Global Kitchen Appliances Market to hit USD 250 billion by 2023

1
Kitchen Appliances Market to surpass USD 250
billion by 2023 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
2
Key Insights from Kitchen Appliances Market

• Kitchen Appliances Market size is set to exceed
  USD 250 billion by 2023 according to a new
  research report by Global Market Insights, Inc.
• Growing urbanization and changing consumer
  preference will drive the kitchen appliances
  market size from 2016 to 2023. Growing food
  service industry will increase the domestic
  appliance demand in developing countries.
  Technological advancements in building more
  energy efficient electronic products will reduce
  the overall operating cost and produce
  eco-friendly products.
• Dishwasher market share accounted for about 15
  of the kitchen appliances market revenue in 2015
  and will grow with 3.4 CAGR from 2016 to 2023.
  Rising nuclear families along with evolving
  consumer lifestyles will support the demand over
  the forecast timeframe.

3
Continued...

• Major manufacturers are focusing on solar power
  as an alternative for electricity to reduce the
  operating cost and increase the efficiency.
  Advanced cooking technologies in mature economies
  over traditional methods of cooking, cleaning and
  conserving food will fuel the kitchen appliances
  market share over the forecast timeline. Rising
  awareness among customers regarding modern
  kitchen appliances will further strengthen
  industry demand.
• Change in consumer lifestyle with increasing
  popularity of fast food options will drive demand
  for more portable products. Initial high costs of
  technologically advanced products will pose a
  challenge for both suppliers and manufacturers.
  The industry growth is dependent on supply chain
  of manufacturers as competitive prices have
  resulted in lower consumer loyalty towards a
  brand.
• Thus, manufacturers are also investing in
  increasing their product portfolios to target
  consumers in each segment. Longer replacement
  cycles due to high costs will hinder the industry
  growth. Thus, the manufacturers are focusing on
  providing high-quality products at reduced
  process.

4
MEA kitchen appliances market size, by product,
2012-2023 (USD Billion)

5

Browse Full Market Research Report of Kitchen
Appliances Market _at_ http//goo.gl/mtzemE Reque
st for a Sample of this Research report
_at_ https//www.gminsights.com/request-sample/detail
/411
6
Continued...

• Rising e-commerce scope in tier 1 and tier 2
  cities will improve connectivity, consumer
  convenience and energy saving attributes
  possessing high growth opportunities for kitchen
  appliances market share over the forecast
  timeline. Rural electrification projects will
  provide stable growth prospects. Increased
  user-friendly portfolio of appliances such as
  advanced pressure cookers, toasters, blenders,
  mixers, microwaves, and portable coffee makers
  will strengthen the cooking appliances market
  demand from 2016 to 2023.
• Commercial applications were valued at over USD
  65 billion in 2015 and possess high growth
  prospects over the residential segment. The
  growing demand across commercial areas such as
  hospitality will contribute to industry revenue
  in the coming years. Europe kitchen appliances
  market share will grow at 4.5 CAGR from 2016 to
  2023. Increased consumer awareness towards energy
  efficient products along with government mandates
  towards reducing energy consumption has resulted
  in phasing out of old products.
• Key companies include Samsung Electronics, Haier,
  LG Electronics, and Whirlpool Corporation. Other
  notable industry participants are Philips
  Electronics, Panasonic Corporation, Robert Bosch
  GmbH and Morphy Richards Limited. The kitchen
  appliances market share is highly fragmented.
  Companies are focused on narrowing their prices
  owing to high threat of new entrants. Increased
  competition along with slow adoption has pushed
  competitors into price wars.

7
360 Analysis

• Application Analysis
• Household kitchen appliances market share is
  anticipated to grow at 4.3 CAGR over the
  forecast timeframe, with revenue in 2023 forecast
  to cross USD 150 billion. This can be attributed
  to the changing lifestyle in urban areas, and the
  considerable volume of already installed units.
  Refrigerators and cooking appliances are among
  the most essential components in domestic use,
  thus, is expected to grow at a steady rate over
  the coming years.
• Regional Analysis
• North America contributed the largest share in
  2015, owing to high penetration in the U.S.
  kitchen appliances market size. Industry has
  witnessed a significant paradigm shift over the
  increased adoption of cooking electronics. This
  is likely to present favorable growth landscape
  during the forecast timeline. Asia Pacific
  kitchen appliances market size is expected to
  register 5.1 CAGR from 2016 to 2024. The growth
  can be based on the increasing disposable income
  of the households and potential growth prospects.
• Competitive Market Share
• Key players in the kitchen appliances market
  include LG Electronics, Samsung Electronics,
  Whirlpool Corporation, and Haier. Other notable
  industry participants include Panasonic,
  Electrolux, Robert Bosch, Philips, etc.

8
Stay In Touch Website www.gminsights.com Soci
al Media