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Modular Kitchen Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Nobilia GB Ltd., Hafele GmbH & Co KG, Hettich Group, IFB Industries Ltd., Häcker Küchen GmbH & Co. KG
Modular Kitchen Market Size
The Business Research Company offers in-depth market insights through Modular Kitchen Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The modular kitchen market size has grown steadily in recent years. It will grow from $22.82 billion in 2023 to $23.63 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to changing lifestyles, urbanization, customization, ease of installation, environmental awareness.
The modular kitchen market size is expected to see steady growth in the next few years. It will grow to $28.31 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to health and hygiene, multifunctionality, modular furniture, kitchen as a social space, consumer convenience. Major trends in the forecast period include smart kitchen appliances, digital visualization, remote monitoring, customization software, innovative materials.
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Market Segmentation:
The main types of modular kitchens are floor cabinets, wall cabinets, and tall storage. Floor cabinet refers to base cabinet that generally sits on the floor and which usually gives support to the countertops. and is used for good storage, aesthetics, and for many functionalities. The various designs of a modular kitchen are L-shape, U-shape, parallel, straight, and island. Modular kitchens are made from different types of raw materials, including lacquered wood, wood sheets and melamine, metals, high-pressure laminates, and others (glass, acrylic, etc.). Modular kitchen products are sold through online and offline distribution channels.
Major Driver - Modular Kitchen Market Booms As Residential Construction Industry Expands Rapidly
The rapid growth in the residential construction industry is significantly contributing to the growth of the modular kitchen market. The growing number of real estate projects and the increase in demand for space-saving homes are helping the modular kitchen market grow. For instance, the US construction industry is estimated to grow by 8.7% between 2020-2025. Also, according to the US Census Bureau and the US Department of Housing and Urban Development, in December 2021, there were 1,873,000 building permits granted while the number of housing completions stood at 1,295,000. Therefore, the rapid growth in the residential construction industry is driving the growth of the modular kitchen market.
Competitive Landscape:
Major companies operating in the modular kitchen market include Nobilia GB Ltd., Hafele GmbH & Co KG, Hettich Group, IFB Industries Ltd., Häcker Küchen GmbH & Co. KG, Lineadecor USA LLC, Snaidero Rino S.p.a, Bulthaup UK Ltd., Boston Cabinets Inc., Pedini SPA, SieMatic USA, Spacewood Pvt. Ltd., V3 Engineers Pvt. Ltd., Timbor Home Ltd., Godrej and Boyce Mfg, Lispo Total Kitchen Solution, Meine Kuche India Pvt. Ltd., OPPEIN Home Group Inc., IKEA Systems B.V., KraftMaid Services India Private Limited, MasterBrand Cabinets Inc., Cliqstudios Cabinets Technologies Private Limited, Arclinea SPA, Merillat Industries LLC, Wood-Mode LLC., Regalo Kitchens Private Limited, Sleek World International Ltd., Häfele India Pvt. Ltd., Urban Ladder, Livspace Pte Ltd., Nobia AB, Scavolini SPA, Poggenpohl Manufacturing GmbH, Boffi SPA
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Top Trend - Modular Kitchen Industry Embraces Technological Advancements And Automation To Enhance Customer Experience And Efficiency
Technological advancement and automation is the key trend being followed by the companies operating in the modular kitchen industry. For instance, in May 2021, RTA Outdoor Living introduced a new modular outdoor kitchen system (MOKS) that allows customers to choose designs and place ready assembled outdoor kitchen. The other concepts that are being incorporated are the introduction of technology and automation for the worktop, chimney, and other key areas such as eco-friendliness (anti-bacterial kitchens) as a key focus area of the modular kitchen.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Modular Kitchen Market Characteristics
3. Modular Kitchen Market Trends And Strategies
4. Modular Kitchen Market - Macro Economic Scenario
5. Modular Kitchen Market Size And Growth
…..
27. Modular Kitchen Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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