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What's Driving the Kitchen Appliances Market Share? Key Companies Electrolux, Haier, LG Electronics, Morphy Richards, Panasonic , Philips, Robert Bosch, Samsung Electronics, Whirlpool

03-20-2020 03:37 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Kitchen Appliances Market

Kitchen Appliances Market

The rising fuel prices is also building high growth opportunities for the kitchen appliances market, owing to the growing demand for induction devices. Both the residential and the commercial sectors contribute significantly towards this market growth. The increasing number of restaurants globally is boosting the commercial applications of the kitchen devices market, which is estimated to witness a CAGR of 4.6% over 2016-2023. Also, the rising demand for automation and replacement of old devices will drive the residential application market share. The kitchen appliances application in residential sector is forecast to surpass USD 150 billion by 2023.

Kitchen appliances find wide applications across commercial and residential sectors. Commercial sector, which contributed over 35% to the overall kitchen appliances market share in 2015, is expected to grow considerably over the period of 2016-2023. Booming food line business along with rise in the number of fast-food restaurants across the globe are expected to be the key growth drivers. Residential sector is yet another growing application area, projected to create numerous growth opportunities for kitchen appliances industry over the coming timeframe.

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Considering the product trends in the kitchen appliances market, refrigerator market share is forecast to observe significant gains of 4.7% over the coming six years. Ability to reduce electricity bill costs along with eco-friendly and energy conserving features of refrigerators are the key growth drivers. Dishwater industry size is projected to grow at a CAGR of 3.4% over the period of 2016-2023, driven by rising labor charges. Cooking appliances market value estimated at USD 55 billion in 2015, is forecast to witness a high surge over the coming timeframe, driven by enhanced production of environment-friendly and energy efficient cooking appliances.

The improvement in the economy is also boosting the global kitchen appliances market size. The Asia Pacific market is estimated to cross USD 75 billion by 2023, owing to the rise in disposable income and growing population base across this region. India & China are likely to lead the APAC market.

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Companies will try to increase their ROI through product innovation and manufacture of high quality as well as cost-effective products. Key industry participants include LG Electronics, Whirlpool Corporation, Haier, Samsung Electronics, Robert Bosch GmbH, Panasonic Corporation, Philips, and Electrolux.

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