Kitchen Appliances Market Analysis

Kitchen Appliances Market Analysis

Household kitchen appliances market share is anticipated to grow at 4.3% CAGR over the forecast timeframe, with revenue in 2023 forecast to cross USD 150 billion. This can be attributed to the changing lifestyle in urban areas, and the considerable volume of already installed units. Refrigerators and cooking appliances are among the most essential components in domestic use, thus, is expected to grow at a steady rate over the coming years.
 

Increasing number of restaurants, hotels and food line businesses are likely to aid the commercial kitchen appliances market size.
 

Refrigerators contributed over 40% of the overall kitchen appliances market share and are forecast to witness growth at 4.7% till 2023. The need to conserve edible items in different temperatures is the key driver of this segment. Technology advancements to reduce the energy consumption, and its impact on the environment, along with smart operating features will consistently propel the industry augmentation.
 

Cooking appliances market was valued at over USD 55 billion in 2015. The high expected growth rate can be attributed to increasing convenient portfolios offered by key players.
 

North America contributed the largest share in 2015, owing to high penetration in the U.S. kitchen appliances market size. Industry has witnessed a significant paradigm shift over the increased adoption of cooking electronics. This is likely to present favorable growth landscape during the forecast timeline.
 

Asia Pacific kitchen appliances market size is expected to register 5.1% CAGR from 2016 to 2024. The growth can be based on the increasing disposable income of the households and potential growth prospects.