Kitchen Appliances Market Scope Analysis with Major Players Samsung Electronics, Haier, LG Electronics, Whirlpool Corporation, Philips Electronics, Panasonic Corporation, Robert Bosch GmbH and Morphy Richards Limited.

Emergence of smart technologies such as IoT (Internet of Things) and effective distribution channel functioning will boost kitchen appliances market growth in the near future. Growing use of eco-friendly kitchen appliances and rise in spending capacity of the consumers is expected to influence the industry trends over the coming six years. Rising popularity of smart grid connected dishwashers and refrigerators has significantly reduced the power consumption, thereby supporting the industry growth. Escalating need for new technologies due to rise in fuel costs is expected to drive kitchen appliances market size over the coming timeframe. As per Global Market Insights, Inc., research study “Kitchen appliances industry size is expected to hit USD 250 billion by 2023.”

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Major manufacturers are focusing on solar power as an alternative for electricity to reduce the operating cost and increase the efficiency. Advanced cooking technologies in mature economies over traditional methods of cooking, cleaning and conserving food will fuel the kitchen appliances market share over the forecast timeline. Rising awareness among customers regarding modern kitchen appliances will further strengthen industry demand.

Change in consumer lifestyle with increasing popularity of fast food options will drive demand for more portable products. Initial high costs of technologically advanced products will pose a challenge for both suppliers and manufacturers. The industry growth is dependent on supply chain of manufacturers as competitive prices have resulted in lower consumer loyalty towards a brand. Thus, manufacturers are also investing in increasing their product portfolios to target consumers in each segment. Longer replacement cycles due to high costs will hinder the industry growth. Thus, the manufacturers are focusing on providing high-quality products at reduced process.

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Increased user-friendly portfolio of appliances such as advanced pressure cookers, toasters, blenders, mixers, microwaves, and portable coffee makers will strengthen the cooking appliances market demand from 2016 to 2023.

Commercial applications were valued at over USD 65 billion in 2015 and possess high growth prospects over the residential segment. The growing demand across commercial areas such as hospitality will contribute to industry revenue in the coming years.

Europe kitchen appliances market share will grow at 4.5% CAGR from 2016 to 2023. Increased consumer awareness towards energy efficient products along with government mandates towards reducing energy consumption has resulted in phasing out of old products.

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Key companies include Samsung Electronics, Haier, LG Electronics, and Whirlpool Corporation. Other notable industry participants are Philips Electronics, Panasonic Corporation, Robert Bosch GmbH and Morphy Richards Limited.

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