(MENAFN- GlobeNewsWire - Nasdaq) New York, Jan. 15, 2023 (GLOBE NEWSWIRE) -- As per the research report kitchen appliances market published by reports insights , the market was valued at USD 186.2 Billion in 2022 and is projected to reach over USD 281.4 Billion by the year 2030, registering a CAGR growth of 5.3%.
Kitchen Appliances Market Size, Share & Trends Analysis, By Product Type (Refrigerators and Freezers, Microwave Ovens, Dishwashers, Water Purifiers, Food Processors, Mixers and Grinders, Grills and Roasters, Others), By Structure (Built-In and Free Stand), By Fuel Type (Cooking Gas, Electric, and Others), By Distribution Channel (Multi-brand Stores, Online, Exclusive Stores, and Others), By End Use (Residential, and Commercial), By Region and Segment, Forecast Period 2022 - 2030, Asia Pacific is estimated to contribute the largest share due to several factors. The large presence of market players to meet the needs of the middle-income population is the primary reason that facilitates market growth in this region. Additionally, the population of countries such as Japan, Thailand, Korea, and India has a high demand for product innovations at low costs.
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Kitchen appliances are electric appliances that fall under the category of home appliances. The appliances such as vegetable cutters, burners, and refrigerators assist consumers with respective kitchen functions such as food preparation, cooking, and storing. Furthermore, kitchen appliances comprise a wide range of products such as microwave ovens, griddles, kettles, food mixers, fryers, juicers, dishwashers, and others.
These kitchen appliances help consumers save time and effort in conducting recurring tasks of cutting, baking, preserving, and cooking. Thus, the market players have focused on introducing product innovations in terms of kitchen appliances. The set of features such as effective space allocation by under-counter kitchen appliances, customizable refrigerator shelving, and energy-efficient dishwashers are great assisting features that attract a wide customer base. Additionally, in developed countries like UK, US, and Germany, the high disposable income among the population and growing standards of living have resulted in the adoption of innovative kitchen appliances for providing an aesthetic look to overall kitchen space.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 281.4 Billion |
| Forecast Period | 2022-2030 |
| CAGR (2022-2030) | 5.3% |
| Base Year | 2021 |
| Study Timeline | 2016-2030 |
| Key Players | The Samsung Group, LG Electronics Inc., Panasonic Corporation, Koninklijke Philips N.V., Morphy Richards, Haier Electronics Group Co., Ltd., Robert Bosch GmbH, Electrolux AB, BSH Hausgeräte GmbH, The Whirlpool Corporation, Miele, General Electric Company, Haier Group Corporation, Beko, Dacor Inc. |
| By Product Type | Refrigerators and Freezers, Microwave Ovens, Dishwashers, Water Purifiers, Food Processors, Mixers and Grinders, Grills and Roasters, Others |
| By Structure | Built-In and Free Stand |
| By Fuel Type | Cooking Gas, Electric, and Others |
| By Distribution Channel | Multi-brand Stores, Online, Exclusive Stores, and Others |
| By End Use | Residential, and Commercial |
| Report Coverage | Total Revenue Forecast, Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Business Strategies, and more. |
| By Geography | Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru] |
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Key Market Highlights
The global kitchen appliances market size is anticipated to surpass USD 281.4 billion by 2030 and grow at a CAGR of 5.3% during the forecast period (2022-2030). Globally, kitchen appliances are separated based on product type: refrigerators and freezers, food processors, dishwashers, mixers and grinders, microwave ovens, grills and roasters, water purifiers, and others. In the context of structure, the market is divided into built-in and free-stand appliances. The market is also categorized as per fuel type: cooking gas, electric, and others. Based on the distribution channel, the market share is segmented into four groups: multi-brand stores, exclusive stores, online, and others. Further, the end-use segment comprises two aspects: residential, and commercial. The market is geographically segregated into five regions: Europe, North America, the Asia-Pacific, South America, and the Middle East and Africa. Asia-Pacific and Europe are projected to support the industry growth during the forecast period in terms of growing consumer preference for saving time and convenience of kitchen chores.
Kitchen Appliances Market Segmentation Details:
Based on product type, the refrigerators and freezers segment is anticipated to contribute the largest share to the kitchen appliances market statistics. Refrigerators are widely used for cold storage purposes to prevent the perishables such as fruits and vegetables, packaged food products, and meat from bacterial growth. However, consumers also use such appliances to integrate the technology advancements like smart refrigerators and improve the overall aesthetics of kitchen space.
