The kitchen appliances market is anticipated over USD 246 billion by 2022. It was worth more than USD 170 billion in 2014. Constant product innovations & upgrades drive the market over the forecast period (2015 to 2022). With new governmental regulations to curb energy consumption, manufacturers need to develop energy-efficient & affordable products.
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E-commerce emergence and expanding distribution channels open up new avenues for kitchen appliances. Solar energy, electricity, and cooking gas are the fuels needed to operate these appliances. Factors affecting the supply & demand of these fuel sources may restrict the market. Consumer preference for modular kitchens should propel demand for cook tops and standalone ovens.
Rising contemporary lifestyles and household dual earnings are projected to propel demand for luxury appliances in the coming seven years. The kitchen appliances market encompasses products like cooking appliances, dishwashers, and refrigerators. Cooking appliances include barbecue, grillers, cookers, heaters, fryers, and ovens. They will display a CAGR exceeding 4% in the future.
Refrigerators held over 40% of the overall revenues in 2014. They expect to register about 5% CAGR during the forecast period. Smart cooking equipments would grow owing to accelerating ‘employed’ population and high labor costs. Substitution of old products with novel and innovative ones can steer market demand from 2015 to 2022.
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The kitchen appliances market has applications in commercial and residential. Commercial refrigerators are used in cafeterias, groceries, supermarkets, restaurants, and convenience stores. Increasing fast-food restaurants would favor this segment in the years ahead. Residential was worth USD 100 billion in 2014. Changing lifestyles and escalating disposable earnings could drive this application in the near future.
In terms of geographies, North America held over 30% shares in 2014. The region should expand at a CAGR close to 4.2% till 2022. It is anticipated to dominate the market during 2015 to 2022. Its growing disposable incomes and enhanced macro-economic status could contribute the same.
Europe will experience significant expansion in the near future. This may be attributed to its usage of energy-efficient products. Asia Pacific can grow at about 5% CAGR in the forecast period. Notable players of the global kitchen appliances market comprise Whirlpool Corporation, LG Electronics, Samsung Electronics, Morphy Richards Limited, and Haier Group Corporation.
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