16 Aug 2021
Global Kitchen Appliances Market Opportunity Analysis and Industry Forecast, 2021-2027
POTLAND, 5933 NE WIN SIVERS DRIVE, # 205, OR 97220, UNITED STATE, Aug 16, 2021 /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 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 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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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.
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 industry is considered to be one of the major industries which plays a significant 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 such appliance that prepares fried foods with 80% less fat. Hence, health-conscious consumers opt 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 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, which offers smart features that make automated meal planning and other daily tasks easier and provide 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 users’ application, 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.
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