Kitchen appliances market is expected to reach $377.70 billion by 2027
Global household appliances were valued at US$501.3 billion in 2017 and are expected to register a CAGR of 5.4% during the forecast period
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220U, USA, April 1, 2022 /EINPresswire.com/ — 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”, the Kitchen Appliances market size was valued at 237.30 billion in 2019 and is expected to reach $377.70 billion by 2027, registering a CAGR of 6.0% from 2020 to 2027.
In the recent past, the kitchen appliance industry has had some influential trends, which successfully grabbed the attention of the target customer. The improvised aesthetic trend is one such influential factor that helps drive the demand for kitchen appliance products. Black is proving to be the favorite color of customers even when it comes to buying any type of kitchen appliance. Considering this view, some of the leading 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 appliance 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 alluring to its customers. clients.
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Global Home Appliances was valued at US$501.3 billion in 2017 and is expected to register a CAGR of 5.4% during the forecast period. The continuous evolution and improvisation of the product offerings facilitated by the manufacturers has been one of the major reasons for the overall growth of the kitchen appliances market in terms of sales value. The kitchen appliances sector is considered as one of the major sectors that 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 concerns among patrons. Over the past two years, there has been an increase in 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 triggered a demand for different types of kitchen appliances that help cook food according to customer preferences. Philip’s air fryer is one of those appliances that prepares fried food, 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 products or connected products have gained popularity among target customers in the past couple of years. Product features and specifications that facilitate flexibility and convenience help drive the demand for connected products among target customers. Considering this customer perception, some of the major players in the global kitchen appliances market have come up with 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 provide a more personalized experience.
Main results of the study
In 2019, based on product type, refrigerator segment accounted for approximately higher kitchen appliance market share, growing at a CAGR of 5.60% from 2020 to 2027.
In 2019, based on user applications, the household segment accounted for a higher share of the kitchen appliances market.
In 2019, depending on the region, North America accounted for a major market share of kitchen appliances.
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.