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Global Kitchen Appliances Market Study Analysis: High Investment in Technological advancement will Boost The Market Growth
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Global Kitchen Appliances Market Drivers And Restrain:
The major factors that have impacted the growth of the kitchen appliances market are rapid urbanization which is improving standards of living and technological advancements for innovative and effective kitchen appliances, among others.
Rapid Urbanization:
The rapidly increasing urban population and spending have backed the demand for kitchen appliances. The urban population is adopting modular kitchens which demand innovative and attractive kitchen appliances. The increasing number of women in the urban workforce and increasing dual income are also key factors for surging demand for kitchen appliances. The changing eating habits and adoption of new appliances for easy and convenient cooking in the urban population backed by the urban culture are estimated to enhance the kitchen appliances market growth.
Technological advancements:
The manufacturers of kitchen appliances are continuously working on research and development activities to develop more advanced and innovative kitchen appliances. The customers' requirements including energy efficiency, cost, lesser maintenance cost, and quality of product are the major reasons that are driving the technological advancement in kitchen appliances. Moreover, the increasing competition among key market players is encouraging the manufacturers to come up with innovative products to gain a competitive advantage. The companies are working towards implementing the internet of things and artificial intelligence in kitchen appliances for improving the efficiency of kitchen appliances and also easing the handling of equipment for the consumer. The governments across the globe are focusing on restricting energy consumption through new reforms and consumer awareness campaigns will surge the demand for energy-efficient technology-based kitchen appliances which in turn is anticipated to drive the kitchen appliances market growth.
The market is hampered by high energy consumption.
Impact Of COVID-19 on the Kitchen Appliances Market:
• Impact on Market Size
• End-User Trend, Preferences, and Budget Impact
• Regulatory Framework/Government Policies
• Key Players Strategy to Tackle Negative Impact
• Opportunity Window
Global Kitchen Appliances Market Segments:
The global Kitchen Appliances market is further segmented into product type, fuel type, structure, distribution channel, application, and geography.
By Product Type: Refrigerators, Microwave Owens, Induction Stoves, Dishwasher, Water Purifiers, and Others
By Fuel Type: Electric, Cooking Gas, and Others
By Structure: Built-In and Free Stand
By Distribution Channel: Multi-Branded Stores, Exclusive Stores, Online Stores, and Others
By Application: Commercial and Household
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
• Rest of the World (the Middle East & Africa and South America)
North America is estimated to dominate the kitchen appliances market owing to the surge in demand for innovative and smart kitchen appliances due to the rise in the trend of modular kitchens in urban households, increase in working-class population and rising purchasing will demand efficient kitchen appliances. The Asia Pacific is anticipated to witness significant growth kitchen appliances market. The increased income level, improving lifestyle standards, and rising middle-class population in this region will surge the demand for kitchen appliances. Europe is expected to be propelled kitchen appliances market owing to the increasing demand for energy-efficient products.
Key Players of Global Kitchen Appliances Market:
• Dacor Inc
• Electrolux
• LG Electronics
• Haier Group Corporation
• Panasonic Corporation
• Philips Electronics
• Morphy Richards Limited
• Samsung Electronics
• Robert Bosch GmbH
• Whirlpool Corporation
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Key Questioned Answered Through The Report:
• The Impact of COVID-19 on the global market
• What are the potential opportunities for new entrants in the global market
• What is the market Size and Forecast from 2020 to 2028?
• Key Players associated with the global Kitchen Appliances Market
• Value Chain Analysis of Global Kitchen Appliances Market
• What is the CAGR of the global Kitchen Appliances Market from 2021 to 2028
• Major Growth Factor, Challenges, Trends, and Opportunities in the global market
• Key outcomes of SWOT Analysis
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Evolve Business Intelligence is market research, business intelligence, and advising service that offers creative solutions to a company's problems. Data beneficial to micro, small, medium, and large-scale businesses can be found in our market research studies. We offer a wide range of services, from data collection to business consulting.
Evolve Business Intelligence is built on account of technology advancement and our in-house AI-modelled data analysis and forecast tool – EvolveBI – provides extremely accurate data. This application tracks real-time statistics from Fortune's Global 2000 firms, including quarterly performance, annual performance, and recent changes.
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