Kitchen Appliances Market to Reach $377.7 Bn, Globally, by 2
Increase in health concerns among the customers and technological advancement drive the growth of the global kitchen appliances market
PORTLAND, Oregon, June 16, 2020 /PRNewswire/ -- Allied Market Research published a report, titled,"Kitchen Appliances Market by Product Type (Refrigerator, Cooking Appliance, Dishwasher, and Others), User Application (Commercial and Household), Fuel Type (Electric, Cooking Gas, and Others), Product Structure (Built-in and Free Stand), andDistribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global kitchen appliances market garnered $237.3 billion in 2019, and is estimated to reach $377.7 billion by 2027, registering a CAGR of 6.0% from 2020 to 2027.
Drivers, restraints, and opportunities-
Technological advancement and rise in health concerns among the customersdrive the growth of the global kitchen appliances market. However, high energy consumption hinders the market growth. On the other hand, increase in adoption of smart kitchen appliance, availability of quality product at affordable prices, and rise of social media marketingare anticipated to offer new opportunities in the coming years.
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- China is the main supplier of raw material required for kitchen appliances. However trading with China has been stopped to curb the spread of novel COVID-19 virus during the lockdown.
- The supply chain of non-essential goods, on the other hand, has been greatly impacted during lockdown across the globe. In addition, the major distribution channels for kitchen appliances including specialty stores and e-commerce have been halted in certain regions, based on lockdown measures.
The refrigerator segment to maintain its lead status-
Based on product type, the refrigerator segment accounted for more than two-fifths of the global kitchen appliances market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to changes in food consumption habits, growth in seafood export and fast food chain, and increase in processed food consumption across the globe. However, the dishwasher segment is estimated to portray the highest CAGR of 7.6% from 2020 to 2027. Changes in lifestyle, rise in disposable income especially in the developing Asian countries and increase in the number of working women drives the growth of the segment.
The household segment to maintain its leadership position-
Based on user application, the household segment contributed to the highest market share with nearly three-fifths of the global kitchen appliances market in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to the launch of technology driven kitchen appliances, increase in disposable income, and change in lifestyle. However, the commercial segment is estimated to generate the fastest CAGR of 6.6% from 2020 to 2027. This is attributed to increase in number of commercial restaurants & other catering services and rise in trend of eating out at cafes, restaurants, hotels, and other food establishments.
North Americais anticipated to dominate the market by 2027
Based on region, North America accounted for the highest share based on revenue, holding for nearly one-third of the global kitchen appliances market in 2019, and is projected to maintain its dominant position throughout the forecast period.This is attributed to the rise in trend of modular kitchen among consumers and increase in working class population. However, the Asia-Pacific is estimated to generate the fastest CAGR of 7.1% from 2020 to 2027. This is attributed to the increase in demand for energy efficient and advanced technology kitchen appliances and surge in urban population paired with improved living standard, in this region.
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Leading market players
- Morphy Richard
- General Electric (GE)
- Life is Good (LG)
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