Kitchen Appliances Industry to Experience Rapid Growth Till 2024

Rise in Fast-Paced Modern Lifestyle, Growing Preference for Modular Kitchen are Expected to Drive the Demand of Kitchen Appliances

6 September 2018

The Global Kitchen Appliances Market was estimated at around USD 179 billion in 2015. Energy and cost-efficient products can gain revenue share due to government initiative to conserve electricity consumption.

 

Rise in fast-paced modern lifestyle, dual income households, growing preference for modular kitchen are expected to drive the demand of kitchen appliances. Moreover, rapid urbanization and product upgrade can also contribute to market growth.

 

Increasing electricity costs and government focus to spread awareness about energy consumption can promote environment friendly and energy efficient products. Health conscious and geriatric population requires kitchen appliances that require less oil. The penetration of these appliances in the market can further propel industrial growth. The kitchen appliances market is divided into products, fuel type, product structure, applications, and regions.

 

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https://www.hexaresearch.com/research-report/kitchen-appliances-market

 

By products, the market is segmented into dishwasher, refrigerator, cooking appliance, and other appliances. Refrigerator accounted for over 40% of overall revenue share. It is expected to grow at a CAGR of around 5% till 2024.

 

Fuel types comprise of electricity, cooking gas, solar energy, fuel wood, biogas, and renewable energy. On the basis of product structure, the industry is bifurcated into built-in and free-standing appliances.

 

Applications are split into commercial and residential. Commercial refrigerators are widely used in supermarkets, convenience stores, restaurants specialty food stores, grocery stores, and cafeterias. Residential segment was valued surpassing USD 100 billion in 2014. It is expected to be the leading sector in the coming years.