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.
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.
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.
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.
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.
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.
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)
By Application (Value)
By Distribution Channel (Value)
By Region (Value)
Middle East & Africa
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.
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.