New York City, 02 March 2020: According
to a new report published by Polaris Market Research the worldwide kitchen
appliances market is anticipated to reach USD 340.9 billion by
2026. In 2017, the refrigerator segment dominated the global market, in terms
of revenue. North America is expected to be the leading contributor to the
global market revenue during the forecast period.
The changing lifestyles and hectic
schedules of the working professionals lead to growing demand for kitchen
appliances. Consumers prefer kitchen appliances, which are easy–to-operate and facilitate
faster cooking. Rising disposable income is one of the factors responsible for
the growth of the market. Increasing propensity of consumers to spend on
appliances to lead convenient lives has also resulted in an increased demand
for kitchen appliances.
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The other factors responsible for
the growth of the market are convenience in fast cooking and healthy food
consumption. Players in the market are launching cooking appliances which
enable faster cooking while keeping the nutrients of food intact. Introduction
of energy efficient cooking appliances equipped with multiple cooking
functionalities are available in the market to cater to the consumers in the
market. Moreover, the increasing trend of smart appliances would also encourage
manufacturers to launch innovative kitchen appliances, which are compact and
easy-to-use.
There has
been a considerable increase in middle class and young working population
across the globe. Rising female working population and busy schedules of people
have led to an increasing demand of kitchen appliances. Increase in the number
of social gatherings coupled with growing need for quick and efficient kitchen
activities has boosted the market. Growing purchasing power of individuals has
led to increased spending on consumer goods. Rising disposable income enables
consumers to purchase multipurpose and easy-to-operate kitchen appliances to
simplify and ease their kitchen activities. Consumers generally opt for stylish
and technologically advanced kitchen appliances, which complement their living
standards. Market players are introducing new products equipped with advanced
features at affordable prices to cater to the growing consumer demands.
North America generated the highest
revenue in the market in 2017, and is expected to lead the global market
throughout the forecast period. The high living standards along with high
disposable income in the region encourage consumers to purchase kitchen
appliances to simplify kitchen activities. The growing adoption of smart
technologies and home automation systems is further expected to augment market
growth in the region. Asia-Pacific is expected to grow at a significant rate
during the forecast period owing to the increasing population and improving
living standards.
The different types of kitchen
appliances include cooking appliances, refrigerators, dishwaters, and others.
In 2017, refrigerators accounted for the highest market share owing to
increasing need to conserve edible items at a range of different temperatures.
Consumers prefer to use energy efficient refrigerators owing to growing
environmental concerns. Introduction of advanced refrigerators equipped with
smart technologies is expected to drive the market in the future.
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The various end-users of kitchen
appliances include residential and commercial users. In 2017, residential users
accounted for the largest share in the global market, and are estimated to grow
at a substantial rate during the forecast period. Residential consumers are
increasingly spending on kitchen appliances to simplify kitchen chores and lead
comfortable lives. Household consumers are opting for kitchen appliances, which
are energy efficient and have minimal space requirements. In addition,
improvement in living standards has encouraged consumers to buy
technology-driven and luxury kitchen appliances. Integration of technologies
such as Internet of Things and smart technologies into kitchen appliances is
expected to provide growth opportunities in the coming years.
The
well-known companies profiled in the report include Whirlpool Corporation,
Robert Bosch GmbH, LG Electronics, AB Electrolux, Haier Group Corporation,
Panasonic Corporation, Samsung Electronics, Koninklijke Philips N.V., Sharp
Corporation. These companies launch new products and collaborate with other
market leaders to innovate and launch new products to meet the increasing needs
and requirements of consumers.
About Polaris Market Research
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company. The company specializes in providing exceptional market intelligence
and in-depth business research services for our clientele spread across
different enterprises.
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Phone: 1–646–568–9980
Email: sales@polarismarketresearch.com
Web: www.polarismarketresearch.com
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