The kitchen appliances industry, valued at USD 159.29 billion in 2019, is anticipated to attain USD 210.80 billion by 2027, experiencing a compound annual growth rate (CAGR) of 3.7% throughout the forecast period. This growth is ascribed to the rising global acceptance of smart and energy-efficient kitchen appliances, as highlighted in the recent report by Fortune Business Insights titled "Kitchen Appliances Market, 2024-2027."

Information Source:

https://www.fortunebusinessinsights.com/kitchen-appliances-market-104504

List of Key Players Profiled in the Kitchen Appliances Market Report:

• Koninklijke Philips N.V. (Amsterdam, Netherland)
• Miele (Gutersloh, Germany)
• General Electric Company (Massachusetts, United States)
• Haier Group Corporation (Qingdao, China)
• Beko (Istanbul, Turkey)
• 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)

What does the Report Include?

The market report encompasses both qualitative and quantitative analyses of various factors, including key drivers and restraints poised to impact growth. Furthermore, the report offers insights into regional analyses covering different areas contributing to market growth. It delves into the competitive landscape, highlighting leading companies and their strategies such as partnerships, product launches, and collaborations, expected to foster market growth from 2020 to 2027. Additionally, the research analyst has employed various research methodologies, including SWOT and PESTEL analysis, to extract information about current trends and industry developments driving market growth in the forecast period.

SEGMENTATION:

The refrigerator Segment Held a 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.

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, partnerships, 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.

DRIVING FACTORS

Increasing Demand for Smart Kitchen Appliances to Augment Growth

The availability of high disposable income and the hectic lifestyle of working professionals are driving the sales of smart kitchen products that aid in the effective reduction of time and effort. In addition to this, the surging electricity bills and the growing demand for sustainable consumer products are propelling manufacturers to develop energy-efficient kitchen appliances globally. These factors are likely to favor the global kitchen appliances market growth in the forthcoming years.

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 sluggish growth in the near future.

Kitchen appliances are equipment extensively adopted in households for daily cooking needs. These appliances aid in effectively reducing the time and effort that are required during cooking activities. Owing to their compactness and functionality, these appliances are in great demand across the globe.

Factors Affecting the Growth of the Kitchen Appliances Market:

• Technological advancements: The kitchen appliances industry is highly dependent on technological innovations. Advancements such as smart appliances, IoT connectivity, energy-efficient solutions, and improved functionality can drive market growth. Consumers are increasingly seeking appliances that offer convenience, automation, and enhanced user experience.
• Changing consumer lifestyles: The changing lifestyles and busy schedules of consumers have led to a greater demand for time-saving and efficient kitchen appliances. People are looking for appliances that can simplify cooking, food preparation, and cleaning tasks. Additionally, the growing trend of home cooking and healthy eating habits has driven the demand for appliances like blenders, juicers, air fryers, and steamers.
• Rising disposable income: Economic factors play a significant role in the growth of the kitchen appliances market. As disposable incomes rise, consumers have more purchasing power, enabling them to invest in high-quality appliances. Increased discretionary spending and a desire for upgraded kitchen appliances contribute to market growth.
• Growing urbanization: Urbanization is a global trend that is driving the demand for kitchen appliances. In urban areas, smaller living spaces and fast-paced lifestyles have created a need for compact and multifunctional appliances. Additionally, the growing number of apartments and high-rise buildings with modern kitchens has increased the demand for appliances that fit the available space and offer sleek designs.
• Environmental concerns and energy efficiency: With a growing focus on sustainability, energy-efficient kitchen appliances have gained popularity. Consumers are increasingly conscious of their environmental footprint and seek energy-saving options that can reduce electricity bills. Manufacturers are responding to this demand by developing eco-friendly appliances that consume less energy while maintaining performance.
• Online retail and e-commerce: The rise of online retail and e-commerce platforms has significantly impacted the kitchen appliances market. Consumers can easily browse and compare products, read reviews, and make purchases online, offering convenience and a wide range of options. The growth of online channels has expanded the market reach and accessibility for both consumers and manufacturers.
• Demographic factors: Demographic shifts, such as an aging population and increasing urbanization in developing countries, can influence the kitchen appliances market. Older adults may require appliances with user-friendly features and accessibility enhancements. Furthermore, the growing middle class in emerging economies is driving the demand for affordable appliances, which opens up new market opportunities.

Industry Development:

• March 2020 – iFresh, Inc., a leading supermarket chain, announced the acquisition of Xiamen DL Medical Technology Co. which is likely to aid in the expansion of their supermarket chain across the Asian countries.