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Global kitchen appliances market expected to reach $253.4 billion, by 2020
A new report by Allied Market Research: 'Global Kitchen Appliances Market - Size, Share, Global Trend, Company Profiles, Demand, Insights, Analysis, Research, Report, Opportunities, Segmentation, and Forecast 2013 - 2020', predicts that the global kitchen appliances market will be worth $253.4 billion by 2020, registering a Compound Annual Growth Rate of 6.4% during 2014-2020.
The growth of the kitchen appliances market is supplemented by rising disposable incomes, changing lifestyles, increasing health concerns and the growing food and services industry, says the report, as well as major technological advancements which encourage buyers to upgrade.
A key point of the report is that easy-to-use and functional appliances are in high demand and this has led to the development of 'smart' and efficient appliances. The report also acknowledges that the enormous energy consumption of kitchen equipment is a major concern for the market.
The global kitchen appliances market is segmented based on types, user application, fuel type, product structure and geography. By type, the market is segmented into refrigerator, cooking appliance, dishwasher and other minor appliances. The user application segment includes household and commercial applications. In terms of fuel types, the market is segmented into gas, electricity and others. Others include solar energy, renewable energy, fuel wood, and biogas. By product structure, the market is divided into free stand and built-in appliances. A study with respect to region is conducted to perform in-depth analysis of kitchen appliances across various geographies. The regions examined are North America, Europe, Asia-Pacific and LAMEA.
The report has analysed the market from the perspective of fuel type. While gas and electric appliances account for a major part of the market, the demand for electric appliances is forecast to grow at a relatively higher rate than that for gas appliances in the future. Cooking fuel, renewable and solar energy also have an important role to play, since energy consumption is so crucial.
The report is segmented into the structure of the appliances, which includes built- in and free standing models. Due to the rise in living standards and increase in disposable incomes, customers are increasingly opting for modular kitchen setup. However, adoption is less than it could be, due to the high cost of these appliances. With respect to user application, the household segment accounts for the largest market share.
Key players in the market are adopting product launch and acquisition as their developmental strategies to meet customer requirements and increase market share. Acquisition helps them to share technological requirements for their existing and new products. This ultimately helps the market leaders to enhance their product portfolio with comparatively less investment and thereby increase their market share across various regions.
Cost cutting in operations is also leading manufacturers to invest more into marketing activities and increase awareness about new, energy efficient kitchen appliances.
The refrigerator market has the largest share in the global kitchen appliances market.
Geographically, North America is a major contributor in the kitchen appliances market; developing economies such as those of China and India are expected to contribute most to the growth of the market.
Major companies are profiled in the report and companies such as Electrolux and Whirlpool are singled out for coming up with new and innovative appliances that consume less energy and retain nutrients during food storage and preparation.
The study provides an in-depth analysis of the kitchen appliances market, outlining current and future trends to determine the overall attractiveness and to single out profitable trends to enable users to gain a stronger foothold in the market. It provides information regarding key drivers, restraints and opportunities with impact analysis, together with quantitative analysis of the current market and estimations through 2013-2020, to showcase the financial calibre of the market.
Porter's Five Forces model and SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the market, while value chain analysis provides a clear understanding of the roles of stakeholders involved in the value chain.
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1st May 2015