Kitchen Appliances Market

The global Kitchen Appliances Market is valued at USD 245.9 Billion in 2022 and is projected to reach a value of USD 363.3 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5% between 2023 and 2030.

Premium Insights

Kitchen Appliances are extensively utilized in households and other settings for daily cooking. With the help of such high-performing items, consumers can effectively minimize the time and effort required for cooking operations. During the purchasing process, customers primarily examine elements such as compactness, product characteristics, and functionality of small appliances. Grillers, blenders, tiny air fryers, and other multi-purpose kitchen gadgets are popular with hotel cooks and households because they can accomplish numerous jobs with a single item in a cost-effective manner.

• Consumers' increased environmental consciousness is driving the market. Furthermore, people are looking for energy-efficient appliances to lower utility bills and reduce their carbon footprint, which is fueling market expansion.
• The Residential segment has the largest market share globally throughout the forecast period 2023 to 2030.
• The Asia Pacific showed market strength in 2022, obtaining the greatest revenue share of 32.00%.
• The Europe region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. The incorporation of electronics into Kitchen Appliances has grown. Smart refrigerators, stoves, coffee makers, and even kitchen scales with smartphone and voice assistant connectivity were becoming more widespread. Customers desired appliances that provided convenience and efficiency through remote control and automation.
2. As consumers became more environmentally sensitive, energy-efficient appliances became increasingly popular. Manufacturers were concentrating their efforts on designing appliances that not only saved energy but also helped to lower power bills over time. Energy Star ratings and other environmentally friendly features were major selling elements.
3. Kitchen Appliances with numerous functions were becoming increasingly popular. Pressure cookers with numerous cooking tasks, toaster ovens with air frying capacity, and blender/food processor combos, for example, provided variety in the kitchen while conserving space and money.
4. Companies are now primarily focused on manufacturing energy-efficient Kitchen Appliances in order to give people sustainable and home comfort solutions. Furthermore, new government initiatives encouraging the creation of high-power-rated appliances have increased demand for such products that dramatically cut energy use. Furthermore, the growing popularity of having a modular kitchen has increased the need for such kitchen-related equipment.
5. Aesthetics heavily influenced consumer preferences. Sleek and modern designs, as well as equipment that matched the decor of the kitchen, were popular. Stainless steel appliances remained popular, while black stainless steel and matte coatings were gaining popularity.
6. The growing infrastructure sector promotes demand for the installation of modern kitchen equipment for multi-utility applications in a variety of residential and commercial settings. This is driving up demand for modern Kitchen Appliances all across the world. According to data given by the United States Census Bureau, the housing authority allowed 1.55 million new privately-owned dwelling units at various building permit-issuing locations in the United States in September 2020.

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Economic Insights

Economic factors can have a substantial impact on the development of the Kitchen Appliances market. Customers tend to tighten their spending limits during economic downturns or recessions, resulting in lower discretionary expenditure on things such as Kitchen Appliances. High-priced, luxury appliances may see a drop in demand as customers opt for more cost-effective solutions or postpone appliance updates. Furthermore, economic uncertainty can undermine consumer confidence, resulting in postponed home remodeling projects and kitchen remodels, which frequently drive appliance sales. During economic upheavals, supply chain interruptions, variations in raw material prices, and increased production costs can all lead to higher retail prices, potentially lowering demand even further. However, increased cooking and home-related activities may somewhat offset these negative economic effects during lengthy periods at home, as observed during the COVID-19 epidemic, as consumers attempt to improve their kitchen spaces for comfort and functionality. Nonetheless, the overall state of the economy has a significant impact on the prospects of the Kitchen Appliances industry.

Market Segmentation

The Global Kitchen Appliances Market is categorized into the below-mentioned segments as:

The global Kitchen Appliances market can be categorized into Product Type, Application, Distribution Channel, Region. The Kitchen Appliances market can be categorized into Refrigerator, Cooking Appliances, Dishwashers, Other Product Types based on Product Type. The Kitchen Appliances market can be categorized into Residential, Commercial based on Application. The Kitchen Appliances market can be categorized into Online, Offline based on Distribution Channel. The Kitchen Appliances market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Product Type

Refrigerator to Lead Maximum Market Share Due to the Use of Refrigerator

In 2022, the refrigerator segment is poised to dominate the global market for Kitchen Appliances. Refrigerators are primarily used in kitchens to prevent food from spoiling, enhance shelf life, and maintain food quality, resulting in a bigger share of such a segment. Furthermore, the increasing technical advancement in the design of various types of refrigerators is expected to entice consumers to purchase the newest refrigerators. For example, LG Electronics introduced the acclaimed, high-performance door-to-door refrigerator, InstaView, specifically for the Middle East area in May 2018.

Based on Application

The residential segment Expects Dominion Owing to the Growing Demand for home cooking.

In 2022, the Residential segment will dominate the Kitchen Appliances market. The study also includes a complete breakdown and analysis of the market by application. This comprises both residential and commercial properties. The survey said that the residential sector has the biggest market share. The increased demand for domestic Kitchen Appliances is affecting market growth. These appliances are mostly used in homes to act as necessary instruments in daily culinary endeavors and to expedite cooking operations, making them more efficient and easy. Furthermore, the widespread adoption of numerous Kitchen Appliances, such as refrigerators, ovens, microwaves, blenders, and dishwashers, is a major development driver. Additionally, the growing trend of home cooking encourages individuals to seek healthier and more cost-effective dining options, resulting in investment in high-quality Kitchen Appliances to make their meals at home, accelerating market growth.

Based on Region

Asia Pacific To Dominate Global Sales Owing to Rising Consumer Consumption Habits

In 2022, the Asia Pacific region emerged as the dominant player in the Kitchen Appliances market. The Kitchen Appliances market has been expanding strongly in recent years. It is likely to grow in double digits in the coming years due to rising per capita income, rising consumer consumption habits, and a growing population across various states. Increased demand for branded items from rural areas (almost 70% of the Indian population still lives in rural areas), owing to the rural population's increased awareness of higher quality and durability, is one of the primary drivers of the Kitchen Appliances market's growth. The large Kitchen Appliances sector accounts for around 48% of the overall market. This is primarily driven by rising disposable incomes and changing lifestyles, which incite a need for sophistication in kitchens, striving to carry out the cooking experience with ease and comfort, particularly among the growing working women population. Growing online retailing is providing additional push for the market to venture into this rapidly expanding channel of distribution in order to capture maximum sales and, as a result, successfully meet customer demand.

The Kitchen Appliances industry in Europe is rapidly growing in popularity due to the substantial presence of prominent firms like Electrolux AB, LG Electronics Inc., The Samsung Group, BSH Hausgeräte GmbH, and others in the Western European region. The rising tendency of equipment replacement among the population in the Eastern European region is propelling market expansion even further. Furthermore, the high use of dishwasher items in countries such as the United Kingdom, Italy, and France results in higher income from such things in the region.

Competitive Landscape

The global Kitchen Appliances market is highly competitive, with various key players operating in the industry. Some of the major companies in the market include Samsung Electronics Co. Ltd. (South Korea), Haier Electronics Group Co. Ltd. (China), Illinois Tool Works Inc. (U.S.), and LG Electronics (South Korea). These companies are focusing on research and development activities to develop innovative and sustainable products. Additionally, strategic alliances, mergers, and acquisitions are frequent in the market as companies aim to expand their product offerings and market presence.

The key players in the global Kitchen Appliances market include - Samsung Electronics Co. Ltd. (South Korea), Haier Electronics Group Co. Ltd. (China), Illinois Tool Works Inc. (U.S.), LG Electronics (South Korea), Morphy Richards (UK), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), AB Electrolux (Sweden), Dacor Inc. (U.S.), Koninklijke Philips N.V. (Netherlands) among others.

Recent Market Developments

• In August 2022, Samsung Electronics announced the launch of a new Bespoke product lineup in Europe, demonstrating the company's continuous commitment to becoming the leading provider of sustainable, intelligent, and beautifully designed digital home appliances.
• In June 2023, With their next dishwasher priced at Rs 10,000, Elista intends to revolutionize the home appliances industry. This will be a six-plate rack desktop dishwasher for young couples, designed for working professionals, small families, young couples, and even students.
• In March 2023, Arzooo plans to produce its own goods in the smart spectrum of home appliances and electronics and has worked with contract manufacturers such as Dixon and Amber Group to build them.

Segmentation of the Global Kitchen Appliances Market