Kitchen Appliances Market size forecast to exceed USD 250 billion by 2023

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Kitchen Appliances Market size to exceed USD 250
billion by 2023 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Kitchen Appliances Market

• Refrigerator market size is forecast to be valued
  at over USD 109 billion by 2023 and is projected
  to grow at 4.7 CAGR from 2016 to 2023. This can
  be primarily attributed to eco-friendliness as
  well as energy efficiency, which helps replace
  the existing conventional products with
  capabilities for savings on utility bills.
• Dishwasher market is projected to grow at 3.4
  CAGR over the forecast timeframe. It is expected
  to gain substantial share owing to rise in labor
  cost.
• Gas appliances are energy efficient and take less
  time for food preparation. Coffee makers, mixers,
  grinders, and food processors are commonly used
  electric kitchen appliances. Need to ensure
  awareness has led to governments and individuals
  installing solar energy equipped devices in
  schools and hospitals.

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Continued...

• Commercial sector accounted for over 35 of the
  global revenue in 2015, and is set to exhibit
  growth owing to escalating demand of fast-food
  restaurants.
• Asia Pacific, with consumption dominated by China
  and India kitchen appliances market size, is
  estimated to be valued at USD over 75 billion by
  2023. This can be attributed to rising middle
  class population and disposable income in the
  region.
• Key players are focusing on strengthening their
  product portfolio by new product development in
  order to gain competitive advantage. Prominent
  companies dominating kitchen appliances market
  share include LG Corp., Whirlpool Corp., Haier
  Group, and Samsung electronics.

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Europe kitchen appliances market size, by
application, 2012 - 2023 (USD Billion)

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360 Analysis

• Application Analysis
• Residential kitchen appliances market size is set
  to surpass USD 150 billion by 2023. Since
  products such as refrigerators and cook tops are
  indispensable in households, the segment is
  projected to exhibit steady growth through the
  forecast timeframe. Considerable installed base,
  need for replacing dated equipment, and high
  demand for automation are among major growth
  drivers.
• Regional Analysis
• U.S. kitchen appliances market was the largest
  regional industry in 2015. Europe is expected to
  be one of the key industries, owing to the
  increasing use of products which are environment
  friendly and ergonomic. Furthermore, consumers
  are shifting more towards the use of appliances
  such as microwave ovens, induction cookers,
  induction ranges, and electricity operated
  appliances.
• Competitive Market Share
• LG Electronics, Haier, Samsung Electronics, and
  Whirlpool Corporation accounted for significant
  global kitchen appliances market share in 2015.
  Other companies include Electrolux, Panasonic,
  Philips, Robert Bosch, etc.
• Low threat of product substitution and high entry
  barriers have resulted in moderate degree of
  competition. Companies continuously strive for
  equipment upgrades to cater to changing consumer
  preferences.

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