The kitchen appliance industry, which has registered its name as a multi-billion dollar business, is set to reach new heights in the next six years. With the advent of digitization, the term “smart” was implemented on all levels, from smart industry to smart home. The kitchen as an integral part of the home was also significantly influenced by the IoT trend. As in all other emerging countries, the technology has also started its strong presence in the kitchen appliance market. Prominent industry players are heavily focused on introducing energy efficient electronic kitchen appliances, which are designed to further boost the industry’s demand. According to a report by Global Market Insights, Inc., “The kitchen appliance market will have a phenomenal turnover of $ 250 billion by the end of 2023.
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Growing trends in fuel prices are opening up new opportunities in the market as they have resulted in increased acceptance of induction cookware. Both commercial and residential domains contribute to global sales. By 2023, much of the kitchen appliance market is expected to be covered by residential applications, with target sales of over $ 150 billion. Increasing urbanization, which has resulted in a shift in consumer preference towards automated devices, is driving the residential sector’s market share. The growing number of restaurants worldwide will drive the kitchen appliance market from commercial application, which totaled $ 65 billion in 2015.
Refrigerators dominated the product landscape and accounted for 40% of total demand. With growing environmental concerns and the need to ensure optimal energy use, the refrigerator kitchen appliance market is projected to see a 4.7% CAGR over the next six years. Cooking appliances, which are another important part of the market, will also make a significant contribution to global sales in the forecast period.
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Geographically, North America had the largest market coverage for kitchen appliances in 2015, with the US at the forefront of growth. The increasing adoption of cooking electronics in the United States is the single most important factor driving the regional market. In addition, the development of macroeconomic conditions is proving to be a strong foundation for the expansion of the kitchen appliance market in APAC. The escalating population curve in India and China coupled with a remarkable increase in disposable income has complemented the business landscape.
Prominent participants in the kitchen appliance market are expanding their consumer reach by refining their sales channels through retail stores and third-party logistics. In this context, it is with concern that due to the competitive prices of the products on this platform, e-commerce is also emerging as a significant sales channel. Leading companies in the industry include Samsung Electronics, LG Electronics, Haier, Philips Electronics, Whirlpool Corporation, and Panasonic Corporation. Although the kitchen appliance market is still in an emerging stage in terms of IoT integration, it is no longer an assumption that the market will be on the way to see robust developments in the near future.
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