Pune, India, Oct. 07, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global kitchen appliances market size is expected to gain momentum by reaching USD 210.80 billion while exhibiting a CAGR of 3.7% between 2020 and 2027. This is attributable to the increasing adoption of smart and energy-efficient kitchen appliances across the globe. This information in its report titled, “Kitchen Appliances Market, 2020-2027.”, mentions that the market stood at USD 159.29 billion in 2019 and is likely to showcase considerable growth during the forecast period.
Reduced Consumer Spending amid COVID-19 to Lead to Sluggish Growth
The novel coronavirus has led to the unprecedented economic loss suffered by several industries globally. In addition to this, several people have lost their jobs owing to suspended or completely stopped businesses. This has led to a significant reduction in consumer spending ahead of the uncertain times leading to the market going through a sluggish growth in the near future.
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Kitchen Appliances Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 3.7% |
| 2027 Value Projection | USD 210.80 Billion |
| Base Year | 2019 |
| Kitchen Appliances Market Size in 2019 | USD 159.29 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 160 |
| Segments Covered | By Product Type, By Application, By Distribution Channel By Region |
| Kitchen Appliances Market Growth Drivers | Growing Demand for Smart Kitchen Appliances |
| Rising Residential & Commercial Sector |
Fortune Business Insights™ lists out all the kitchen appliances products market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Electrolux AB (Stockholm, Sweden)
- The Samsung Group (Seoul, South Korea)
- LG Electronics Inc. (Seoul, South Korea)
- BSH Hausgeräte GmbH (Munich, Germany)
- The Whirlpool Corporation (Michigan, United States)
- Robert Bosch GmbH (Gerlingen, Germany)
- Koninklijke Philips N.V. (Amsterdam, Netherland)
- Miele (Gutersloh, Germany)
- General Electric Company (Massachusetts, United States)
- Haier Group Corporation (Qingdao, China)
- Beko (Istanbul, Turkey)
Kitchen appliances are equipment extensively adopted in households for daily cooking needs. These appliances aid in effectively reducing time and efforts that are required during cooking activities. Owing to their compactness and functionality, these appliances are in great demand across the globe.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
DRIVING FACTORS
Increasing Demand for Smart Kitchen Appliances to Augment Growth
The availability of high disposable income and the hectic lifestyle of working professionals is driving the sales of smart kitchen products that aid in effective reduction of time and efforts. In addition to this, the surging electricity bills and the growing demand for sustainable consumer products are propelling the manufacturers to develop energy-efficient kitchen appliances globally. These factors are likely to favor the global kitchen appliances market growth in the forthcoming years.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/kitchen-appliances-market-104504
SEGMENTATION:
Refrigerator Segment Held 37.56% Market Share in 2019
The refrigerator segment, based on product type, held a market share of about 37.56% in 2019 and is projected to showcase exponential growth owing to the increasing demand for innovative refrigerators that aid in increasing the shelf life of food products.
REGIONAL INSIGHTS
Asia-Pacific to Remain at Forefront; Presence of Large Number of Middle-Class Families to Augment Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global kitchen appliances market in the forthcoming years. This dominance is attributable to the large presence of middle-class families that propel the sales of kitchen appliances for household purposes in the region.
The market in Europe is anticipated to experience significant growth in the forthcoming years. This is ascribable to factors such as the growing demand for innovative dishwashers in countries such as the U.K., France, and Italy in the region between 2020 and 2027.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
COMPETITIVE LANDSCAPE
Major Companies Focus on Acquiring Other Enterprises to Brighten Their Market Prospects
The global kitchen appliances market is fragmented by the presence of major companies that are focusing on acquiring other companies to expand their kitchen appliances product and further boost their sales revenue. Furthermore, the adoption of strategies such as the introduction of new products, partnership, and collaboration by other key players to gain a major chunk of the share is expected to bode well for the market growth in the forthcoming years.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Kitchen Appliances Market Analysis, Insights, and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Refrigerators
- Cooking Appliances
- Dishwashers
- Others
- By Application (Value)
- Residential
- Commercial
- By Distribution Channel (Value)
- Online
- Offline
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued…!
Industry Development:
- March 2020 – iFresh, Inc., a leading supermarket chain, announced the acquisition of Xiamen DL Medical Technology Co. that is likely to aid in the expansion of their supermarket chain across the Asian countries.
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Frequently Asked Questions (FAQs):
1. Is the Kitchen Appliances Industry growing?
Answer: Fortune Business Insights says that the market size was USD 159.29 billion in 2019 and is projected to reach USD 210.80 billion by 2027.
2. Who are the key players in the Kitchen Appliances Market?
Answer: Electrolux AB, The Samsung Group, LG Electronics Inc. are some of the few major players in the global market.
3. What are Key Factors Raising the Market?
Answer: Increasing Demand for Smart Kitchen Appliances to Augment Growth
Read Related Insights:
Refrigerator Market to Reach USD 103.95 Billion by 2026 | Refrigerator Industry Striking CAGR of 6.3%
Washing Machine Market to Hit USD 80.24 Billion by 2028 | Washing Machine Industry Striking CAGR of 5.5%
Toaster Market Size to Reach USD 4.72 Billion by 2027; Rising Consumer Demand for Kitchen Appliances to Contribute Growth, states Fortune Business Insights™
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