Dublin, Nov. 05, 2024 (GLOBE NEWSWIRE) -- The "Kitchen Appliances Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The kitchen appliances market is anticipated to expand at a CAGR of 4.45% throughout the forecast period, from US$271.034 billion in 2024 to US$336.913 billion in 2029
Kitchen appliances have major applications in cooking, storage, and cleaning. The primary growth factors for the kitchen appliances market include rapid urbanization and changing lifestyles due to rising disposable income, which amplifies the demand for numerous appliances, especially in developing economies. 
Furthermore, key players' growing innovations have led to the development of new and advanced products to cater to burgeoning consumer requirements, which is also one of the major factors showing the potential for market growth during the given period. Likewise, demand for energy-efficient appliances has made market players adopt modern technological options to offer low-energy-consuming devices, which has provided more growth opportunities for the appliance market.
Consumer lifestyles tend to change according to external factors such as ongoing market trends and product preferences. It has become necessary for the major firms to make new additions to their appliance portfolio to cater to diverse needs. This is also projected to support market growth in the coming years.
Rapid urbanization is significantly driving the demand for kitchen appliances globally.
Urbanization plays an integral role in driving appliance demand. The shift towards urban or private housing and improved living standards have created a demand for appliances with unique designs and energy-efficient performance. This, in turn, is significantly driving innovation in their development, especially in major economies, including the USA, EU, India, and China.
A notable surge in the urban population is driving market growth for kitchen appliances in the next five years. For instance, according to the World Bank's data, in 2022, the urban population accounted for 57% of the total global population. In major economies, namely the United States, the percentage share went up to 83%, while in China, it stood at 64% of the total population at the country level.
The increasing residential construction is anticipated to boost the kitchen appliance market growth.
The establishment of new residential units creates demand for appliances that match the kitchen appeal, and the construction of new housing units is further leading to an increase in the number of kitchens, thereby anticipating the demand for these appliances over the given course of time. For instance, according to the Office of National Statistics, in January 2023, the construction output of new housing experienced a 7.7% growth over the preceding year for the same month.
Moreover, the smart city initiative has led to the development of kitchens equipped with modern features and wireless technology. This has elevated the standard of the appliance to be used. With the ongoing integration of modern technologies such as Artificial Intelligence and the Internet of Things (IoT), the market is set to expand constantly, with major firms investing in such technology. In April 2024, Samsung showcased its smart home appliance product "BeSpoke Appliance", which features AI chips and is compatible with the SmartThings application.
Online sales to show notable growth.
The global kitchen appliances market, by distribution channel, has been analyzed online and offline. The former is poised for remarkable growth in the given time frame due to the booming internet penetration. This bolstered e-commerce retail sales, especially in major economies of the world. Moreover, online channels are much more convenient. During special occasions or season sales, various discounts and schemes are offered, which help the customer get a relatable value for their purchase.
However, due to their greater reliability, the offline segment is anticipated to hold a significant share throughout the forecast period since many people still purchase these products from exclusive retail stores.
In-built appliances are to show the quickest growth during the given period.
The global kitchen appliance market, by structure type, is divided into standalone and in-built appliances. The latter is expected to hold a noteworthy market share and is anticipated to show significant growth during the forecast period, fuelled by the growing adoption of these appliances on account of the rising trend of modular kitchens in developing economies. The standalone is expected to hold a considerably larger share due to a significant proportion of the global population using this type of appliance.
Asia Pacific is estimated to hold a considerable market share.
Furthermore, rapid urbanization in major APAC economies is supporting market growth in the APAC region, and the presence of a large manufacturing base in countries like India, China, Korea, and Vietnam is bolstering market growth in the Asia Pacific region during the next five years. Additionally, the well-established presence of major players, namely Panasonic, LG, Samsung, Phillips, and Whirlpool, is acting as an additional driving factor. This is because these companies are constantly involved in making innovations to garner a larger consumer base.
Global Kitchen Appliance Market Key Developments:
- In April 2024,LG Electronics introduced its latest built-in kitchen appliance at the Milan Design Week (MDW) 2024. The new products included a downdraft hood, signature kitchen suite built-in-oven, and free zone induction hob, aiming to redefine built-in solutions for kitchen applications.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 165 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $271.03 Billion |
| Forecasted Market Value (USD) by 2029 | $336.91 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Companies Featured
- Koninklijke Philips N.V.
- Panasonic Corporation
- Haier lnc.
- AB Electrolux
- Morphy Richards
- LG Electronics
- Whirlpool Corporation
- Bajaj Electricals Ltd
- Samsung
- IFB Industries Ltd.
Market Segmentation:
By Product
- Food Preparation
- Cooking Appliance
- Large Kitchen Appliance
- Others
By Distribution Channel
- Online
- Offline
By Structure Type
- Built-In
- Stand Alone
By Application
- Residential
- Commercial
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Thailand
- Taiwan
- Others
For more information about this report visit https://www.researchandmarkets.com/r/k2sysz
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