Kitchen Appliance Market Expected to Reach $ 377.70 Billion by 2027 – The Manomet Current
According to a new report released by Allied Market Research titled “Kitchen Appliances Market By Product Type, User Application, Fuel Type, Product Structure and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026 â, the market size for Kitchen Appliances was estimated at 237.30 billion dollars in 2019 and is expected to reach 377.70 billion dollars by 2027, registering a CAGR of 6.0% from 2020 to 2027.
In the recent past, the kitchen appliance industry has seen some influential trends, which have managed to grab the attention of the target customer. The improvised aesthetic trend is one such influencing factor that is helping to drive the demand for kitchen appliances. Black turns out to be the preferred color of customers, even when it comes to purchasing any type of kitchen appliance. Considering this perspective, some of the major manufacturers in the global kitchen appliances market have adopted several key product strategies. For example, Whirlpool Corporation, one of the major players in the global kitchen appliances market, has developed a strategy to offer the majority of its appliances in black stainless steel with a rich matte appearance, which makes it attractive and appealing to its customers. clients.
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Global home appliances were valued at US $ 501.3 billion in 2017 and are expected to register a CAGR of 5.4% during the forecast period. The continuous evolution and improvisation of product offerings facilitated by manufacturers has been a major reason for the overall growth of the kitchen appliances market in terms of sales value. The kitchen appliances sector is considered to be one of the major sectors which plays an important role in the growth of the global home appliances market. Refrigerator, cooking appliance, dishwasher are some of the main types of kitchen appliances.
The increase in the working class population coupled with the increase in fast food consumption has led to growing health problems among customers. Over the past two years, there has been an awareness of the health benefits associated with consuming home-cooked foods among target customers. Therefore, the majority of health-conscious customers prefer home-cooked foods that contain less fat or oil. This has sparked a demand for different types of kitchen appliances that help cook food according to customers’ preferences. The Philip Air Fryer is one of those devices that cooks fried foods with 80% less fat. Hence, health-conscious consumers are opting for such appliances even though they are expensive, thus promoting the growth of the kitchen appliances market.
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Wearable or connected products have gained popularity among target customers over the past two years. Product features and specifications that facilitate flexibility and convenience help drive demand for connected products among target customers. In view of this perception of customers, some of the major players in the global kitchen appliance market have developed smart kitchen appliances in the global market. In 2020, Samsung Electronics launched a new line of smart refrigerators under the Family Hub refrigerator brand that provides smart features to facilitate automated meal planning and other daily tasks and deliver a more personalized experience.
Main conclusions of the stud
- In 2019, based on product type, the refrigerator segment accounted for approximately higher kitchen appliances market share, with a CAGR of 5.60% from 2020 to 2027.
- In 2019, based on user applications, the household segment accounted for a larger share of the kitchen appliances market.
- In 2019, based on region, North America accounted for a significant kitchen appliance market share.
Major companies featured in the kitchen appliance industry include Electrolux, Whirlpool, Samsung, Philips, Morphy Richard, Dacor, General Electric (GE), Life is Good (LG), Haier, Panasonic and others.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advisory services to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 verticals, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Electricity, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is extracted through primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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