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.
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, fueling the overall industry growth. Refrigerators contributed 40% to the overall kitchen appliances industry. 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.
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Commercial kitchen appliances market was valued at USD 65 billion in the year 2015. The increasing demand in the hospitality sectors such as hotels, food line businesses are the reason behind the expected growth.
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.
The rising concerns pertaining to the environment and optimum energy utilization has boosted the demand for gas appliances, which holds a major share in the kitchen appliances market. Refrigerators, which are the most common yet vital part of the kitchen also contribute towards a noticeable share of this market. The global refrigerator market is forecast to surpass a revenue of USD 105 billion by 2023.
Whirlpool Corporation, Panasonic Corporation, Morphy Richards Limited, LG Electronics are some of the notable industry players. Competitive pricing is the major strategy adopted by the players owing to the entry of new players. Companies are also innovating various technologies in order to stand out in the highly fragmented kitchen appliances market.
Browse key industry insights spread across 75 pages with 28 market data tables & 27 figures & charts from the report, “Kitchen Appliances Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/kitchen-appliances-market-report
Some Points From Table Of Content: –
Chapter 4 Kitchen Appliances Application Insights
4.1 Kitchen appliances market share by application, 2015 & 2023
4.2.1 Market estimates and forecast, 2012 – 2023
4.2.2 Market estimates and forecast by region, 2012 – 2023
4.3.1 Market estimates and forecast, 2012 – 2023
4.3.2 Market estimates and forecast by region, 2012 – 2023
Chapter 5 Kitchen Appliances 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
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/kitchen-appliances-market-report
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