Kitchen Appliances Market Growth, Size, Share, Demand, Trends and Forecasts to 2027
The global kitchen appliances market size is expected to gain momentum by reaching USD 210.80 billion while exhibiting a CAGR of 3.7% between 2020 and 2027. This is attributable to the increasing adoption of smart and energy-efficient kitchen appliances across the globe. Fortune Business Insights, in its latest report, titled, “Kitchen Appliances Market Size, Share & COVID-19 Impact Analysis, By Product Type (Refrigerator, Cooking Appliances, Dishwashers, and others), Application (Residential and Commercial), Distribution Channel (Online and Offline), and Region Forecast, 2020-2027.”, mentions that the market stood at USD 159.29 billion in 2019 and is likely to showcase considerable growth during the forecast period.
Reduced Consumer Spending amid
COVID-19 to Lead to Sluggish Growth
The novel coronavirus has led to the
unprecedented economic loss suffered by several industries globally. In
addition to this, several people have lost their jobs owing to suspended or
completely stopped businesses. This has led to a significant reduction in
consumer spending ahead of the uncertain times leading to the market going
through a sluggish growth in the near future.
COMPETITIVE LANDSCAPE
Major Companies Focus on Acquiring
Other Enterprises to Brighten Their Market Prospects
The global kitchen appliances market
is fragmented by the presence of major companies that are focusing on acquiring
other companies to expand their kitchen appliances product and further boost
their sales revenue. Furthermore, the adoption of strategies such as the
introduction of new products, partnership, and collaboration by other key
players to gain a major chunk of the share is expected to bode well for the
market growth in the forthcoming years.
Kitchen appliances are equipment
extensively adopted in households for daily cooking needs. These appliances aid
in effectively reducing time and efforts that are required during cooking
activities. Owing to their compactness and functionality, these appliances are
in great demand across the globe.
What does the Report Include?
The market report includes
qualitative and quantitative analysis of several factors such as the key
drivers and restraints that will impact growth. Additionally, the report
provides insights into the regional analysis that covers different regions, which
are contributing to the growth of the market. It includes the competitive
landscape that involves the leading companies and the adoption of strategies by
them to announce partnerships, introduce new products, and collaboration that
will further contribute to the growth of the market between 2020 and 2027.
Moreover, the research analyst has adopted several research methodologies such
as SWOT and PESTEL analysis to extract information about the current trends and
industry developments that will drive the market growth during the forecast
period.
DRIVING FACTORS
Increasing Demand for Smart Kitchen
Appliances to Augment Growth
The availability of high disposable
income and the hectic lifestyle of working professionals is driving the sales
of smart kitchen products that aid in effective reduction of time and efforts.
In addition to this, the surging electricity bills and the growing demand for
sustainable consumer products are propelling the manufacturers to develop
energy-efficient kitchen appliances globally. These factors are likely to favor
the global kitchen appliances market growth in the forthcoming years.
SEGMENTATION:
Refrigerator Segment Held 37.56%
Market Share in 2019
The refrigerator segment, based on
product type, held a market share of about 37.56% in 2019 and is projected to
showcase exponential growth owing to the increasing demand for innovative
refrigerators that aid in increasing the shelf life of food products.
REGIONAL INSIGHTS
Asia-Pacific to Remain at Forefront;
Presence of Large Number of Middle-Class Families to Augment Growth
Among all the regions, Asia-Pacific
is expected to remain dominant and hold the highest position in the global
kitchen appliances market in the forthcoming years. This dominance is
attributable to the large presence of middle-class families that propel the
sales of kitchen appliances for household purposes in the region.
The market in Europe is anticipated
to experience significant growth in the forthcoming years. This is ascribable
to factors such as the growing demand for innovative dishwashers in countries
such as the U.K., France, and Italy in the region between 2020 and 2027.
Browse Detailed Summary of Research
Report with TOC:
https://www.fortunebusinessinsights.com/kitchen-appliances-market-104504
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