated to enhance its product offering in China.

Over the years, the global kitchen appliances market has been evolving in terms of its product offerings. The pervasiveness of wearable technology in various industries, has also affected the food processing technology sector. For instance, Breville USA, Inc. one of the key players in the global kitchen appliances market, has come up with smart oven that features smart element iQ system, LCD Display, and interior oven lighting, which are convention powered. 

The global kitchen appliances market is segmented on the basis of type, user application, fuel type, product structure, and region. By type, the market is segmented into refrigerator, cooking appliance, dishwasher, and other minor appliances. By user application,it is bifurcated into household and commercial. By fuel type,it is categorized into gas, electricity, and others. By product structure, itis classified into free stand and built-in appliances. By region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

B yproduct type, the kitchen appliances market size is segmented into refrigerator, cooking appliances, dishwasher, and others. Among theseproduct types, the refrigerator segment accounts for higher value of the kitchen appliances market share. With improved technology and variants in size and color, refrigerator is now regarded as one of the “must have” kitchen appliances. Over the past couple of years, the segment has been evolving in terms of its product offerings and the technology adopted. Smart refrigerator has been in the trend and has been gaining higher level of traction among its target customers. For instance, Samsung Corporation has come up with a smart refrigerator under the brand name of Family Hub, which features a camera that takes pictures every time when someone opens the door. LG another key brand operating in the segment, features 22-inch display that can turn transparent to let users see what’s inside without opening the door. Rapid developments in the food industry fuel the growth of the market for commercial refrigerators. Companies are continuously coming up with new and innovative refrigerators equipped with latest technology. They aim to offer customers with the best possible kitchen appliances that deem to fit their status and lifestyle. Changes in food consumption habits, growth in seafood export and fast food chain, and increase in processed food consumption worldwide are the factors that drive the growth of the refrigerator market.

By user application, the kitchen appliances market is bifurcated into commercial and household. Among the user application, the household segment accounts forhigher valueof the kitchen appliances market share. There is an increase in the demand for kitchen appliances among the household end users owing to changes in lifestyle and increase in disposable income. The market is witnessing a rise in trend of modular kitchens among household consumers. Customers are opting for advanced and sophisticated built-in kitchen appliances, to enhance the aesthetic value of the kitchen. Further, the launch of technology driven kitchen appliances is encouraging consumers to transform their basic kitchen into a smart kitchen. Companies operating in the global kitchen appliances market offer several household kitchen appliances to cater to the increase indemand forsuch appliances for household user application. For instance, Bosch launched Series 2 electric stainless steel built-in oven, with efficient baking and roasting capability. Other prominent players operating in this space include Philips, LG, and Morphy Richards.

By region, the kitchen appliances industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is one of the most dominant regions in the global kitchen appliances market.There is an increase in the adoption of smart kitchen appliances due to rise in trend of modular kitchen among consumers. Working class population desire specific kitchen appliances that prepare food in less time, thereby making life simpler and convenient. Companies operating in the market offer several kitchen appliances to cater to the need of customers. Electrolux 30’ electric cooktop offers touch panel to adjust the temperature of the cooktop. It is equipped with 15 digital pre-set touch settings. In addition, cooktop has glide-2-set control panel to adjust temperature for proper cooking. Consumers wish to own kitchen appliances, which are technology driven and easy to operate. Increase in working class population fosters the demand for efficient kitchen appliances. This provides ample growth opportunity for the companies to launch innovative kitchen appliances in North America.

Key companies profiled in this kitchen appliances industry includes Electrolux, Whirlpool, Samsung, Philips, Morphy Richard, Dacor, General Electric (GE), Life is Good (LG), Haier, Panasonic, and others.

KEY BENEFITS FOR STAKEHOLDERS

• The report provides an extensive kitchen appliances market analysis of the current and emerging market trends and opportunities.
• The report provides detailed qualitative and quantitative analysis of the current kitchen appliances market trends and future estimations that help evaluate the prevailing market opportunity.
• A comprehensive analysis of the factors that drive and restrict the kitchen appliances market growth.
• An extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
• The report provides extensive qualitative insights on the potential segments or regions exhibiting favorable growth.

 Kitchen Appliances Market Report Highlights