Kitchen Appliances Market - Analysis, Size and Forecasts To 2022

The global kitchen appliances market is estimated to worth USD 246.3 billion by 2022, according to a new study by Grand View Research, Inc. Research and development or innovation by industry participant is anticipated to boost industry growth over the forecast period.

Energy efficiency, cost, technology advancement, quality of the products affect the consumers’ buying decision. Emergence of ecommerce industry and investment in distribution channels has not only boosted industry participants’ revenue but also has expanded their reach. Growing demand for product up-gradation is anticipated to drive industry growth over the next seven years.\

     North America kitchen appliances market by product, 2012 - 2022 (USD Billion)

Governments worldwide are focusing on curbing energy consumption through new regulation and consumer awareness campaign, which is anticipated to drive demand for energy efficient technology products.

Changing consumer lifestyle and increasing income level is expected to boost industry growth over the forecast period. Increasing demand for ready-to-eat food may pose a challenge to growth over the next seven years.

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Further key findings from the study suggest:

• Kitchen appliances include dishwasher, cooking appliances, refrigerator, and other minor product. Some cooking products include griller, oven, barbecue, heater, fryer, cooker, etc. Increase in surplus money and growing dual earning family is expected to drive the demand for higher end or luxury product. Dishwashers are estimated to witness substantial growth owing to increasing home maid wage and decreasing time for household chores. The cooking appliances market is estimated to grow at CAGR of more than 4% over the forecast period.
• Commercial refrigerators are commonly used at convenience stores, grocery stores, restaurants, cafeterias, supermarkets, and other food stores. Increasing in number of fast-food restaurants is expected to favor commercial segment growth over the forecast period. Residential segment was valued at more than USD 100 billion in 2014 and is expected to be the key application sector over the next seven years.
• North America kitchen appliances market is anticipated to dominate global revenue generation in the coming years. Asia Pacific kitchen appliances market is anticipated to witness significant growth owing to increase income level and rising middle class population in the region. Indian government “Make in India” initiative will not will boost manufacturing but also enable industry players to offer products at low cost to Indian customers.
• Europe kitchen appliances market is expected to be propelled by increasing demand for energy efficient products. Government in European countries and the European Union are trying to curb energy consumption through new regulation and consumer awareness program.
• Companies operating in the industry include Dacor Inc, AB Electrolux, LG Electronics, Haier Group Corporation, Panasonic Corporation, and Philips Electronics. Other prominent vendors include Morphy Richards Limited, Samsung Electronics, Robert Bosch GmbH, and Whirlpool Corporation. In February 2014, Philips announced the availability of Philips Airfryer, an innovative kitchen appliance in nearly over 100 countries around the world. In August 2015, Electrolux Professional announced that it had enhanced its delivery offering to allow dealers and designers access to new commercial kitchen equipment just 24 hours after ordering. In October 2014, Electrolux announced the acquisition of Beefeater Barbecues, an Australian barbecue manufacturer, to increase market growth of niche barbecues in the region.

Grand View Research has segmented the kitchen appliances market on the basis of product, application, and region:

Kitchen Appliances Product Outlook (Revenue, USD Billion, 2012 – 2022)

Refrigerator

Cooking Appliances

Dishwasher

Others

Kitchen Appliances Application Outlook (Revenue, USD Billion, 2012 – 2022)

Commercial

Residential

Kitchen Appliances Regional Outlook (Revenue, USD Billion, 2012 – 2022)

North America

Europe

Asia Pacific

RoW

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Kitchen Appliances Market - Growth Size And Forecasts, 2015 To 2022

Global kitchen appliances market is expected to be driven by high technology penetration in appliances development. Kitchen appliances are now-a-days forming an integral part of cooking specifications and are replacing traditional cooking tools.

Changing lifestyle and urbanization have led to transfer of cuisines from one region to the other, which can be evident in the form of increasing operational presence of overseas food franchises such as Mc Donald’s, Starbucks, KFC and Pizza corners in Asian markets. Similar trends can be observed in western consumers adopting Asian cuisines in their dietary patterns.

Technology has played a large role in the development of industry over the recent past. Companies operating in the market compete on the basis of product differentiation, which they achieve on the basis of features and facilities offered in respective product segments. Also, increased scale of operations and localization of production & distribution network have aided in stabilizing appliance prices. Thus greatly improving affordability and end-user reach in developing regions.

A few examples of widely used kitchen appliances include blenders, ovens, refrigerators, countertop stoves, dishwashers, food processors, ice cream makers, mixers, grills, coffee vending machines, toasters and chimneys.

Due to ease of availability and higher disposable income, the industry has been primarily concentrated among populace in urban areas. However, evolving distribution network and localization of economies are expected to increase kitchen appliances penetration in rural areas.

Supply network in the industry is divided on various levels from corporations tending to provide products through flagship stores, to marketing their products through shared retail platforms. For example, Haier markets its products through exclusive brand stores such as ‘Haier Experience Zones’ while companies such as Samsung & LG approaching consumers through more traditional methods.

Regulations related to environment and sustainability, coupled with corporate-social initiatives by companies to reduce carbon footprint has also played a vital role in shaping industry dynamics. This has resulted in companies offering products with energy savings certifications, and smart interfaces.

North America is major region and has dominated the global industry over the recent past. The region is characterized by high consumerism, advanced consumer appliance technologies, and well established environmental regulations & policies.

Asia Pacific on the other hand has a lot of untapped potential with populace in the region experiencing surge in income levels and gaining exposure towards urbanization. Technological revolution and evident growth of Chinese and Taiwanese appliance manufacturers are also expected to aid in Asia Pacific growth over the forecast period.

Latin America is another high growth potential region with Brazil, Argentina, Venezuela and Chile offering promising opportunities. The end of government’s IPI tax incentive in Brazil is a minor threat for the region’s growth as this could impact product prices, as most appliances in the region are imported. Comparing the aforementioned threat to the scale of consumer income increase and middle class upgradation to value added appliances, the threat might be offset to a large extent.

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