The global kitchen appliances market size is expected to gain momentum by reaching USD210.80 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 toa significant reduction in consumer spending ahead of the uncertain timesleading to the market going through a sluggish growth in the near future.
Major Companies Focus on Acquiring Other Enterprises to Brighten Their Market Prospects
Theglobal kitchen appliances market is fragmented by the presence of majorcompanies that are focusing on acquiring other companies to expand theirkitchen 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 ofthe share is expected to bode well for the market growth in the forthcomingyears.
Key Industry Development:
March 2020 – iFresh, Inc., a leadingsupermarket chain, announced the acquisition of Xiamen DL Medical TechnologyCo. that is likely to aid in the expansion of their supermarket chain acrossthe Asian countries.
Kitchenappliances are equipment extensively adopted in households for daily cookingneeds. These appliances aid in effectively reducing time and efforts that arerequired during cooking activities. Owing to their compactness andfunctionality, these appliances are in great demand across the globe.
What does the Report Include?
Themarket report includes qualitative and quantitative analysis of several factorssuch as the key drivers and restraints that will impact growth. Additionally,the report provides insights into the regional analysis that covers differentregions, which are contributing to the growth of the market. It includes thecompetitive landscape that involves the leading companies and the adoption ofstrategies by them to announce partnerships, introduce new products, andcollaboration that will further contribute to the growth of the market between2020 and 2027. Moreover, the research analyst has adopted several researchmethodologies such as SWOT and PESTEL analysis to extract information about thecurrent trends and industry developments that will drive the market growthduring the forecast period.
Increasing Demand for Smart Kitchen Appliances to Augment Growth
Theavailability of high disposable income and the hectic lifestyle of workingprofessionals is driving the sales of smart kitchen products that aid ineffective reduction of time and efforts. In addition to this, the surgingelectricity bills and the growing demand for sustainable consumer products arepropelling the manufacturers to develop energy-efficient kitchen appliancesglobally. These factors are likely to favor the global kitchen appliancesmarket growth in the forthcoming years.
Refrigerator Segment Held 37.56% Market Share in 2019
Therefrigerator segment, based on product type, held a market share of about37.56% in 2019 and is projected to showcase exponential growth owing to theincreasing demand for innovative refrigerators that aid in increasing the shelflife of food products.
Asia-Pacific to Remain at Forefront; Presence of Large Number ofMiddle-Class Families to Augment Growth
Amongall the regions, Asia-Pacific is expected to remain dominant and hold thehighest position in the global kitchen appliances market in the forthcomingyears. This dominance is attributable to the large presence of middle-classfamilies that propel the sales of kitchen appliances for household purposes inthe region.
Themarket in Europe is anticipated to experience significant growth in theforthcoming years. This is ascribable to factors such as the growing demand forinnovative dishwashers in countries such as the U.K., France, and Italy in theregion between 2020 and 2027.
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