Kitchen Appliances Market Size over $250 Billion by 2023: Global Market Insights, Inc.
Kitchen appliances market size is forecast to hit USD 250.38 billion by 2023; according to the latest research report by Global Market Insights, Inc.
Escalating induction technology in the wake of rising fuel prices is expected to propel global kitchen appliances market growth over the forecast period. Rising purchasing power of consumers across the globe has driven adoption of luxurious goods, thus favorably impacting industry demand.
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Manufacturers focus more on development of smart as well as autonomous devices by the integration of sensors and intelligent electronic controls. With rising awareness regarding energy consumption, these devices are expected to observe significant gains. Introduction of smart grid connected dishwashers and refrigerators enable consumers to manage electricity consumption patterns.
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Growing number of single working professionals/students along with high kitchen appliances market price trend may pose a growth challenge. A large part of new households now comprise singles which are being targeted by the growing food as well as catering industry, thus negatively impacting the industry.
Key insights from the report include:
- Refrigerator market size is forecast to be valued at over USD 109 billion by 2023 and is projected to grow at 4.7% CAGR from 2016 to 2023. This can be primarily attributed to eco-friendliness as well as energy efficiency, which helps replace the existing conventional products with capabilities for savings on utility bills.
- Dishwasher market is projected to grow at 3.4% CAGR over the forecast timeframe. It is expected to gain substantial share owing to rise in labor cost.
- Gas appliances are energy efficient and take less time for food preparation. Coffee makers, mixers, grinders, and food processors are commonly used electric kitchen appliances. Need to ensure awareness has led to governments and individuals installing solar energy equipped devices in schools and hospitals.
- Commercial sector accounted for over 35% of the global revenue in 2015, and is set to exhibit growth owing to escalating demand of fast-food restaurants.
- Asia Pacific, with consumption dominated by China and India kitchen appliances market size, is estimated to be valued at USD over 75 billion by 2023. This can be attributed to rising middle class population and disposable income in the region.
- Key players are focusing on strengthening their product portfolio by new product development in order to gain competitive advantage. Prominent companies dominating kitchen appliances market share include LG Corp., Whirlpool Corp., Haier Group, and Samsung electronics.
- Companies also work towards maintaining balance between product quality and price in order to cater to the increasing smart appliances demand among the working population base. Consumer trends such as upgrading existing equipment due to health concerns have spurred product innovation initiatives.