Based on the structure, the free-stand segment is projected to witness an increase due to surged consumer demand. Such free-stand kitchen appliances are designed to meet the consumer preference for easy installation, flexible relocation or transportation, and cost-effective options for kitchen chores convenience. Additionally, these appliances are easy to maintain and repair during product failures. Thus, the free-stand kitchen appliances are integrated as they assist in the space allocation of kitchen areas.
Based on fuel type, the other segment is estimated to contribute substantial shares in terms of volume. The alternatives such as kerosene, wood, charcoal, and even renewable energy such as solar. The wood and charcoal fuel types are specifically used in restaurant chains for saving fuel costs on grilling, baking, and imparting smoky flavors into the cuisine. Thus, modern kitchen appliances like direct funnel ovens offer integrated charcoal and wood input slots for conducting such cooking processes.
Based on the distribution channel , the online segment is expected to register a substantial contribution to the kitchen appliances market share in terms of revenue and volume. Major market players target a wide customer base, which is easily available on E-commerce platforms such as Amazon, eBay, and others. Additionally, the consumers are offered a wide assortment of products from different brands for making purchasing decisions with competitive price ranges. Thus, the overall market growth results in a favorable demand for kitchen appliances through such online distribution channels.
Based on end use, the residential segment contributed the largest share of the market size. A large population utilizes such kitchen appliances for conducting daily kitchen tasks. Thus, the market players have the wide opportunity to offer a varied range of kitchen appliances that serve the needs of consumers. Additionally, consumers have started cooking homemade food cuisines due to the growing risks of disease spread via ordered or packaged food, which create the need for cost-effective kitchen appliances within in-house kitchen spaces.
Based on region, Asia Pacific is anticipated to support the market growth in terms of volume. The large presence of market players offering cost-effective kitchen appliances to meet the demand of the middle-income population supports market growth. Furthermore, the growing consumer preferences for smart and minimal interface kitchen appliances especially in countries such as India, Korea, Japan, and Thailand lead is expected to result in increased market growth.
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Recent Developments
In 2021, the South Korean multinational conglomerate, Samsung announced the launch of an AI-integrated smart refrigerator. The introduction of this latest product innovation would allow consumers to access features such as an automated grocery list creation interface, an integrated entertainment system for kitchen spaces, and a video calling facility. This smart refrigerator also offers a wide capability of syncing or connecting numerous devices.
In April 2022, LG Electronics, the established electronics firm, introduced its new portfolio lineup of 2022 home appliances that offer multiple smart appliances with IoT and AI technology. This latest portfolio is primarily offered to meet consumer preferences for stylish designs and premium lifestyles. The 2022 lineup ranges from new Direct Drive Washing Machines, and AI InstaView Door-in-Door Refrigerators to UV+UF Water Purifiers, and the latest variety of Charcoal Microwaves.
In August 2022, a Canada-based firm called Thomson revealed a new range of appliances across the kitchen segment. This segment is introduced to offer numerous appliances such as electric cookers, juice mixers, sandwich makers, and others at a reasonable price range between USD 11.3 to USD 150.
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List of Major Kitchen Appliances Market Players
Further, the market research report offers an in-depth analysis of the market dynamics that help stakeholders draw insightful knowledge of market dynamics like drivers, restraints, challenges, and opportunities of the market. Such analysis offers a deep understanding of growth insights across applications, innovative product launches, technological advancements, and business strategies to understand the latest market trends. Listed are the crucial market players currently functioning in the market -
The Samsung Group LG Electronics Inc. Panasonic Corporation Koninklijke Philips N.V. Morphy Richards Haier Electronics Group Co., Ltd. Robert Bosch GmbH Electrolux AB BSH Hausgeräte GmbH The Whirlpool Corporation Miele General Electric Company Haier Group Corporation Beko Dacor Inc.
Global Kitchen Appliances Market Segmentation:
By Product Type
Refrigerators and Freezers Dishwashers Food Processors Mixers and Grinders Microwave Ovens Grills and Roasters Water Purifiers Others
By Structure
By Fuel Type
Cooking Gas Electric Others
By Distribution Channel
Multi-brand Stores Exclusive Stores Online Others
By End Use
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