Austin, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Insights:
According to the SNS Insider, “The Kitchen Appliances Market Size was valued at USD 258.2 Billion in 2023 and is expected to reach USD 410.73 Billion by 2032 and grow at a CAGR of 5.32% over the forecast period 2024-2032.”
Smart Homes and Eco-Friendly Innovations Propel Kitchen Appliances Market Growth
The kitchen appliances market is witnessing strong growth, driven by rising demand for convenience, advanced technology, and the smart home trend. Consumers increasingly prefer time-saving, energy-efficient, and multifunctional appliances, including IoT-enabled smart ovens and touchscreen refrigerators. Awareness of eco-friendly products like high-efficiency washing machines and induction cooktops further boosts demand. LG Electronics aims to double its built-in appliance sales globally to USD 722 million by 2030, targeting Europe, which leads with 42% of the global built-in market, valued at USD 21.2 billion in 2023. E-commerce growth and at-home cooking trends further enhance market stability and accessibility.
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Leading Market Players with their Product Listed in this Report are:
- Whirlpool Corporation (Refrigerators, Ovens)
- Bosch (Dishwashers, Cooktops)
- Samsung Electronics (Smart Refrigerators, Microwave Ovens)
- LG Electronics (Smart Ovens, Washers)
- General Electric (GE) (Refrigerators, Ranges)
- Electrolux (Dishwashers, Refrigerators)
- Frigidaire (Microwave Ovens, Range Hoods)
- KitchenAid (Stand Mixers, Ovens)
- Miele (Coffee Machines, Dishwashers)
- Panasonic (Microwave Ovens, Induction Cooktops)
- Haier (Refrigerators, Washing Machines)
- Toshiba (Microwave Ovens, Rice Cookers)
- Sharp (Microwave Ovens, Dishwashers)
- Whirlpool India (Washing Machines, Refrigerators)
- Beko (Refrigerators, Washing Machines)
- Maytag (Dryers, Refrigerators)
- Viking Range (Ranges, Refrigerators)
- Wolf Appliance (Ranges, Ovens)
- Smeg (Refrigerators, Cooktops)
- Aga Rangemaster (Cookers, Ovens).
Kitchen Appliances Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 258.2 Billion |
| Market Size by 2032 | USD 410.73 Billion |
| CAGR | CAGR of 5.32% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Refrigerator, Cooking Appliances (Cooktops & cooking range, Ovens, Others), Dishwasher, Range Hood, Others) • By Technology (Conventional, Smart Appliances) • By Application (Commercial, Residential) |
| Key Drivers | • Smart Kitchen Appliances Drive Market Growth Through Innovation and Convenience. • Rising Energy Efficiency in Kitchen Appliances Fuels Market Growth Through Sustainability. |
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Market Dynamics: Conventional Appliances Lead While Smart Technology and Commercial Applications Drive Future Growth
By Technology
The conventional appliances segment dominated the kitchen appliances market in 2023, holding over 72.67% revenue share. This preference stems from consumers' familiarity with traditional designs and ease of use, making them a popular choice among budget-conscious buyers due to their cost-effectiveness.
The smart appliances segment is projected to grow at a CAGR of 7.91% during the forecast period, driven by the rising demand for smart homes and IoT adoption. These appliances, controlled via smartphone apps or voice assistants, offer unmatched convenience and remote accessibility, fueling their growing popularity and transforming the modern kitchen landscape.
By Application
The residential segment accounted for 63.8% of the kitchen appliances market revenue in 2023, driven by global population growth, rapid urbanization, and increased housing development. Rising home construction has amplified the demand for residential kitchen appliances.
The commercial segment is set to achieve the highest CAGR of 7.10% during the forecast period, with refrigeration equipment playing a pivotal role across grocery stores, restaurants, and supermarkets. Factors such as high disposable incomes, evolving lifestyles, and the growing trend of replacing outdated appliances further propel the growth of both residential and commercial kitchen appliance markets.
Regional Insights: North America Dominates While Asia Pacific Emerges as a Growth Leader
North America captured the largest revenue share of 32.78% in 2023, driven by the region's technological advancements. Innovations such as touch screens, wireless connectivity, and advanced sensors have spurred consumer interest, increasing demand for upgraded kitchen appliances. The region's focus on premium, feature-rich products has further strengthened its market position.
Asia Pacific is poised to grow at a CAGR of 6.89% during the forecast period, fueled by rising residential projects and the growing nuclear family trend. Infrastructure development, particularly in rural India, presents significant opportunities for market expansion. Improved electrification, quality of life, and government initiatives to enhance rural power access are boosting demand for basic and modern home appliances. These factors, alongside urbanization and an increasing middle-class population, are propelling Asia Pacific as a key growth region for kitchen appliances.
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Recent Development
- July 17, 2024: Whirlpool Introduces Sustainable Appliance Line Whirlpool launched a new range of energy-efficient appliances designed to reduce carbon emissions and support sustainability goals, aligning with global green initiatives.
- On May 27, 2024, BSH Home Appliances India outlined a strategy to sustain its growth in India, focusing on new product categories, localization, and expanding its distribution network.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Kitchen Appliances Manufacturing Output, by Region, (2020-2023)
5.2 Kitchen Appliances Utilization Rates, by Region, (2020-2023)
5.3 Kitchen Appliances Technological Adoption Rates, by Region
5.4 Kitchen Appliances Export/Import Data, by Region (2023)
6. Competitive Landscape
7. Kitchen Appliances Market Segmentation, by Product
8. Kitchen Appliances Market Segmentation, by Technology
9. Kitchen Appliances Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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