Kitchen Appliances Market Revenue Will Reach $297.1 Billion By 2024, Says Esticast Research and Consulting
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As per the report “kitchen Appliances Market By Type (Refrigerator, Cooking appliances, Dishwasher), by user application (User application, Commercial, Household), by fuel type (Fuel type, Electricity, Cooking gas), by product structure (Built-in, Free stand), Industry trends, estimation & forecast, 2016 – 2024″ The global kitchen appliance market was valued at $181 billion in 2016, and is projected to reach $297.1 billion by 2024, growing at a CAGR of 6.5% from 2017 to 2024.
In 2016, the refrigerator segment generated the highest revenue share in the global kitchen appliance market. Among major regions, North America market was the highest revenue generating market valued at $59.7 billion in 2016.
“Constantly changing household and commercial routines, economical accessibility of electricity, and rising concerns regarding ecofriendly appliances are expected to be the key drivers of the kitchen appliances market growth. Expansion of ecommerce distribution channels, emergence of an internet of things (IoT) and other smart technologies is expected to support the overall kitchen appliances market.”
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The refrigerator segment is supposed to dominate the overall kitchen appliances market throughout the forecast period of 2017-2024 having the highest CAGR of 6.5%. The need to conserve edible items in different temperatures is the key driver of this segment. Environmental concerns regarding rising pollution and global warming have led to the development of refrigerators that are energy efficient. Technological advancements in accordance to this trend may help manufacturers garner huge gains over the forecast timeline.
Changing lifestyle of homemakers and working class people has led the household kitchen appliances to dominate the overall kitchen appliance market in 2016
The household kitchen appliances segment held approx. 60% revenue share of the overall market in 2016 and is expected to maintain the same trend throughout the forecast period. This is because, kitchen appliances play a vital role in smooth and efficient cooking for the household end-users. These appliances have become an inevitable necessity in every household, as they assist convenient and easy cooking. Further, the growing working population paired with nuclear family tendency will continue to drive the demand for kitchen appliances among these users. However, the commercial kitchen appliances market is expected to witness the fastest growth, having a CAGR of 8.7% during the forecast period. The current lifestyle, leaves very less time for cooking, thereby accelerating the trend of eating out at cafes, restaurants, hotels and similar other food establishments, in turn, accompanying the growth of food service industry.
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North America to witness the dominance of kitchen appliances market for next eight years
North America kitchen appliances market generated a revenue of more than $50 billion in 2016 and is expected to grow with the CAGR of 5.7% during the forecast period. Countries such as U.S. and Canada have high living standard due to high disposable income, hence supplementing the market growth. According to According to National Restaurant Association the United States holds more than 1 million restaurants all alone.
However, in terms of growth, the Asia-Pacific kitchen appliance market is supposed to witness the fastest growth, having a CAGR of 7% during the forecast period of 2017-2024, owing to Growing urban population paired with improved living standard. Moreover, rising energy costs is boosting the demand for energy efficient kitchen appliances in the Asia-Pacific region
KITCHEN APPLIANCES MARKET KEY FINDINGS
• The global kitchen appliance market was valued at $181 billion in 2016 and is projected to reach 297.1 by 2024.
• Refrigerators contributed over 40% of the overall kitchen appliances market share in 2016.
• The household kitchen appliances segment held approx. 60% revenue share of the overall market in 2016.
• North America kitchen appliances market generated a revenue of more than $50 billion in 2016 and is expected to grow at the CAGR of 5.7% during the forecast period.
• The commercial kitchen appliances market is expected to witness the fastest growth, having a CAGR of 8.7% during the forecast period.
To know more about the report, visit at https://www.esticastresearch.com/report/kitchen-appliances-market
Panasonic, a major household appliance company recently introduced the first high-power Blender in the US healthy-lifestyle small home appliances market. It has been equipped with a unique powerful 1300-watt motor and two-tiered unique six-blade cutting system. Some other major market players are Philips N.V., Whirlpool Corp, Electrolux, Bosch, Bosch, Life is Good (LG), Samsung, Morphy Richards and Dacor, Inc.