Press release
Kitchen Appliances Market share to surpass USD 250 billion by 2023
Global Market Insights, Inc.
Growing urbanization and changing consumer preference will drive the kitchen appliances market size from 2016 to 2023. Growing food service industry will increase the domestic appliance demand in developing countries. Technological advancements in building more energy efficient electronic products will reduce the overall operating cost and produce eco-friendly products.
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Dishwasher market share accounted for about 15% of the kitchen appliances market revenue in 2015 and will grow with 3.4% CAGR from 2016 to 2023. Rising nuclear families along with evolving consumer lifestyles will support the demand over the forecast timeframe.
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.
Browse key industry insights spread across 75 Pages with 29 market data tables & 27 figures from the report, “Kitchen Appliances Market” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/kitchen-appliances-market
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.
Rising e-commerce scope in tier 1 and tier 2 cities will improve connectivity, consumer convenience and energy saving attributes possessing high growth opportunities for kitchen appliances market share over the forecast timeline. Rural electrification projects will provide stable growth prospects.
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.
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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.
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.
The kitchen appliances market share is highly fragmented. Companies are focused on narrowing their prices owing to high threat of new entrants. Increased competition along with slow adoption has pushed competitors into price wars.
Browse Related Reports:
Electric Household Appliances Market Size, Industry Analysis Report, Regional Outlook, Application Development, Price Trend, Competitive Market Share & Forecast, 2016 – 2023
https://www.gminsights.com/industry-analysis/electric-household-appliances-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Market Insights, Inc.
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