NEWARK, Del, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The built-in kitchen appliance market is expected to be valued at US$ 15,856.7 million in 2024. The market's progress is projected to be encouraging from 2024 to 2034, with a CAGR of 7.5%. By 2034, the market value is forecast to reach US$ 32,681.2 million.
Built-in kitchen appliances are keeping up with modern kitchens with smart solutions. Smart kitchen appliances with state-of-the-art technology like Wi-Fi connectivity and mobile app handling are keeping the outlook of the market fresh. Thus, the demand in the built-in kitchen appliance market is ever-flowing.
The role of built-in kitchen appliances is not relegated to the functions provided by the products. The appliances are also becoming a part of the décor of kitchens. Thus, manufacturers are launching products with aesthetic value. With trends of modular kitchens and kitchen renovation, aesthetic value is ascribed to an even greater designation in built-in kitchen appliances.
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Homeowners are eager to have convenience in kitchens in the form of space. Thus, many homeowners prefer portable kitchen appliances to built-in ones. However, producers are addressing the needs of homeowners by producing space-saving built-in kitchen appliances. Built-in kitchen appliances are also noted to have an advantage over portable appliances in terms of capacity.
Key Takeaways from the Built-in Kitchen Appliance Market
- The built-in kitchen appliance market is projected to be valued at US$ 15,856.7 million in 2024.
- Built-in refrigerators are the most in-demand built-in kitchen appliances. In 2024, built-in refrigerators are projected to contribute to 26.4% of the market share by product type.
- Residences are where built-in kitchen appliances are widely used. For 2024, the residential sector is expected to account for 80.8% of the market share.
- Australia is one of the most promising countries in the market. For the forecast period, the CAGR for Australia is estimated to be 7.9%.
- China and India are two countries with potential for the market in Asia. The CAGR for China and India over the forecast period is anticipated to be 7.6% and 7.8%, respectively.
- The market is expected to register a CAGR of 7.7% in Germany for the forecast period.
“Built-in kitchen appliances that help to save energy are winning over consumers. Consumers are looking to cut down both on costs and on damage to the environment. Thus, energy-saving built-in kitchen appliances offer prospects in the market.”- Says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
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Competitive Analysis of the Built-in Kitchen Appliance Market
Integration of advanced technology is a priority for players in the market. Thus, market players are expected to be quick to react to new developments. Expanding into previously unexplored geographical areas is a strategy for many players. The market is fragmented enough that new entrants have pathways to entry.
Key Market Players
- Samsung
- BSH Hausgeräte GmbH
- Electrolux
- Haier Group
- Whirlpool Corporation
- Panasonic Holdings Corporation
- LG Electronics
- Elica S.p.A.
- Gorenje
- Arcelik
Recent Developments in the Built-in Kitchen Appliance Market
- In September 2023, Samsung included kitchen appliances with capabilities like Wi-Fi connectivity and AI into its Bespoke range.
- In June 2023, Dacor’s 48-inch Built-In refrigerator with capabilities like an auto-filling water pitcher and a dual icemaker was launched.
- In February 2023, Electrolux entered the Indian market with a range of products like ovens and dishwashers.
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Market Segmentation
By Product Type:
- Ovens & Microwaves
- Hobs
- Hoods
- Dishwashers
- Refrigerators
- Others
By Application:
- Residential
- Commercial
By Distribution Channel:
- Contract Sales
- Exclusive Stores
- Supermarket & Hypermarket
- Online Channels
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Explore FMI’s Extensive Ongoing Coverage in the Consumer Product Domain:
Smart Kitchen Appliances Market Size: The market is on a trajectory of substantial growth, with an anticipated valuation of US$ 1,450.8 million in 2023, marking a notable increase from the 2022 valuation of around US$ 1,326.1 million. Projections point to a healthy Compound Annual Growth Rate (CAGR) of 8.5% until the conclusion of the forecast period. By the forecast period's end, the market is expected to reach an impressive valuation of US$ 3,280.1 million.
Small Kitchen Appliances Market Share: The market is currently appraised at approximately US$ 105.84 billion in 2023, and it is poised for significant expansion, reaching an estimated US$ 145.0 billion by 2033. This anticipated growth reflects a steady adoption trend, with small kitchen appliances expected to advance at a Compound Annual Growth Rate (CAGR) of 3.2% throughout the forecast period.
Built-in Large Cooking Appliance Market Trends: According to the latest data unveiled by Future Market Insights (FMI), the market is currently valued at approximately US$ 12.2 billion in 2023. Projections indicate a significant upswing, with the market anticipated to reach a noteworthy US$ 21.8 billion by 2033. This growth trajectory reflects a robust Compound Annual Growth Rate (CAGR) of 5.9% from 2023 to 2033.
Household Appliances Market Growth: The market is poised for remarkable growth, with a projected valuation of US$ 707.52 billion in 2023, forecasted to ascend even further to US$ 1,328.11 billion by 2033. This expansion is underlined by a notable sales trajectory, with household appliance sales anticipated to surge at a substantial Compound Annual Growth Rate (CAGR) of 6.50% throughout the forecast period.
Freestanding Large Cooking Appliance Market Analysis: According to the latest data released by Future Market Insights (FMI), the market stands at an estimated US$ 20,333.0 million in 2023. Projections indicate a notable upward trajectory, with the market expected to reach an impressive US$ 30,977.5 million by 2033. This growth forecast is substantiated by a robust Compound Annual Growth Rate (CAGR) of 4.3% from 2023 to 2033.
About Future Market Insights, Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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