The kitchen appliances market stood over USD 170 billion in 2014. Governmental focus on curtailing energy consumption will enable energy & cost efficient devices gain shares in the coming seven years. Electricity, cooking gas, and solar & renewable energy are mainly utilized for running these appliances. Factors impacting the demand-supply of these fuels can hamper the market.
Electrification in rural areas is likely to boost the kitchen appliances market in the forecast period (2015 to 2022). Market companies hugely invest on new products to maintain incomes and meet customer demands. The quality, energy effectivity, pricing, & technological innovations of these devices influence the purchasing decision of consumers.
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Supply chain of the player executes a major function. The development of ecommerce platform is also predicted to add market revenues. Demand for replacements will support the market in the aforementioned period. Growth of modular kitchen should propel the demand for cook-tops and standalone ovens.
Heavy electrical expenses and governmental schemes for awareness regarding energy consumption raise the demand for bio-friendly & energy-effective products. Growing double income households & swift urban lifestyles should spur luxury products.
Popularity regarding ready-to-eat foods among individual workers & students is estimated to hamper the market in the forthcoming years. The kitchen appliances market is trifurcated into products, applications, and regions. Product segments include cooking devices, refrigerators, and dishwashers.
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Application segments comprise convenience stores, grocery shops, coffee outlets, specialty food stores, restaurants, and supermarkets. The regional segments are North America, Asia Pacific, Europe, and the Middle East & Africa. North America will be the most significant market during 2015 to 2022.
This would stem from rising regional disposable earnings & enhancing macro-fiscal circumstances. It held over 30% shares in 2014 and would rise at about 4% CAGR during the forecast period. Growing household projects & nuclear families are reported to further the Asian Pacific kitchen appliances market.
This region would capture more than 25% shares and expand at around 5% CAGR in the same period. Europe should experience significant expansion due to wide applications of green products in the region. Augmenting disposable earnings could propel demand for the kitchen appliances market in the Middle East & Africa.
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