Kitchen Appliances Market

Global Kitchen Appliances Market Size (2023 to 2028)

As per our analysis report, the Global Kitchen Appliances Market is expected to reach USD 304.95 billion by 2028 from USD 230.4 billion in 2023, growing at a compound annual growth rate (CAGR) of 5.8% during the forecast period.

MARKET DRIVERS:

The changing lifestyles of consumers, particularly in the urban areas, are fuelling the growth of the global kitchen appliances market. With the increasing working opportunities, people are moving towards faster and more convenient options for cooking, supporting the requirement for advanced kitchen appliances. Technological developments have altered conventional applications into smart devices with additional features like automation, internet connectivity, and cost and energy efficiency. In addition, the increasing trend of wellness diets and healthy living is paving the way for quick-to-use devices like blenders, air fryers, and micro ovens. Also, the access to worldwide cuisines through multiple cooking shows and travel videos is encouraging consumers to experiment with their taste buds, which is increasing sales in the kitchen appliances market.

Besides, the increasing disposable income and rising e-commerce platforms are also boosting the demand for these kitchen applications across the globe. The growth in cafes, hotels, and quick-service restaurants is also promoting the need for smart and advanced kitchen devices to cater to a large number of customers in a shorter time. Furthermore, the demand for modular kitchens, smart home integration, use of collaboration robots, and increasing work-from-home options are driving the demand in the kitchen appliances market.

MARKET RESTRAINTS:

The major challenge in the kitchen appliances market is balancing the production costs and the end-user pricing. The increasing demand for smart applications is pushing manufacturers to invest more in research and development to produce innovative designs, which is leading to more production expenses. Also, the appliances should follow stringent regulatory and safety standards to be certified and released into the market. In addition, the requirement for eco-friendly devices with more sustainability is also raising the production costs for the companies. The increased production costs, in turn, make the appliances costlier, restricting some sections of society from purchasing those products. Besides, the high maintenance and repair costs of these devices can act as a restraint to lower-income households, affecting the overall sales in the kitchen appliances market. Moreover, the rise in technological advancements is creating intense competition among established companies and new entrants to satisfy consumer demand.

Impact of COVID-19 on the kitchen appliances market:

The COVID-19 pandemic had a mixed impact on the global kitchen appliances market. The lockdown restrictions around the world resulted in supply chain disruptions and the movement of raw materials for the manufacturers. These restrictions forced the companies to halt the research and development activities, thereby impacting innovations and production. However, on the other hand, the COVID-19 pandemic created more opportunities with more people working from the convenience of their homes. The lockdown conditions restricted visits to restaurants and outdoor dining places, which encouraged consumers to cook at home using more kitchen appliances. The pandemic increased the health consciousness and need for a nutritional diet, surging the demand for appliances like air fryers, blenders, steam ovens, and others. Also, users preferred more sanitation and hygiene while cooking, and this increased the need for self-cleansing products in kitchens. In addition, the increase in e-commerce purchases due to safety precautions also improved the sales in the kitchen appliances market. Moreover, the pandemic allowed consumers to experiment with new appliances that are foreseen to continue in the coming years. The comfort and convenience factor is expected to create huge opportunities for the market players in the future.

REPORT COVERAGE:

This research report on the global kitchen appliances market has been segmented and sub-segmented into the following categories.

Kitchen Appliances Market – By Product Type:

• Refrigerator
• Microwave Oven
• Dishwasher
• Cooking Appliances

Refrigerators account for the major share of the global kitchen appliances market. The changing customer preferences for frozen foods and ready-to-serve meals are driving the sales of refrigerators around the world. Manufacturers are coming up with more advanced and innovative refrigerator designs to meet consumer choices and convenience. For instance, the Whirlpool Smart French Door refrigerator offers advanced options like internal cameras to monitor the items, voice assistant to control settings, and customized storage options. Commercial refrigerators are also witnessing a huge demand with the new trend of cloud kitchens or ghost kitchens that offer only takeaway and online deliveries.

