Kitchen Appliances Market Size Growth Rate:
According to the research report, Kitchen Appliances Market size was valued at USD 1,049.21 Billion in 2017 and this figure estimated to cross USD 253.40 Billion by the end of 2020, and it is growing at a CAGR of 6.4% during the forecast period 2018-2020.
Kitchen Appliances Market Growth Drivers:
Disposable income within each household has driven the growth of kitchen appliances across advanced and developing economies alike. As the income of the average household improvements, there has been a growth in the consumer need for kitchen appliances. New innovations in kitchen devices and products have augmented the time and effectiveness of operation of kitchen appliances. These developments have more incentivized the need to buy kitchen appliances. Development in surplus money and the increasing number of working populations in urban societies is expected to drive the demand for high-end products.
Energy performance, technology advancements, cost, and quality of the products are important factors that impact the customers’ purchasing preference. The advent of e-commerce industry and investment in developing the range and coverage of distribution channels has enabled major industry participants to reach customers with ease. Growing demand for product up-gradation, changing consumer lifestyle, and raising income levels are also anticipated to drive industry growth over the forecast period
Kitchen Appliances Market Regional Analysis:
North America enjoys the highest share in the global kitchen appliances market. Still, Asia-Pacific would prove to be one of the most successful markets, in terms of growth. Due to rising real-estate prices, many consumers in this region favor houses with smaller kitchens. To proficiently workspace, people opt for modular kitchens, which raises demand for cooking appliances. Demand for small kitchen appliances, like electric cookers, stoves, etc., are anticipated to grow at a significant pace, due to their vital importance in the country.
Some of the promising companies leading the Kitchen Appliances Market:
- Morphy Richard
- General Electric (GE)
- Life is Good (LG)
This research report includes following segmentation for the Kitchen Appliances Market size and forecast until 2025:
Kitchen Appliances Market – By Type
- Cooking appliance
Kitchen Appliances Market – By User Application
Kitchen Appliances Market – By Fuel Type
- Cooking gas
Kitchen Appliances Market – By Structure
Kitchen Appliances Market – By Geographical Segmentation:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa