Press release
Domestic Kitchen Appliances Market to Witness Comprehensive Growth by 2020
The rapid changes in lifestyle led to rise in demand of kitchen appliance which makes life more comfortable and easier. Domestic kitchen appliance makes cooking healthier and helps in food storage safer. Interest in more advanced cooking is rising mainly in mature economies. More and more people want to emulate professionals and looking for modern kitchen appliances. This trend also helps in growth of global kitchen appliance market. Among various domestic kitchen appliances, cooking appliances account more than 35% market share and remaining market share is divided between refrigerators, juice extractors, food grinders, mixers, electric coffee and tea makers and others kitchen appliances.
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Demand of domestic kitchen appliances is seen more in urban market especially in high-tier cities. Growing investment over research and development on various domestic kitchen appliances and introduction of innovative technology further helps in the growth of domestic kitchen appliances market. Rising of food service industry in developing country leads to rise in demands of domestic kitchen appliance. Growing urbanization and product up gradation are also some of the key factor for growth of global domestic kitchen appliances market.
Many global brands such as Philips, Inalsa, Black and Decker, Morphy Richards, Siemens and Bosch offers customize products in the market with emphasis on latest technology, quality, innovation and value combined with better after-sales services. According to a research report, the demand of branded kitchen appliance is expanding at a significant pace in the market and it is expected to retain the momentum in coming years. Increasing consumer awareness regarding towards innovative and quality kitchen product further helps in the growth of global kitchen appliances market.
Asia pacific is one of the prominent markets for growth of domestic kitchen appliances. Greater purchasing power of individual leads more investment over various domestic kitchen appliances. Asia Pacific is expected to witness fastest growth rates in domestic kitchen appliances market during forecasted period 2014- 2020. According to a research report domestic kitchen appliances market in reached around Rs 700 crore in India in Asia Pacific region in 2014. In North America, the U.S holds the largest market share in domestic kitchen appliances. The global domestic kitchen appliances market is expected to grow in a single digit growth rate during forecasted period 2014- 2020.
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Some of the major companies operating in global domestic kitchen appliances market are Koninklijke Philips N.V, Inalsa, Black and Decker, Morphy Richards, Faber, Siemens, Bosch, Bajaj, Maharaja, Miele, Kitchen Aid, Electrolux, Maytag, Samsung, Thermador, Frigidaire, Jenn-Air, Whirlpoo, TTK Prestig, Maharaja and Jarden
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