Kitchen Appliances market research report for the period of 2016-2023 that shows the market is growing at steady CAGR to 2023.
Growing urbanization and changing consumer preference will drive the kitchen appliances market size from 2016 to 2023. Growing food service industry will increase the domestic appliance demand in developing countries.
Technological advancements in building more energy efficient electronic products will reduce the overall operating cost and produce eco-friendly products.
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Kitchen Appliances Market size is set to exceed USD 250 billion by 2023; according to a new research report.
Dishwasher market share accounted for about 15% of the kitchen appliances market revenue in 2015 and will grow with 3.4% CAGR from 2016 to 2023. Rising nuclear families along with evolving consumer lifestyles will support the demand over the forecast timeframe.
Major manufacturers are focusing on solar power as an alternative for electricity to reduce the operating cost and increase the efficiency. Advanced cooking technologies in mature economies over traditional methods of cooking, cleaning and conserving food will fuel the kitchen appliances market share over the forecast timeline.
Rising awareness among customers regarding modern kitchen appliances will further strengthen industry demand.
Change in consumer lifestyle with increasing popularity of fast food options will drive demand for more portable products. Initial high costs of technologically advanced products will pose a challenge for both suppliers and manufacturers.
The industry growth is dependent on supply chain of manufacturers as competitive prices have resulted in lower consumer loyalty towards a brand. Thus, manufacturers are also investing in increasing their product portfolios to target consumers in each segment.
Longer replacement cycles due to high costs will hinder the industry growth. Thus, the manufacturers are focusing on providing high-quality products at reduced process.
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Rising e-commerce scope in tier 1 and tier 2 cities will improve connectivity, consumer convenience and energy saving attributes possessing high growth opportunities for kitchen appliances market share over the forecast timeline. Rural electrification projects will provide stable growth prospects.
Increased user-friendly portfolio of appliances such as advanced pressure cookers, toasters, blenders, mixers, microwaves, and portable coffee makers will strengthen the cooking appliances market demand from 2016 to 2023.
Commercial applications were valued at over USD 65 billion in 2015 and possess high growth prospects over the residential segment. The growing demand across commercial areas such as hospitality will contribute to industry revenue in the coming years.
Europe kitchen appliances market share will grow at 4.5% CAGR from 2016 to 2023. Increased consumer awareness towards energy efficient products along with government mandates towards reducing energy consumption has resulted in phasing out of old products.
Key companies include Samsung Electronics, Haier, LG Electronics, and Whirlpool Corporation. Other notable industry participants are Philips Electronics, Panasonic Corporation, Robert Bosch GmbH and Morphy Richards Limited.
The kitchen appliances market share is highly fragmented. Companies are focused on narrowing their prices owing to high threat of new entrants.
Increased competition along with slow adoption has pushed competitors into price wars.
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