New York, USA, June 20, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the Indian kitchen appliances market is predicted to grow at a stable CAGR of 15.1%, thereby garnering a revenue of $3,829.8 million by 2026. This holistic report provides an overarching overview of the nature of the Indian kitchen appliances market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2026 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: Technological advancements and innovations in the field of kitchen appliances for development of user-friendly products is expected to be the primary growth driver of the Indian kitchen appliances market in the forecast period. Along with this, increase in urbanization in India leading to a growing demand for easy-to-use, energy-efficient, and affordable kitchen appliances is predicted to push the market forward.
Opportunities: Increasing demand for kitchen appliances owing to their various features such as convenience and efficiency is predicted to offer numerous growth and investment opportunities to the market in the forecast period. Moreover, the growing popularity of smart homes and the Internet of Things (IoT) has led to a surge in demand for smart kitchen appliances which is anticipated to help the Indian kitchen appliances market grow substantially in the analysis period.
Restraints: High cost of kitchen appliances, however, might prove to be a hindrance in the growth trajectory of the Indian kitchen appliances market.
Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The Indian kitchen appliances market, however, had a mixed impact of the pandemic. There was a slowdown in production of kitchen appliances due to disruptions in supply chains; however, there was also a growth in demand for kitchen appliances due to increased need for home-cooked meals during lockdowns and other limitations.
Segments of the Market
The report has divided the Indian kitchen appliances market into certain segments based on product type, fuel type, and distribution channel.
Product Type: Gas Stoves & Hob Sub-Segment to Have a Significant Market Share
The gas stoves & hob sub-segment is predicted to be highly dominant by 2026. Growing disposable income and a shift in lifestyles that demand efficient and modern kitchen appliances is predicted to boost the growth of this sub-segment.
Fuel Type: Cooking Gas Sub-segment to be Highly Dominant
The cooking gas sub-segment is predicted to have a huge market share in the forecast timeframe by 2026. Growth in demand for cooking gas due to the benefits offered by it including less pollution compared to other types of fuels, faster cooking, and no need for special utensils is predicted to augment the growth rate of this sub-segment in the analysis timeframe.
Distribution Channel: Offline Sub-segment to be One of the Most Lucrative
The offline sub-segment of the Indian kitchen appliances market is projected to become the most dominant sub-segment by 2026. The extensive reach offered by offline distribution centers helps them to cater to the demands of people in small towns and villages where e-commerce penetration is low. This has led to an increase in popularity of offline distribution centers which is predicted to be the main growth driver of the market in the forecast period.
Prominent Market Players
Some prominent market players of the Indian kitchen appliances market are
- Bajaj Electricals Ltd
- Havells India Ltd.
- Stovekraft
- Phillips Domestic Appliances India Ltd.
- TTK Prestige Ltd.
- Hawkins Cookers Limited
- Koninklijke Philips N.V.
- Usha International Ltd.
- Panasonic Appliances
- Butterfly Gandhimathi Appliances Limited
- Inalsaappliances
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
For instance, in December 2022, V-Guard Industries, a consumer electronics manufacturer, announced the acquisition of Sunflame Enterprises, a home and kitchen appliances manufacturing company. This acquisition is expected to increase the presence of V-Guard industries in the Indian market and help the company to establish itself as the leader of the industry.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the Indian kitchen appliances market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Indian Kitchen Appliances Market:
- A Brief Look at the Top 5 Indian Kitchen Appliances Brands Available in the Market in 2023
- Indian Kitchen Appliances Market to Generate $3,829.8 Million by 2026 Due to Increase in Urbanization and Adoption of Modern Lifestyle
