Kitchen appliances

Kitchen Appliances Market Growth, Trends, Absolute Opportunity and Value Chain 2022-2030 – ManufactureLink

the global kitchen appliances market was rated at 250.60 million USD in 2020 for USD 377.70 million by 2027, at a CAGR of 6.0% from 2021 to 2027. Kitchen appliances are cooking appliances designed for smooth and easy cooking. Gas or electricity is used to run kitchen appliances. These appliances are mainly used for cooking, cleaning functions and storage in the kitchen. Electric kitchen appliances dominate the market; however, renewable energy, solar energy and cooking fuel play a vital role in the operation of kitchen appliances. Stoves, refrigerators and dishwashers are some of the main appliances used in the kitchen. Kitchen appliances also include blenders, coffee makers, and food processors, usually designed for countertops. These devices are less expensive and used for specific cooking purposes. These devices are gaining popularity among consumers due to changes in people’s lifestyles due to a huge increase in consumer’s disposable income.

Wearables or connected products have gained a higher traction rate among target customers in the past couple of years. Product features and specifications that facilitate flexibility and convenience help drive the demand for connected products among target customers. Considering this customer perception, some of the major players in the global kitchen appliances market have come up with smart kitchen appliances all over the world. In 2020, Samsung Electronics launched a new line of smart refrigerators under the Family Hub refrigerator brand that provides smart features to facilitate automated meal planning and other daily tasks and provide a more personalized experience.

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Significant factors impacting the growth of the kitchen appliances market include an increase in health issues, advancements in technology, increase in disposable income, energy consumption, and availability of smart kitchen appliances and quality products at lower cost. The increase in the working population coupled with the increase in fast food consumption has increased the health awareness of customers. Nowadays, the demand for kitchen appliances that easily cook food with less oil has increased, positively affecting the market. The demand for smart kitchen appliances has increased over the past few years. Technological advancements have generated the need to upgrade kitchen appliances, enabling smooth and reliable productivity while cooking.

Global Kitchen Appliances Market Dynamics

Engines: technological progress

The demand for technology-driven home appliances has increased over the past few years, due to the adoption of smart kitchen appliances. Consumers are opting for kitchen appliances with the latest and advanced features to help them cook efficiently. Additionally, appliances with advanced technology complement the upliftment of consumers’ living standards, thus providing a sophisticated look to their kitchen environment. Considering customers’ perception of improved kitchen appliances, some key manufacturers are developing product innovation strategies. For example, in January 2019, Whirlpool Corporation announced the launch of a Smart Countertop oven under the WLabs brand. Hence, key technological advancements are helping to drive the demand for kitchen appliance products.

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Constraints: energy consumption

Since most kitchen appliances run on electricity or gasoline, their use leads to high electricity and energy consumption. According to the study, residential energy consumption is the third largest consumer of energy, where more than 50% of energy consumption was attributed to the cooking appliance sector. This limits the adoption of advanced kitchen appliances, especially in semi-urban and rural areas. To overcome this challenge, companies are focusing on inventing new energy-efficient kitchen appliances.

Opportunities: Availability of quality products at affordable prices

Companies are keen to maintain the balance between quality and price of kitchen appliances to meet the demands of consumers from all walks of life. Hence, product innovations, efficient manufacturing process, and other similar measures to achieve this balance are expected to drive the kitchen appliances market.

Report scope

The study categorizes the kitchen appliances market on the basis of product type, fuel type, distribution channel, user application, product structure, and regions.

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Outlook by Product Type (Sales/Revenue, USD Million, 2017-2027)

  • Fridge
  • Cooking appliances
  • Dishwasher
  • Others

Outlook by Fuel Type (Sales/Revenue, USD Million, 2017-2027)

  • Electric
  • cooking gas
  • Other

By Channel Outlook (Sales/Revenue, USD Million, 2017-2027)

By Outlook User Application (Sales/Revenue, USD Million, 2017-2027)

By Product Structure Outlook (Sales/Revenue, USD Million, 2017-2027)

Outlook by Region (Sales/Revenue, USD Million, 2017-2027)

  • North America (United States, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
  • The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)

Cooking gas, by fuel type, accounted for the largest market share

On the basis of fuel type, the kitchen appliances market is categorized into electric, cooking gas and others. Of these, the cooking gas segment accounts for 60.5% market share in 2020, in the global kitchen appliance market, followed by electric.

Liquefied petroleum gas (LPG) is the most common cooking fuel used for cooking food by commercial and domestic end users. Gas appliances are energy efficient and take less time to prepare food. In several countries, the electrical network is not sufficiently suitable for electrical kitchen appliances. Moreover, in some countries, only specific kitchen appliances are available in the market, such as gas ovens and stoves, which limits the growth of electric kitchen appliances in that country. Cooking gas appliances are prominent in developed markets and offer many growth opportunities in developing markets. Improved living standards for consumers due to increased disposable income have paved the way for companies to launch new, innovative cookers with improved design and technology. Consumers in many developed countries prefer a combination of gas stoves and an electric oven. Companies operating in the market offer a variety of cooking solutions equipped with both gas stoves and electric ovens. LG offers an all-purpose stainless steel gas cooktop with five burners for easy and safe cooking. GE offers Cafe 30, a gas stove for global consumers. Customers prefer gas stoves due to the rising price of electricity. The trend towards the implementation of modular kitchens has also created a demand for innovative gas hobs.

Asia-Pacific accounts for the highest CAGR over the forecast period in the kitchen appliances market

By region, the kitchen appliances market is studied in North America, Europe, Asia-Pacific, South America, Middle East & Africa. Asia-Pacific has a growth rate of 7.10% and a revenue share of 25.40% globally during the forecast period. The Asia Pacific kitchen appliances market is analyzed in Japan, China, India, Australia and rest of Asia Pacific. Asia-Pacific is the fastest growing economy with an increase in urban population and industrialization. The rise of industrialization increased the disposable income and therefore the spending capacity of consumers. The soaring trend of high-end products including smart kitchen appliances has driven companies to offer advanced products at an affordable price to penetrate deeper into the market.

Rising urban population coupled with improved living standards are generating a huge demand for new and innovative kitchen appliances in the Asia-Pacific region. Lifestyle changes and increased purchasing power of customers have altered the dynamics of the market over the past few years. Additionally, a spike in electricity prices is driving the demand for energy-efficient kitchen appliances and advanced technology in this region. Companies operating in the Asia-Pacific kitchen appliances market are introducing various energy efficient and technologically advanced kitchen appliances to enter the growing Asian market. General Electric has launched a French door refrigerator, which provides hands-free automatic refilling of dispensers and facilitates air conditioning of the freezer and fresh food section. Rising energy costs are driving the demand for energy-efficient kitchen appliances in the Asia-Pacific region. Improved standard of living due to huge increase in income level has increased the spending capacity of customers in this region, in turn providing many growth opportunities for businesses to offer technologically advanced kitchen appliances at a price affordable in this area.

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Main market players

The global kitchen appliances market is fragmented into few major players including Electrolux, Whirlpool, Samsung, Philips, Morphy Richard, Dacor, General Electric (GE), Life is Good (LG), Haier, Panasonic and others they have garnered the maximum market share in 2020. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the major growth strategies adopted by the various key market players.