Newark, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 200 billion in 2022 global kitchen appliances market will reach USD 296.04 billion in 2032. The introduction of smart kitchen appliances brought about by the development of contemporary automated and digital technologies has completely changed how modern kitchens are designed in homes and businesses. With features like Wi-Fi and Bluetooth, users can operate these devices from a distance using smartphone apps. Convenience and energy efficiency are improved with smart appliances. To sum up, conventional and smart kitchen appliances are essential to contemporary kitchens because they provide functionality, time savings, advanced features, and connectivity that improve cooking.
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Key Insight of the Global Kitchen Appliances Market
North America will dominate the market during the forecast period.
For the households in the area, hiring housekeepers is expensive. There is a growing working population and a growing percentage of employed women, meaning there is less time for domestic tasks like cooking and cleaning in the kitchen. On the other hand, people's desire to save money and maintain their health by eating a healthier diet and reducing their reliance on takeaway has prompted them to purchase smart kitchen gadgets that provide convenience. They provide nutritious meals quickly, speed up the preparation and cooking of food, and save time, energy, and money. The presence of major players in the region further aids the expansion of the market.
In 2022, the refrigerators segment dominated the market with the largest market share of 39% and market revenue of 78 billion.
The product type segment is divided into refrigerators, dishwashers, cooking appliances, and others. In 2022, the refrigerators segment dominated the market with the largest market share of 39% and market revenue of 78 billion.
In 2022, the household segment dominated the market with the largest share of 51% and market revenue of 102 billion.
The end-user segment is divided into household and commercial. In 2022, the household segment dominated the market with the largest share of 51% and market revenue of 102 billion.
In 2022, the offline segment dominated the market with the largest market share of 57% and market revenue of 114 billion.
The distribution channel segment is divided into online and offline. In 2022, the offline segment dominated the market with the largest market share of 57% and market revenue of 114 billion.
Advancement in market
House of X, the first software platform to create, build, and scale creator-led D2C companies, partnered with celebrity chef Sanjyot Keer to debut YFL (Your Food Lab) Home, the first-ever kitchenware brand by Sanjyot, keeping true to its promise to help artists launch brands in seven days. With this, House of X enters the kitchenware market, a big step forward in the company's quest to develop creator-led D2C brands in India. YFL Home, designed to empower kitchens, turns kitchens into gorgeous places that enable home cooks to take on the world. YFL Home celebrates Making Every Kitchen Beautiful with various stylish, attractive products wrapped in cutting-edge futuristic technology, innovation, and perfection.
Market Dynamics
Driver: The growing labour force.
More and more career options are available to men and women in the modern world. People work longer hours and periods, so they have less time for their health and wellbeing. Because takeaway and fast food are so convenient, their demand is rising along with disposable income. But it's also contributing to a rise in the prevalence of chronic illnesses. As a result, families and consumers are choosing to eat fresh, healthful meals prepared at home. Professionals who are already exhausted from work can prepare and cook dinner more quickly and easily with the help of kitchen gadgets. The demand for kitchen equipment might rise in tandem with rising disposable income.
Restraints: The rising number of accidents involving kitchen appliances.
Appliances in the kitchen are powered by either gas or electricity. These gadgets are ineffective in low- and middle-income nations when fuel and energy are limited and infrastructure is inadequate. Moreover, reports of hazardous radiation from appliances and electrical short circuits with powered gadgets have surfaced. Customers are experiencing distress due to technical challenges with smart appliances. These could have disastrous consequences, like property loss, fire, and personal injury. Thus, concerns about the safety of kitchen appliances will prevent the business from growing.
Opportunities: The introduction of smart kitchen appliances.
In the urbanized globe, there is a growing demand for smart kitchen equipment due to growing awareness of smart homes and technology. With intelligent IoT and AI technology, these appliances simplify life and provide many functions that help kitchen users. Through data analysis, pattern recognition, and energy conservation, they save consumers money and positively impact environmental preservation. Customers are looking for eco-friendly and energy-efficient items like smart kitchen appliances that optimize energy use through automation due to their growing awareness of the effects of climate change and global warming. The players' continuous R&D expenditures in innovation helped the market to flourish.
Challenges: the growing demand for energy to run kitchen appliances is a cause for concern for sustainable economic development.
The depletion of fossil fuel resources and the rise in geopolitical tensions contribute to the global increase in energy prices and the resultant problems in the cost of living. As the country's electricity costs rise, more people perform household chores by hand rather than invest in energy-consuming gadgets. Furthermore, rising energy consumption is a cause for concern as it leads to overexploitation of natural resources and causes environmental degradation. As a result, the increasing demand for and energy consumption would hinder the market's growth.
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Some of the major players operating in the global kitchen appliances market are:
• AB Electrolux
• Dacor Inc.
• Haier Electronics Group Co., Ltd.
• Koninklijke Philips N.V.
• LG Electronics
• Panasonic Corporation
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• The Whirlpool Corporation
• Morphy Richards
Key Segments covered in the market:
By
Product Type
• Refrigerators
• Dishwashers
• Cooking Appliances
• Others
By End User
• Household
• Commercial
By Distribution Channel
• Offline
• Online
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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