The global kitchen appliances market was worth US$ 240.5 Billion in 2018. Kitchen appliances refer to devices and instruments utilized for efficiently performing kitchen activities. They operate either through electricity or gas and are primarily used for cooking, storage and cleaning functions in the kitchen. Kitchen appliances are available in a wide variety of colors, materials, styles, sizes and mechanisms and include devices, such as ovens, refrigerators, stoves, blenders, dishwashers, which aid the user in saving time, costs and energy while cooking.
The increasing adoption of smart kitchen appliances across the globe is one of the key factors driving the growth of the market. Owing to rapid urbanization, there is an escalating demand for technologically advanced and modern appliances which make cooking and storing food more efficient and convenient. Furthermore, smart kitchen appliances, which can be connected to wireless, Internet or Bluetooth based devices and can be controlled remotely through a smartphone are gaining immense traction in the market. Apart from this, increasing health consciousness, especially among the young population, has propelled the adoption of healthy cooking and eating habits among consumers. This has consequently catalyzed the demand for appliances that allow oil-free cooking and retention of various heat-sensitive nutrients. Additionally, the introduction of modular and energy-efficient kitchen equipment, such as induction cooktops, speed cooking ovens and warming drawers, is also contributing to the market growth. Other factors, including the thriving e-commerce sector, increasing working population and rising disposable incomes are further creating a positive outlook for the market. Looking forward, IMARC Group expects the market to reach a value of US$ 322.3 Billion by 2024, registering a CAGR of around 5% during 2019-2024.
Historical, Current and Future Market Trends
Market Breakup by Product Type:
Based on the product type, the market has been classified into refrigerators, microwave ovens, induction stoves, dishwasher, water purifiers and others. Amongst these, refrigerators represent the most preferred product.
Market Breakup by Structure:
On the basis of the structure, the market has been bifurcated into built-in and free stand appliances.
Market Breakup by Fuel Type:
The market has been analyzed on the basis of the fuel type into cooking gas, electricity and others.
Market Breakup by Application:
Based on the application, the residential sector holds the leading market share, followed by the commercial sector.
Market Breakup by Distribution Channel:
On the basis of the distribution channel, the market has been segregated into supermarkets and hypermarkets, specialty stores, online stores, departmental stores, and others.
Market Breakup by Region:
On the geographical front, North America represents the largest market for kitchen appliances. Other major markets include Asia Pacific, Europe, Latin America, and Middle East and Africa.
The report has also analyzed the competitive landscape of the market with some of the key players being Whirlpool Corporation, AB Electrolux, Samsung Electronics Co. Ltd., LG Electronics, Winia Daewoo Electronics, Panasonic Corporation, Haier Group Corporation, BSH Hausgeräte GmbH, Miele & Cie. KG, and Sub- Zero Group, Inc.
Key Questions Answered in This Report:
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