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 appliances industry, 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.
Considering the product trends in the kitchen appliances market, 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. 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.
As per a report by Global Market Insights, Inc. “the kitchen appliances market share worth USD 179 billion in 2015, is forecast to surpass a revenue of USD 250 billion by 2023.”The technology has embarked its prominent presence in this market. The manufacturers dealing with the kitchen appliances business space are investing heavily in blending technology with these appliances. Not only the big-ticket products such as refrigerators, but also the smaller devices are being worked on to stay in parallel with the hi-tech advancements and the rising demand for convenient and smart products from the consumers.
Geographically, Asia Pacific kitchen appliances market is projected to witness substantial growth over the next few years, driven by massive population growth along with increase in purchasing capacity of the consumers. India and China are projected to be key regional revenue pockets.
A substantial shift towards cooking electronics applicances and home automation devices is expected to drive North America kitchen appliances market over the coming six years. U.S. is predicted to drive the regional growth.―Tech Mag