The global kitchen appliances market size is expected to gainmomentum by reaching USD 210.80 billion while exhibiting a CAGR of 3.7% between2020 and 2027. This is attributable to the increasing adoption of smart andenergy-efficient kitchen appliances across the globe. Fortune BusinessInsights, in its latest report, titled, “Kitchen Appliances MarketSize, Share & COVID-19 Impact Analysis, By Product Type (Refrigerator,Cooking Appliances, Dishwashers, and others), Application (Residential andCommercial), Distribution Channel (Online and Offline), and Region Forecast,2020-2027.”, mentions that the market stood at USD 159.29 billion in2019 and is likely to showcase considerable growth during the forecast period.
Reduced Consumer Spending amidCOVID-19 to Lead to Sluggish Growth
The novel coronavirus has led to theunprecedented economic loss suffered by several industries globally. Inaddition to this, several people have lost their jobs owing to suspended orcompletely stopped businesses. This has led to a significant reduction inconsumer spending ahead of the uncertain times leading to the market goingthrough a sluggish growth in the near future.
COMPETITIVE LANDSCAPE
Major Companies Focus on AcquiringOther Enterprises to Brighten Their Market Prospects
The global kitchen appliances marketis fragmented by the presence of major companies that are focusing on acquiringother companies to expand their kitchen appliances product and further boosttheir sales revenue. Furthermore, the adoption of strategies such as theintroduction of new products, partnership, and collaboration by other keyplayers to gain a major chunk of the share is expected to bode well for themarket growth in the forthcoming years.
Kitchen appliances are equipmentextensively adopted in households for daily cooking needs. These appliances aidin effectively reducing time and efforts that are required during cookingactivities. Owing to their compactness and functionality, these appliances arein great demand across the globe.
What does the Report Include?
The market report includesqualitative and quantitative analysis of several factors such as the keydrivers and restraints that will impact growth. Additionally, the reportprovides insights into the regional analysis that covers different regions, whichare contributing to the growth of the market. It includes the competitivelandscape that involves the leading companies and the adoption of strategies bythem to announce partnerships, introduce new products, and collaboration thatwill further contribute to the growth of the market between 2020 and 2027.Moreover, the research analyst has adopted several research methodologies suchas SWOT and PESTEL analysis to extract information about the current trends andindustry developments that will drive the market growth during the forecastperiod.
DRIVING FACTORS
Increasing Demand for Smart KitchenAppliances to Augment Growth
The availability of high disposableincome and the hectic lifestyle of working professionals is driving the salesof smart kitchen products that aid in effective reduction of time and efforts.In addition to this, the surging electricity bills and the growing demand forsustainable consumer products are propelling the manufacturers to developenergy-efficient kitchen appliances globally. These factors are likely to favorthe global kitchen appliances market growth in the forthcoming years.
SEGMENTATION:
Refrigerator Segment Held 37.56%Market Share in 2019
The refrigerator segment, based onproduct type, held a market share of about 37.56% in 2019 and is projected toshowcase exponential growth owing to the increasing demand for innovativerefrigerators that aid in increasing the shelf life of food products.
REGIONAL INSIGHTS
Asia-Pacific to Remain at Forefront;Presence of Large Number of Middle-Class Families to Augment Growth
Among all the regions, Asia-Pacificis expected to remain dominant and hold the highest position in the globalkitchen appliances market in the forthcoming years. This dominance isattributable to the large presence of middle-class families that propel thesales of kitchen appliances for household purposes in the region.
The market in Europe is anticipatedto experience significant growth in the forthcoming years. This is ascribableto factors such as the growing demand for innovative dishwashers in countriessuch as the U.K., France, and Italy in the region between 2020 and 2027.
Browse Detailed Summary of ResearchReport with TOC:
https://www.fortunebusinessinsights.com/kitchen-appliances-market-104504
