Title: Kitchen Appliances Market size forecast to exceed USD 250 billion by 2023
1Kitchen Appliances Market size to exceed 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
- Refrigerator market size is forecast to be valued
at over USD 109 billion by 2023 and is projected
to grow at 4.7 CAGR from 2016 to 2023. This can
be primarily attributed to eco-friendliness as
well as energy efficiency, which helps replace
the existing conventional products with
capabilities for savings on utility bills. - Dishwasher market is projected to grow at 3.4
CAGR over the forecast timeframe. It is expected
to gain substantial share owing to rise in labor
cost. - Gas appliances are energy efficient and take less
time for food preparation. Coffee makers, mixers,
grinders, and food processors are commonly used
electric kitchen appliances. Need to ensure
awareness has led to governments and individuals
installing solar energy equipped devices in
schools and hospitals.
3Continued...
- Commercial sector accounted for over 35 of the
global revenue in 2015, and is set to exhibit
growth owing to escalating demand of fast-food
restaurants. - Asia Pacific, with consumption dominated by China
and India kitchen appliances market size, is
estimated to be valued at USD over 75 billion by
2023. This can be attributed to rising middle
class population and disposable income in the
region. - Key players are focusing on strengthening their
product portfolio by new product development in
order to gain competitive advantage. Prominent
companies dominating kitchen appliances market
share include LG Corp., Whirlpool Corp., Haier
Group, and Samsung electronics.
4Europe kitchen appliances market size, by
application, 2012 - 2023 (USD Billion)
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6 360 Analysis
- Application Analysis
- Residential kitchen appliances market size is set
to surpass USD 150 billion by 2023. Since
products such as refrigerators and cook tops are
indispensable in households, the segment is
projected to exhibit steady growth through the
forecast timeframe. Considerable installed base,
need for replacing dated equipment, and high
demand for automation are among major growth
drivers. - Regional Analysis
- U.S. kitchen appliances market was the largest
regional industry in 2015. Europe is expected to
be one of the key industries, owing to the
increasing use of products which are environment
friendly and ergonomic. Furthermore, consumers
are shifting more towards the use of appliances
such as microwave ovens, induction cookers,
induction ranges, and electricity operated
appliances. - Competitive Market Share
- LG Electronics, Haier, Samsung Electronics, and
Whirlpool Corporation accounted for significant
global kitchen appliances market share in 2015.
Other companies include Electrolux, Panasonic,
Philips, Robert Bosch, etc. - Low threat of product substitution and high entry
barriers have resulted in moderate degree of
competition. Companies continuously strive for
equipment upgrades to cater to changing consumer
preferences.
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