The global kitchen appliances market was estimated at around USD 179 billion in 2015. Energy and cost efficient products can gain revenue share due to government initiative to conserve electricity consumption.
Rise in fast-paced modern lifestyle, dual income households, growing preference for modular kitchen are expected to drive the demand of kitchen appliances. Moreover, rapid urbanization and product upgrade can also contribute to market growth.
Increasing electricity costs and government focus to spread awareness about energy consumption can promote environment friendly and energy efficient products. Health conscious and geriatric population requires kitchen appliances that require less oil. The penetration of these appliances in the market can further propel industrial growth. The kitchen appliances market is divided into products, fuel type, product structure, applications, and regions.
By products, the market is segmented into dishwasher, refrigerator, cooking appliance, and other appliances. Refrigerator accounted for over 40% of overall revenue share. It is expected to grow at a CAGR of around 5% till 2024.
Browse Details of Report @ https://www.hexaresearch.com/research-report/kitchen-appliances-market
Fuel types comprise of electricity, cooking gas, solar energy, fuel wood, biogas, and renewable energy. On the basis of product structure, the industry is bifurcated into built-in and free standing appliances.
Applications are split into commercial and residential. Commercial refrigerators are widely used in supermarkets, convenience stores, restaurants specialty food stores, grocery stores, and cafeterias. Residential segment was valued surpassing USD 100 billion in 2014. It is expected to be the leading sector in the coming years.
Regions encompass North America, Asia Pacific, Europe, and the Rest of the World (RoW). North America is likely to dominate global revenue in the coming years.
Asia Pacific kitchen will witness a considerable growth due to the rise in the middle class population. The ‘Make in India’ program established by the Indian government can further boost the market competitors and growth in the region in the coming years.
Some of the major industrial players are Samsung Electronics, Whirlpool Corporation, Haier Group, LG Electronics, and Morphy Richards Limited. Development strategies include acquisition and product launch. Acquisition helps companies share technological requirements. Electrolux introduced an in-oven Cam prototype, which is an oven with a built-in camera to monitor food.
Browse Related Reports:
Gesture Recognition Market: The global gesture recognition market to reach USD 21.10 billion by 2024, driven by an increasing demand for automation to provide the convenience of use to the consumer.
Digital Camera Market: An introduction of digital action camera with 4K and improved 360° video capturing are expected to boost the global Digital Camera Market.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
More Information Visit @ www.hexaresearch.com
Company Name: Hexa Research
Contact Person: Ryan Shaw
Email: Send Email
Address:Felton Office Plaza, 6265 Highway 9
State: California 95018
Country: United States