The improvement in the economy is also boosting the global kitchen appliances market size. The Asia Pacific market is estimated to cross USD 75 billion by 2023, owing to the rise in disposable income and growing population base across this region. India & China are likely to lead the APAC market.
North America is leading the kitchen appliances market owing to the penetration of electronics across the household. Asia Pacific is growing significantly due to the increasing disposable income of individuals in the region. The improved consumer consciousness towards energy efficient devices along with government directives towards dropping energy consumption has resulted in reduction in use of old products in Europe.
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The rising fuel prices is also building high growth opportunities for the kitchen appliances market, owing to the growing demand for induction devices. Both the residential and the commercial sectors contribute significantly towards this market growth. The increasing number of restaurants globally is boosting the commercial applications of the kitchen devices market, which is estimated to witness a CAGR of 4.6% over 2016-2023. Also, the rising demand for automation and replacement of old devices will drive the residential application market share. The kitchen appliances application in residential sector is forecast to surpass USD 150 billion by 2023.
Kitchen appliances market for dishwater industry size is projected to grow at a CAGR of 3.4% over the period of 2016-2023, driven by rising labor charges. Cooking appliances market value estimated at USD 55 billion in 2015, is forecast to witness a high surge over the coming timeframe, driven by enhanced production of environment-friendly and energy efficient cooking appliances. Considering the product trends in the kitchen appliances industry, refrigerator market share is forecast to observe significant gains of 4.7% over the coming six years. Ability to reduce electricity bill costs along with eco-friendly and energy conserving features of refrigerators are the key growth drivers.
The concept of ‘smart’ world is being realized at all levels, right from the giant industries to our very own houses. Kitchen, which is the most important part of a home, has also been significantly influenced by the revolutionary trend of the internet of things. This can be well justified by the growing market of kitchen appliances, which is already a billion-dollar industry and is all set to achieve new heights over the coming years.
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The dishwasher market share accounted 15% of the kitchen appliances market revenue. There is a rise in nuclear families and the lifestyle of people has been changing over the years, fuelling the overall industry growth. Refrigerators contributed 40% to the overall kitchen appliances market. This is owing to the need of conservation of edible items in different temperatures. Technology developments to lessen the energy consumption, and its effect on the environment, along with smart operating features will constantly drive the industry growth. The cooking appliances market is also growing due to the increased convenience provided by this platform.
Some Point from Table of Contents:
Chapter 5 Kitchen Appliances Market Product Insights
5.1 Kitchen appliances market share by product, 2015 & 2023
5.2 Cooking appliances
5.2.1 Market estimates and forecast, 2012 – 2023
5.2.2 Market estimates and forecast by region, 2012 – 2023
5.3.1 Market estimates and forecast, 2012 – 2023
5.3.2 Market estimates and forecast by region, 2012 – 2023
5.4.1 Market estimates and forecast, 2012 – 2023
5.4.2 Market estimates and forecast by region, 2012 – 2023
5.5.1 Market estimates and forecast, 2012 – 2023
5.5.2 Market estimates and forecast by region, 2012 – 2023
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