Kitchen Appliances Market To Experience Rapid Growth Till 2024 - Research Report by Hexa R
Kitchen Appliances Market Analysis, Trends and Future Outlook, Market Size, Application Analysis, Regional Outlook, Competitive Strategies and Forecasts, 2016 To 2024
The global kitchen appliances market was estimated at around USD 179 billion in 2015. Energy and cost efficient products can gain revenue share due to government initiative to conserve electricity consumption.
Rise in fast-paced modern lifestyle, dual income households, growing preference for modular kitchen are expected to drive the demand of kitchen appliances. Moreover, rapid urbanization and product upgrade can also contribute to market growth.
Increasing electricity costs and government focus to spread awareness about energy consumption can promote environment friendly and energy efficient products. Health conscious and geriatric population requires kitchen appliances that require less oil. The penetration of these appliances in the market can further propel industrial growth. The kitchen appliances market is divided into products, fuel type, product structure, applications, and regions.
By products, the market is segmented into dishwasher, refrigerator, cooking appliance, and other appliances. Refrigerator accounted for over 40% of overall revenue share. It is expected to grow at a CAGR of around 5% till 2024.
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Fuel types comprise of electricity, cooking gas, solar energy, fuel wood, biogas, and renewable energy. On the basis of product structure, the industry is bifurcated into built-in and free standing appliances.
Applications are split into commercial and residential. Commercial refrigerators are widely used in supermarkets, convenience stores, restaurants specialty food stores, grocery stores, and cafeterias. Residential segment was valued surpassing USD 100 billion in 2014. It is expected to be the leading sector in the coming years.
Regions encompass North America, Asia Pacific, Europe, and the Rest of the World (RoW). North America is likely to dominate global revenue in the coming years.
Asia Pacific kitchen will witness a considerable growth due to the rise in the middle class population. The ‘Make in India’ program established by the Indian government can further boost the market competitors and growth in the region in the coming years.
Some of the major industrial players are Samsung Electronics, Whirlpool Corporation, Haier Group, LG Electronics, and Morphy Richards Limited. Development strategies include acquisition and product launch. Acquisition helps companies share technological requirements. Electrolux introduced an in-oven Cam prototype, which is an oven with a built-in camera to monitor food.
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