Wilmington, Delaware, United States, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a Transparency Market Research study, the global modular kitchen appliances market was valued at US$ 36.9 Bn in 2022 and is anticipated to grow at a CAGR of 5.7% during the forecast period from 2023 to 2031.
Modular kitchen appliances are products that are used in kitchens to improve the aesthetics. Modular kitchen appliances are available in three different price ranges- low, medium, and high- and have been used in residential and commercial application areas.
Modular kitchen appliances have been purchased from offline distribution channels such as supermarkets/hypermarkets, brand stores, specialty stores, and other retail stores. However, with growth of the e-commerce industry in the last few years, leading manufacturers are willing to put modular kitchen appliances for sale on online distribution channels such as e-commerce websites and company-owned websites.
Few key benefits of purchasing modular kitchen appliances from online distribution channels are product availability at reduced prices and doorstep delivery. Increase in demand for online distribution channels is likely to help expand the global market size in the next few years.
Launch of new modular kitchen appliances is helping leading players gain an edge over other players and generate new revenue streams. Additionally, well-established players in the modular kitchen appliances market are collaborating with other players to expand their presence and increase revenue share.
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Key Findings of Market Study
- Increase in Demand for Built-in Ovens: Based on product type, the global market has been classified into built-in ovens, built-in microwaves, built-in dishwashers, built-in barbecues, built-in refrigerators, and others. The built-in ovens segment is projected to account for dominant market share during the forecast period. Rise in customer preference for ready-to-eat meals and growth in sales of smart kitchen gadgets are anticipated to drive demand for built-in ovens and augment growth in the segment.
- COVID-19 Pandemic Augments Growth in Global Market: Changing practice of restaurants to outsource their services during the peak of the pandemic led to newer models of food delivery. Increase in popularity of ghost kitchens with no dine-in facilities that produces food specifically for delivery purposes is fueling the modular kitchen appliances market development.
- Rise in Demand for Modular Kitchen Appliances from Households: Based on end-user, the global market has been bifurcated into residential and household. The household segment is estimated to account for dominant share during the forecast period. Rise in the number of residences and building structures globally is projected to fuel the demand for modular kitchen appliances and assist in the expansion of market size.
Modular Kitchen Appliances Market- Growth Drivers
- Rapid urbanization, especially in developing economies, is driving the global modular kitchen appliances market
- Increase in demand for integrated kitchen appliance products is estimated to help business growth during the forecast period
- Design of urban homes with large kitchen spaces that can accommodate various modular kitchen appliances is likely to fuel product demand and help create business opportunities for prominent players in the next few years
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Modular Kitchen Appliances Market-Regional Insights
- Europe is projected to account for dominant market share during the forecast period. Increase in disposable income among consumers and changing customer lifestyles in countries such as Germany and the U.K. are anticipated to help expand market size in the region in the near future
- The market in North America held dominant share in 2022 due to rise in consumer demand for advanced modular kitchen appliances in countries such as the U.S. and Canada
- The market in Asia Pacific is estimated to witness strong growth during the forecast period due to rapid urbanization and rise in disposable income, especially in developing economies such as India. Leading companies are likely to establish modular kitchen appliance production units and R&D centers in the interiors of countries in Asia Pacific due to ease of availability of resources such as land and labor, which is likely to help business growth.
Modular Kitchen Appliances Market-Key Players
The global market is consolidated with a few international and local players. Entry of new players is likely to intensify the competition in the next few years.
Key market players are investing significantly in R&D activities to manufacture improved products that meet consumer needs. Increase in demand for improved appliances is likely to present business opportunities for companies in the near future.
Few key players operating in the modular kitchen appliances market are Samsung, Electrolux, IKEA Group, KAFF Appliances, IFB Industries Limited, and GE Appliances.
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The global market has been segmented as follows:
- Product Type
- Built-in Ovens
- Built-in Microwaves
- Built-in Dishwashers
- Built-in Barbecues
- Built-in Refrigerators
- Others
- Built-in Ovens
- Price
- Low
- Medium
- High
- Low
- End-user
- Household
- Commercial
- Household
- Distribution Channel
- Offline
- Online
- Offline
- Regions
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
- North America
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