The global kitchen appliances market size was valued at over USD 170 billion in 2014. Cost effective and energy efficient products are expected to gain revenue share over the next seven years owing to increasing government focus to curb energy consumption.
Cooking gas, electricity, renewable and solar energy are primarily used to operate these appliances. Factors affecting the supply and demand of these fuels may affect the industry. Rural electrification is anticipated to boost industry growth over the forecast period.
Industry participants make a huge investment in research and development for product innovation to retain revenue share and cater to changing preference of the customer. Quality, price, energy efficiency, and technology advancement of the products affect the customers’ buying decision. The supply chain of the company plays a key role in the industry while the emergence of e-commerce portal is expected to fuel growth.
Increasing replacement demand is expected to favorably impact revenue over the forecast period. Growing preference for modular kitchen demand is also anticipated to drive the demand of standalone ovens and cook tops. Product upgrade and growing urbanization are key factors driving growth. Increasing electricity cost and government initiative to spread awareness about energy consumption is expected to fuel demand for energy efficient and eco-friendly product over the next seven years.
Rise in dual income households and fast paced modern lifestyle is anticipated to spur luxury product segment demand over the next seven years. Growing popularity of ready-to-eat food among students and single working individuals is expected to hinder industry growth over the forecast period.
The industry can be segmented based on product into refrigerators, cooking appliances, and dishwashers. Smart cooking equipment demand is expected to grow over the forecast period owing to rise in labor cost, and increasing the working class population. Refrigerator segment is expected to grow at a CAGR of around 5% and accounted for over 40% of the overall revenue share. This growth is owing to increasing need for food and beverage storage along with merchandising purposes in the commercial sector. Replacement of old with new advanced products is also expected to drive demand for these products over the next seven years.
Commercial refrigeration equipment is commonly used in grocery stores, convenience stores, cafeterias, restaurants specialty food stores, and supermarkets. Increasing disposable income, changing lifestyle, and increasing demand to replace old devices are expected to drive residential kitchen appliances industry over the forecast period.
North America kitchen appliances market is estimated to be key regional segment over the forecast period owing to improving the macro-economic condition and increasing disposable income. The region accounted for more than 30% revenue share in 2014 and is estimated to grow at a CAGR of around 4% from 2015 to 2022.
Rising residential projects and growing trend of nuclear families is expected to drive demand in the Asia Pacific region over the forecast period. Asia-Pacific, kitchen appliances market, is expected to account over 25% of the overall revenue share and is expected to grow at CAGR of around 5% from 2015 to 2022. Power infrastructure development in rural India is expected to open new growth opportunities for industry participant in the region.
Europe, kitchen appliances market, is estimated to witness substantial growth over the next seven years owing to the increasing use of green products. Additionally, consumer shift towards the use of induction cookers, microwave ovens, induction ranges, and electricity operated products is expected to facilitate trouble-free operation in low time.
Increasing disposable income is expected to drive demand MEA over the forecast period. Emerging middle-class population in Argentina and Brazil is expected to drive upper price segment over the next seven years.
Key industry participants include AB Electrolux, Dacor Inc, Haier Group Corporation, LG Electronics, Morphy Richards Limited, Panasonic Corporation, Philips Electronics, Robert Bosch GmbH, Samsung Electronics, and Whirlpool Corporation.
Samsung Electronics, LG Electronics, Haier Group and Whirlpool Corporation are key industry players. In September 2015, Electrolux announced the introduction of In-oven Cam as a prototype containing a built-in camera inside the oven to monitor food.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.