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(MoneyNewsWire.Net, February 22, 2018 ) The Global Kitchen Appliances Market was valued at USD 165.52 billion in 2017, and it is projected to reach a value of USD 240.49 billion by the end of 2023, at a CAGR of 6.42% over the forecast period, 2018-2023. The scope of the report is limited to solutions offered by major players, including providers of products and the distribution channels used for their sale. While the regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes the major trends in the market and the major drivers for the growth of the market. Factors, such as growth of household income and the increase in urbanization activities, affect the growth of the market.
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Energy efficiency, technology advancements, cost, and quality of the products are major factors that impact the consumers’ purchasing preference. Advent of ecommerce industry and investment in expanding the range and coverage of distribution channels has allowed major industry participants to reach consumers with ease. Increasing demand for product up-gradation, changing consumer lifestyle, and increasing income levels are also expected to drive industry growth over the forecast period
Increasing Disposable Income of the Population is Expected to Drive the
Growth of Kitchen Appliances
Disposable income within each household has spurred the growth of kitchen appliances across developed and developing economies alike. As the income of the average household increases, there has been a rise in the consumer need for kitchen appliances. New innovations in kitchen appliances and products have augmented the time and efficiency of operation of kitchen appliances. These developments have further incentivized the need to buy kitchen appliances. Innovations, such as modular kitchens. Increase in surplus money and growing number of working population in the urban societies, is anticipated to drive the demand for high-end products.
Refrigerators Is Expected To Be In Demand Among The Kitchen Appliances
Refrigerators are one of most essential home appliances in each household. They generally consume more energy compared to other small kitchen appliances in an average household, and hence, energy-efficiency has become the most imperative factor considered by consumers while making the purchase decision. The introduction of carbon emission regulations, which emphasize the labeling of refrigerators based on their performance, is expected to induce manufacturers and retailers to promote energy-efficient products, as a differentiating feature. Consumers in developing countries, especially in “BRICS” nations, have started preferring “energy star” rated refrigerators, as they are equipped with high-efficiency compressors, improved insulation, and defrosting features that enhance energy-efficiency.
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India has Emerged as One of the Primary Hotspots for Growth of Kitchen Appliances
Due to increasing real-estate prices, many consumers in this region prefer houses with smaller kitchens. To proficiently use space, people opt for modular kitchens, which increases demand for cooking appliances. Demand for small kitchen appliances, like cookers, stoves, etc., are expected to grow at a significant pace, due to their critical importance in the country. Growing dual income families and cumulative growth of nuclear families are expected to increase the need for kitchen appliances. The strong single digit GDP growth, with an average of 7% since 2013, and growing population, are other factors that boost the market growth in the country.
Key Developments in the Market
• January 2018: Whirlpool collaborated with Amazon and Google to increase the sophistication of the products provided. Smart appliances deployment has been easy with such collaborations, which are expected to sustain Whirlpool in the market. These collaborations have provided hands-free help from Google Assistant and voice control applications from Alexa.
• March 2017: Electrolux acquired Grindmaster - Cecilware, a manufacturer of frozen, hot and cold beverage dispensing equipment and coffee makers. This acquisition is expected to increase the company’s access to the US market, and also broaden its portfolio.
Major Players: PHILIPS ELECTRONICS, MURPHY RICHARDS LIMITED, SAMSUNG ELECTRONICS, ROBERT BOSCH GMBH, ELECTROLUX AB, PANASONIC CORPORATION, HAVELLS, HAIER GROUP CORPORATION, WHIRLPOOL CORPORATION, LG ELECTRONICS
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• Examine the factors for growth of the global kitchen appliances market
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