The cooking appliances are anticipated to witness huge growth in the foreseen period because of the usage of electric kettles, mixers, blenders, induction stoves, chimneys, and sandwich makers. The dishwasher is another segment that is slowly gaining popularity with increasing consumer awareness of reducing water usage and saving more time. Microwave ovens, other than heating food, offer several options like baking, roasting, grilling, pizza making, and so on. They are the popular choice among students and working households to be more energy and time-efficient.

Kitchen Appliances Market – By Application:

• Residential
• Commercial

The residential segment dominates the kitchen appliances market with more than 50% of the overall share. The busy lifestyle of people, especially more working women, is leading to the increased use of refrigerators, toasters, ovens, and kettles. Consumer demand for modular kitchens and the integration of smart technologies are supporting the growth of the residential segment of the market.

Commercial applications are also foreseen to experience significant growth in the coming years with the increasing number of cafes and restaurants. The tourism industry also indirectly supports the growth of the commercial segment, following the user preference for local cuisines and healthy options.

Kitchen Appliances Market – By Structure:

• Built-in
• Standalone

The standalone segment accounts for a significant share of the market because of the changing customer preferences for easy-to-use and easy-to-clean appliances. The cost and maintenance aspects play a crucial role in the consumer choice for these free-standing products. However, the demand for built-in appliances is steadily increasing with the growing disposable income and need for own homes.

Kitchen Appliances Market – By Distribution Channel:

• Online
• Offline

Offline distribution channels allow users to physically inspect the product and understand proper usage. However, the online channel experienced huge demand from the COVID-19 pandemic, and this trend is estimated to continue in the forecast period. The easy access and more purchasing options are promoting online sales for kitchen appliances. The advent of smart devices and cost-effective solutions are also boosting e-commerce sales in the kitchen appliances market.

Kitchen Appliances Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America holds the dominant share of the kitchen appliances market. The USA, in particular, is leading the regional market. More working population, demand for quick and convenient food choices, rise in demand for modular kitchens, and increased availability of smart applications are driving the business in this area.

The Asia Pacific region is anticipated to witness more growth in the forecast period due to increasing consumer awareness about the benefits of smart kitchen appliances. The increasing urbanization and technological advancements in nations like India, China, Japan, and others are expected to promote market growth in this region. The surge in the purchasing power of the population is also acting as a pivotal element in the increasing sales of kitchen appliances in the APAC countries.

European nations are also predicted to grow at a significant rate in the future with the burgeoning trend of replacing traditional applications with modern and advanced appliances. Also, the presence of some key industry players and the surge in commercial establishments in the food sector is also promoting the market in this region.

Latin America has a relatively smaller presence in the global kitchen appliances market compared to the aforementioned regions. Mexico is the dominant player in this market, and the rising need for energy-efficient water practices is supposed to create more opportunities for the players in Latin America.

The Middle East and Africa region has been a smaller player in the kitchen appliances market, but there is growing interest and adoption of smart appliances across the area.

KEY MARKET PLAYERS:

Samsung Group, LG Electronics, Haier Group Corporation, General Electric Company, Robert Bosch GmbH, Whirlpool Corporation, Electrolux AB, Midea Group, Panasonic Corporation, Koninklijke Phillips N.V., Hitachi Limited, Dacor Inc. and Morphy Richards.

RECENT HAPPENINGS IN THE MARKET:

• Samsung introduced Family Hub Refrigerator, which has a display door with an advanced touchscreen and an option to integrate with the existing smart devices at home.
• Revolution introduced the InstaGlo Toaster, which is a toaster with a touchscreen. The toaster comprises smart cooking sensors that allow appropriate time for heating bagels, bread, and other frozen products.
• Panasonic launched its Smart Countertop Microwave Oven that can be controlled using Alexa and Echo devices. The oven comprises a Genius Sensor and supports more than 100 voice commands.