Kitchen Appliances Market Size, Share, Growth Report 2030

Market Overview

The global kitchen appliances market accounted for USD 259.34 Billion in 2020 and is expected to reach USD 407.34 Billion by 2028, growing at a CAGR of 6.06 % from 2021 to 2028.

For their everyday cooking needs, kitchen appliances are widely found in homes and other places. With the help of such high-performing products, consumers can effectively reduce the time and effort needed for cooking activities. During the purchasing process, customers mostly weigh considerations such as compactness, product features, and functionality of small appliances. Grillers, blenders, portable air fryers, and other multi-purpose kitchen gadgets are common with hotel cooks and households because they can perform multiple tasks with a single device in a cost-effective manner. Growing urban population and the increasing purchasing power of the consumers are driving the global kitchen appliance market. Nowadays, manufacturers are mainly focusing on producing energy-efficient kitchen appliances to provide sustainable and comfort solutions to their customers.

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COVID-19 Impact Analysis

Due to the COVID-19 pandemic, the electronics devices market in general including consumer electronics and industrial electronics devices was significantly impacted as China is one of the major suppliers for the raw materials as well as the finished products. The industry was on the brink of facing a reduction in production, disruption in supply, and price fluctuations. The sales of prominent electronic companies are expected to be affected in the near future. It has also caused unprecedented economic loss across several industries globally. In addition to this, many people lost their jobs owing to suspension or complete shut-down of businesses. This has resulted in a significant reduction in consumer spending ahead of the uncertain times leading to the market going through a sluggish growth in the near future.

Growth Factors

The rising urban population and the increasing spending capacity of individuals are the key factors that would drive the growth of the global kitchen appliances market. The growing preference of people for modular kitchen and the rising demand for innovative and attractive kitchen appliance among the urban population would enhance the market growth throughout the forecast period.

In addition to this, the hectic lifestyle of working professionals is driving the sales of smart kitchen products that aid in effective reduction of time and efforts. Also, the introduction of new appliances for easy and convenient cooking is likely to attract a large number of consumers in the upcoming years.

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Product Segment Analysis Preview

Refrigerator segment will grow at a CAGR of over 6% from 2021 to 2028. This is attributable to the increasing demand for innovative refrigerators that aid in increasing the shelf life of food products, keeping the food from getting spoiled and maintaining the quality of the food, thereby, resulting in a larger share of this segment. Furthermore, the increasing technological advancements in the design of various types of refrigerators are likely to attract customers to purchase modern refrigerators.

Sales Channel Segment Analysis Preview

The offline segment held a share of around 65% in 2020. This is attributable to the consumer demand for purchasing kitchen appliances from physical stores. Consumers tend to buy electronic products from retail retailers so they can get a better understanding of the product functionality from the sales staff in person. Furthermore, such stores' availability of discounts and sales on a variety of items is likely to entice consumers to purchase kitchen appliances from them.

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Regional Analysis Preview

The European region held a share of over 20% in 2020. This can be attributed to the strong presence of prominent companies such as Electrolux AB, The Samsung Group, LG Electronics Inc. and others in the western European region. The rising trend of appliance replacement among the population in the eastern European region is further driving the market growth. Furthermore, higher use of dishwashers in countries like the United Kingdom, Italy, and France leads to higher dishwasher sales in this region.

The Asia Pacific region is projected to grow at a CAGR of over 6% over the forecast period. This surge is due to the Asia the rising demand generated from the emerging economies, owing to the increasing disposable income and the lifestyle improvement. This region also holds a lot of middle class population which can propel the sales of kitchen appliances for household purposes in the region.

Key Market Players & Competitive Landscape

Some of key players in kitchen application market are Electrolux AB, The Samsung Group, LG Electronics Inc., BSH Hausgeräte GmbH, The Whirlpool Corporation, Robert Bosch GmbH, Koninklijke Philips N.V, Miele, General Electric Company, Haier Group Corporation and Beko among others. 

The global kitchen appliances market is fragmented by the presence of major companies that are focusing on acquiring other companies to expand their kitchen appliances product and further boost their sales revenue. Furthermore, other leading players are likely to follow strategies such as the launch of new products, partnership, and collaboration in order to achieve a significant share of the market.

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The global kitchen appliances market system market is segmented as follows:

By Product

• Refrigerator
• Cooking Appliances
• Dishwashers
• Others

By Application

• Residential
• Commercial

By Sales Channel

• Offline
• Online

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa