Market Overview:
The global Kitchen Appliances Market size was valued at USD 159.29 billion in 2019 and is projected to reach USD 27.94 billion by 2032, expected to grow at a CAGR of 4.60% during the forecast period.
Fortune Business Insights, in its latest report, titled, “Kitchen Appliances Market Size, Share & By Product Type (Refrigerator, Cooking Appliances, Dishwashers, and others), Application (Residential and Commercial), Distribution Channel (Online and Offline), and Region Forecast, 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.
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.
List of the Companies Profiled in the Global 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)
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https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/kitchen-appliances-market-104504
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.
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.
To get to know more about the market, please visit:
https://www.fortunebusinessinsights.com/kitchen-appliances-market-104504
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.
Industry Development:
In April 2021, BSH Home Appliances Corporation announced its partnership with Plum for the manufacturing of next-generation kitchen appliances to meet the ever-changing consumers' demand.
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