Kitchen appliances are machines that aid in the smooth functioning of kitchen related activities. Their main source of energy is gas or power. Fluctuating fuel prices can have a major impact on this market. Technological innovation in this market has helped in developing products that run on solar energy. Dishwashers, stoves, and fridge are some of the major appliances used in the kitchen. Rural electrification projects are expected to boost market demand over the forecast period.
Companies in this market are constantly engaged in new quality product development efforts to develop better productsthat can make a difference. The price, quality, and energy efficiency of products have a great impact on consumer buying decision. Growing replacement demand is anticipated to augment market growth. Product upgradation and urbanization are the key factors impacting market growth. Growing awareness on electricity conservation is expected to boost demand for eco-friendly and energy efficient products. Fast paced lifestyle and a growing number of dual-income households are expected to drive market growth. Ready-to-eat foods are gaining popularity among singleworking adults and students, which are a major hindrance to market growth.
The products offered in the kitchen appliances market are cooking appliances, dishwashers, and refrigerators. Smart cooking equipment has started gaining wide acceptance due to decreased labor cost and increase in the buying power of working class. Refrigerator products segment is the maximum revenue provider owing to demand from merchandising purposes in the commercial sector and the food & beverages industry. Exchanging of old appliances for new and smart devices is expected to drive demand for these products over the forecast period.
Commercial refrigeration finds its applications in convenience stores, grocery stores, restaurants, cafeterias, supermarkets, and specialty food stores. Changing lifestyle, and the requirement to replace old devices is expected to drive kitchen appliances market.
North America is the key regional market for kitchen appliances market. The market growth in this region can be attributed to rising disposable income and improved macroeconomic condition. Rising governmental expenditure on infrastructure and increase in the number of nuclear families is expected to drive market growth in the AsiaPacific region. India and China are touted as the major emerging markets for kitchen appliances due to rapid urbanization and changing lifestyles. The rural electrification project is expected to open new avenues for the kitchen appliances market. European markets are anticipated to grow substantially due to the usage of green materials in the manufacturing of kitchen appliances. The growing consumer attention towards induction cookers, microwave ovens, and electricity-based products is expected to favor market growth in this region. Increasing buying power is expected to boost demand in the MEA region. The growing middle-class population in Brazil and Argentina is expected to boost market growth over the forecast period.
Key industry participants in the kitchen appliances market include Dacor, Inc., AB Electrolux, LG Electronics, Haier Group Corporation, Panasonic Corporation, Morphy Richards Ltd., Robert Bosch GmbH, Whirlpool Corporation, Philips Electronics, and Samsung Electronics.
Electrolux has introducedan in-oven camera that allows the consumer to monitor food while it is being cooked. Dacor recentlyintroduced Discovery® 42-Inch refrigerator that combines the professional level of performance that home chefs expect and luxury design aesthetics that appeal to both homeowners and kitchen designers. LG has developed Lightwave Technology. The product claims tooffer a multi-heating system that is designed to cook tastier and healthier gourmet standard food. The company has also developed charcoal heating inside microwave ovens. Haier Group has developed Haier BCD-630WBGUU1. The productworks as both wet and dry refrigerator in extreme conditions. Morphy Richards has developed one of a kind clear glass toaster. Bosch GmbH has introduced zeolite dishwashers, an energy efficient appliance that employs zeolites in granular form to reduce energy consumption by 20%. Samsung Electronics has introduced Samsung FlexDuo Slide-in range with dual doors and Wi-Fi connectivity to enhance the experience of cooking meals.
Research Support Specialist, USA