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PORTLAND, OREGON, UNITED STATES, February 17, 2023 /einpresswire.com / -- As per the report published by Allied Market Research, The small domestic appliances market size was valued at $176,804.3 million in 2020 and is estimated to reach $581,657.6 million by 2030, registering a CAGR of 13.0% from 2021 to 2030.
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According to the CXOs of leading companies, the global small domestic appliances market is emerging at a considerable pace owing several factors such as increase in compatibility of the appliances, enhanced internet penetration, changes in lifestyle patterns, and growth in concerns about energy prices fuel the increase in sales of the small domestic appliances market.
Changes in lifestyle of customers has witnessed increase in trend of modular kitchen, in turn resulting in the development of advanced and innovative kitchen appliances. Rapid increase in food service establishment has led to increased demand for commercial kitchen appliances.
Rapid expansion of the retail industry plays a major role in the distribution of small domestic appliances. It is becoming more important to make small domestic appliances available to the consumers. Specialty stores and supermarket & hypermarkets are gaining major traction in the global small domestic appliances market. This is majorly attributed to availability of enormous options for the consumers to choose from. Multi brand specialty stores have many brands for the single line product segment, where people can compare their features and colors, which help them to take buying decisions.
Moreover, Asia-Pacific and LAMEA are projected to register a significant growth as compared to the saturated markets of Europe and North America, due to rapid urbanization, increase in penetration of technology even in small cities, growth in disposable income, and improvement in standard of living.
Key Findings Of The Study
Cleaning appliances segment is estimated to witness the significant growth, registering a CAGR of 14.3% during the forecast period.
Retail stores segment was valued at $27,194.7 million, accounting for 16.3% of the global Small domestic appliances market share.
Commercial segment is estimated to witness the significant growth, registering a CAGR of 13.9% during the forecast period.
Brazil was the most prominent market in LAMEA, and is projected to reach $17,658.90 million by 2030, growing at a CAGR of 14.9% during the forecast period.
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The report segments the global small domestic appliances market on the basis of product type, distribution channel, end user, and region.
Based on product type, the kitchen appliances segment held the largest share in 2020, accounting for more than two-fifths of the market. However, The cleaning appliances segment is estimated to witness the significant growth, registering a CAGR of 14.3% during the forecast period.
On the basis of distribution channel, the E-Commerce segment helds the major share of 30.2% in 2020, contributing to more than one-fourth of the market. Moreover, The report includes an analysis of the other segments such as brand outlets, retail stores, e-commerce, and others.
The global small domestic appliances market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for nearly one-third of the market. However, the market across LAMEA is expected to register the highest CAGR of 14.9% during the forecast period.
The global small domestic appliances market report includes an in-depth analysis of the prime market players such as The Whirlpool Corporation, Koninklijke Philips N.V., BOSCH, LG Electronics Inc., Panasonic Corporation, Electrolux AB, The Middleby Corporation, Spectrum Brands Holdings, Inc., Samsung Electronics Co. Ltd., and Morphy Richards.
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