Kitchen Appliances Market Size is Expected to Reach Around USD 377.70 million by 2027

United States, New York, 2023-Feb-03 — /EPR Network/ —The global kitchen appliances market was valued at USD 250.60 million in 2020 to USD 377.70 million by 2027, at a CAGR of 6.0% from 2021 to 2027. Kitchen appliances are cooking appliances that are designed for smooth and easy cooking. Gas or electricity are used to operate kitchen appliances. These appliances are majorly used for cooking, cleaning functions, and storage within the kitchen. Electric kitchen appliances dominate the market; however, renewable energy, solar energy, and cooking fuel play an essential role in operating kitchenware appliances. Stoves, refrigerators, and dishwashers are some of the primary devices used in the kitchen. Kitchen appliances also comprise blenders, coffee makers, and food processors, usually designed for countertops. These appliances are less expensive and used for specific cooking purposes. These appliances are gaining popularity among consumers due to changes in people’s lifestyles due to a considerable increase in the consumer’s disposable income.

Wearable products or connected products have been gaining a higher traction rate among the target customers over the past couple of years. Product features and specifications that facilitate flexibility and convenience help drive the demand for connected products among the target customers. Considering this customer perception, some of the key players in the global kitchen appliances market have been coming up with smart kitchen appliances worldwide. In 2020, Samsung Electronics launched a new line smart refrigerator under the brand name of Family Hub refrigerator that provides intelligent features facilitating automated meal planning and other daily tasks and delivering a more personalized experience.

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The significant factors impacting the growth of the kitchen appliances market include an increase in health concerns, technological advancement, rise in disposable income, energy consumption, and availability of smart kitchen appliances & quality products at a lower cost. The surge in the working-class population paired with the rise in fast food consumption has increased health consciousness among the customers. Nowadays, demand for kitchen appliances that cook food easily with less oil content has increased, positively affecting the market. Demand for smart kitchen appliances has increased in the past few years. Technological advancements have generated the need to upgrade kitchen appliances, enabling smooth and reliable productivity while cooking.

Global Kitchen Appliances Market Dynamics

Drivers: Technological advancement

Demand for technology-driven appliances has increased in the past few years, owing to the adoption of smart kitchen appliances. Consumers are opting for kitchen appliances with the latest and advanced features to help them cook effectively. In addition, appliances with advanced technology complement the rise in living standards of consumers, thus offering a sophisticated appearance to their kitchen environment. Considering customers’ perception of upgraded kitchen appliances, some key manufacturers are strategizing on product innovation. For instance, in January 2019, Whirlpool Corporation announced the launch of a Smart Countertop oven under the brand name of WLabs. Hence, key technological advancements help drive the demand for kitchen appliance products.

Restraints: Energy consumption

Since most kitchen appliances work on electricity or gasoline, their usage results in high electricity and energy consumption. As per the study, residential energy consumption is the third largest user of energy where more than 50% of the energy consumption has been accounted to cooking appliances sector. This limits the adoption of advanced kitchen appliances, particularly in semi-urban and rural areas. To overcome this challenge, companies are focusing on inventing new energy-efficient kitchen appliances.

Opportunities: Availability of quality products at affordable prices

Companies are concerned with maintaining the balance between the quality and price of kitchen appliances to cater to the requirements of consumers from all sections of society. Hence product innovations, efficient manufacturing process, and similar other measures to achieve this balance is anticipated to drive the market for kitchen appliances.

Scope of the Report

The study categorizes the kitchen appliances market based on product type, fuel type, distribution channel, user application, product structure, and regions.

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By Product Type Outlook (Sales/Revenue, USD Million, 2017-2027)

• Refrigerator
• Cooking Appliances
• Dishwasher
• Others

By Fuel Type Outlook (Sales/Revenue, USD Million, 2017-2027)

• Electric
• Cooking gas
• Other

By Distribution Channel Outlook (Sales/Revenue, USD Million, 2017-2027)

• Online
• Offline

By User Application Outlook (Sales/Revenue, USD Million, 2017-2027)

• Commercial
• Household

By Product Structure Outlook (Sales/Revenue, USD Million, 2017-2027)

• Built-in
• Free Stand

By Region Outlook (Sales/Revenue, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Cooking Gas, by fuel type, has accounted for the largest market share

On the basis of fuel type, the kitchen appliances market is categorized into electric, cooking gas, and others. Among these, the cooking gas segment has 60.5% of market revenue share in 2020, in the global market of kitchen appliances, followed by electric.

Liquefied petroleum gas (LPG) is the most common cooking fuel used for cooking food by both commercial and household end-users. Gas appliances are energy efficient and take less time for food preparation. In various countries, the power grid is not sufficiently suited for electric kitchen appliances. Moreover, in some countries, only specific kitchen appliances are available in the market, such as baking ovens and gas-run stovetops, restricting the growth of the electric kitchen appliances in that country. Cooking gas appliances hold a prominent share in the developed markets and have ample growth opportunities in the developing markets. Improvement in the living standards of consumers due to increased disposable income has paved the path for companies to launch new innovative stovetops with enhanced design and technology. Consumers in many developed countries prefer a combination of gas stoves and an electric oven. Companies operating in the market offer a variety of cooking solutions equipped with both gas stoves and electric ovens. LG offers an all-purpose stainless steel gas cooktop having five burners for easy and safe cooking. GE offers Cafe 30, a gas cooking range for global consumers. Customers prefer to use gas-cooking range owing to the rise in the price of electricity. The trend of implementation of modular kitchens has also created a demand for innovative gas cooktops.

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Asia Pacific accounts for the highest CAGR during the forecast period in the kitchen appliances market

By region, the kitchen appliances market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 7.10% and has a revenue share of 25.40% globally during the forecast period. The Asia-Pacific kitchen appliances market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific. The Asia Pacific is the fastest growing economy with an increase in urban population and industrialization. The rise in industrialization has increased the disposable income and thus the spending capability of consumers. The surge in the trend of premium products, including smart kitchen appliances, has driven the companies to offer advanced products at an affordable price to penetrate deeper into the market.

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The surge in urban population paired with improved living standards generates huge demand for new and innovative kitchen appliances in the Asia-Pacific region. Changes in lifestyle and increase in purchasing power of customers have changed the market dynamics in the past few years. In addition, a surge in electricity pricing boosts the demand for energy-efficient and advanced technology kitchen appliances in this region. Companies operating in the Asia-Pacific kitchen appliance market are introducing various energy-efficient and advanced technological kitchen appliances to penetrate the growing Asian market. General Electric launched a French door refrigerator, which allows hands-free auto-fill of dispensers and facilitates climate control freezing and fresh food section. The rise in energy costs boosts the demand for energy-efficient kitchen appliances in the Asia-Pacific region. Improvement in living standards due to a considerable increase in income level has increased the spending capability of customers in this region, in turn providing ample growth opportunity for the companies to offer technologically advanced kitchen appliances at an affordable price in this region.

Key Market Players

The global kitchen appliances market is fragmented into a few major players, some of them are Electrolux, Whirlpool, Samsung, Philips, Morphy Richard, Dacor, General Electric (GE), Life is Good (LG), Haier, Panasonic, and others, they have garnered the maximum market share in 2020. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the key growth strategies adopted by different key players in the market.