According to the latest report by IMARC Group, titled “Kitchen Appliances Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global kitchen appliances market size reached US$ 240.5 Billion in 2018. Kitchen appliances are devices that are designed to perform domestic tasks pertaining to cooking, storage and cleaning. These appliances, primarily operating on electricity or gas, are widely adopted across the globe for performing various complicated kitchen activities. They save time as well as the users’ efforts by simplifying household chores. Appliances such as refrigerators, stoves and ovens have become an indispensable component for a majority of the households, whereas devices including blenders juicers, dishwashers, coffee machines, toasters, air fryers and rice cookers are also widely adopted across various households.
Global Kitchen Appliances Market Trends:
Rapid urbanization, inflating per capita income levels and improving living standards have increased in the uptake of modern kitchen appliances. In addition to this, hectic working schedules and long working hours of working professionals have provided a boost to the sales of convenient cooking appliances. Moreover, to address the issue of high electricity consumption by several devices, manufacturers have introduced various energy-efficient variants with energy rating labels. This enables consumers to understand the energy performance of a particular appliance in comparison with other similar models. Growing health consciousness among users has also led to an increase in the sales of devices that utilize little to no oil, such as air fryers and convection ovens. Furthermore, the advent of Wi-Fi connected kitchen devices that can be remotely monitored and controlled by smartphones is expected to impact the market growth favorably. On account of the aforementioned factors, the market is projected to reach a value of US$ 322.3 Billion by 2024, growing at a CAGR of around 5% during 2019-2024.
- On the basis of the product type, the market has been divided into refrigerators, microwave ovens, induction stoves, dishwashers, water purifiers and others. At present, refrigerators are the most preferred segment.
- Based on the structure, the market has been bifurcated into built-in and free stand.
- On the basis of the fuel type, the market has been categorized into cooking gas, electricity and others.
- Based on the application, the market has been bifurcated into residential and commercial segments, wherein the residential sector exhibits a clear dominance in the market.
- On the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, specialty stores, online stores, departmental stores, and others.
- On the geographical front, North America holds the leading position in the market, accounting for the majority of the total market share. Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been studied in the report. Some of the players operating in the market include Whirlpool Corporation, AB Electrolux, Samsung Electronics Co. Ltd., LG Electronics, Winia Daewoo, Panasonic Corporation, Haier Group Corporation, BSH Hausgeräte GmbH, Miele & Cie. KG, and Sub-Zero Group, Inc.
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