The global kitchen appliances market size was US$ 264.60 million in 2021. The global kitchen appliances market is forecast to grow to US$ 426.70 million by 2030 by growing at a compound annual growth rate (CAGR) of 6.0% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The rising trend of smart homes and the increasing popularity of technology-driven appliances will fuel the growth of the smart kitchen appliances market. Connected appliances are expected to gain significant traction in the coming years. Therefore, the majority of appliance manufacturers are offering smart and connected refrigerators to attract customers. Samsung launched 'Family Hub refrigerator,' in 2019. The refrigerator offers advanced features that automate meal planning and other daily tasks and deliver a more personalized experience. Thus, such advancements will escalate the growth of the global kitchen appliances market during the study period.
Growing purchasing power will allow consumers to purchase efficient appliances. Therefore, it will benefit the kitchen appliances market throughout the forecast period.
Growing launches of advanced technologies will also contribute to the growth of the global kitchen appliances market. For instance, Whirlpool Corporation unveiled its Smart Countertop oven under the brand name of WLabs in 2019.
Availability of cost-friendly kitchen appliances will also drive the market forward.
Regional Analysis
The Asia-Pacific kitchen appliances market is forecast to grow at the highest growth rate. It is owing to the presence of the fastest growing economies in the region. In addition, the growing urban population, together with the increasing purchasing power of the population, will also contribute to the growth of the market. Trending smart kitchen infrastructure and the popularity of innovative appliances will drive the market forward.
COVID-19 Impact Analysis
The wake of the pandemic has drastically affected the entire hospitality sector. Most of the countries announced a complete lockdown, which forced hotels and restaurants to shut the doors for dine-in facilities. However, the concept of a ghost kitchen grew exponentially. As a result, it has been beneficial for the global kitchen appliances market.
The high cost of kitchen appliances has been a significant obstacle limiting the industry growth during the pandemic. Due to the wake of the pandemic, the demand for luxury products reduced drastically. As a result, it hampered the growth of the global kitchen appliances market. In addition, challenges faced by the manufacturing units further hampered the growth of the global kitchen appliances market.
Competitors in the Market
Market Segmentation
The global kitchen appliances market segmentation focuses on Product, Fuel, Distribution Channel, Application, Product Structure, and Region.
By Product Type Outlook
By Fuel Type Outlook
By Distribution Channel Outlook
By User Application Outlook
By Product Structure Outlook
By Region
