Kitchen Appliances Market Size 2022 Demand, Size, Growth Research Report by 2023

Kitchen Appliances Market size is set to exceed USD 250 billion by 2023; according to a new research report by Global Market Insights, Inc. Kitchen appliances industry having registered its name as the multibillion dollar business is set to record new heights in the coming six years. With the emergence of digitization, the concept of ‘smart’ has been realized at all levels, from smart industries to smart home. Kitchen being an integral part of the home has also been significantly influenced by the trend of IoT. Like any other emerging markets, technology has embarked its strong presence in kitchen appliances market as well. Prominent industry players are focusing heavily on introducing energy efficient electronic kitchen appliances, which is expected to further strengthen the industry demand. As per a report by Global Market Insights, Inc., “kitchen appliances market is slated to record a phenomenal revenue of USD 250 billion by the end of 2023.
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Growing fuel price trends are opening up new opportunities for the market as it has led to an increasing adoption of induction cookware. Both commercial and residential domains contribute toward the global revenue. Residential application is likely to cover a major portion of kitchen appliances market by 2023, with a target revenue to exceed USD 150 billion. Growing urbanization that has resulted in a change in consumer preference toward automated appliances is driving the market share from residential sector. Growing number of restaurants globally will drive kitchen appliances market from commercial application which accrued an overall share of USD 65 billion in 2015.
Refrigerators dominated the product landscape, accounting for 40% of the overall demand. Subject to the growing environmental concerns and need to ensure optimum energy utilization, kitchen appliances market from refrigerators is forecast to register a CAGR of 4.7% over the coming six years. Cooking appliances being another vital part of the market will also be responsible for a significant contribution toward the global revenue over the forecast span.
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Geographically, North America had the maximum kitchen appliances market coverage in 2015, with U.S. at the growth front. Increasing adoption of cooking electronics in the United states is the prime factor driving the regional market. In addition, the development of macroeconomic conditions is proving a strong ground for APAC kitchen appliances market expansion. Escalating population curve in India and China coupled with a notable rise in the disposable incomes have complemented the business landscape.
Prominent participants of kitchen appliances market are expanding their consumer reach by honing their distributive channels through retail stores and third-party logistics. On this note, it is apprehensive to say that e-commerce is also rising as a significant distribution channel owing to the competitive pricing of the products on this platform. Some of the leading companies associated in the industry involve Samsung Electronics, LG Electronics, Haier, Philips Electronics, Whirlpool Corporation, and Panasonic Corporation. Though kitchen appliances market is still at an emerging stage as far as IoT integration is concerned, it is no more a supposition that the market is on its way of witnessing robust developments in near future.
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