Kitchen Appliances Market report, published by Allied Market Research, forecasts that the global market is expected to garner a revenue of $253.4 billion by 2020, registering a CAGR of 6.4% during the forecast period 2014 – 2020.The growth of the kitchen appliances market is supplemented by rising disposable incomes, changing lifestyles, increasing health concerns and the growing food and services industry. The kitchen appliances market primarily includes refrigerators, cooking appliances, dishwashers and others. The other category includes coffee maker, grinders, kettles and etc. The refrigerator market contributes for a larger market share in the global kitchen appliances market.
With respect to user application, the household segment accounted for the larger market share. The market has also been analysed from the perspective of fuel type. The gas appliances accounted for a major part of the kitchen appliances market, followed by electric appliances. The demand for electric appliances market is forecast to grow at a relatively higher rate compared to the gas operated appliances.
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The market is further segmented in to the structure type, which includes built- in and free stand appliances. Due to the rise in living standards and increase in disposable incomes, the customers are increasingly opting for modular kitchen setup. However, the adoption is less due to the high cost of these appliances.
Geographically, North America is a major contributor in the kitchen appliances market. The developing economies such as China and India would largely contribute to the growth of the market.
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Key Findings of the Kitchen Appliances Market Study:
- The Global kitchen appliances market is growing at a steady pace due to increasing disposable incomes, the growing food and services industry and the increasing health concerns, during the forecast period (2014 – 2020)
- Refrigerator market is the major contributor in kitchen appliances market, whereas cooking appliances, is the second leading market segment
- North America enjoys the biggest share in the global kitchen appliances market. However, Asia-Pacific would prove to be one of the most profitable markets, in terms of growth
- Companies like Electrolux, Whirlpool, are coming up with new and innovative appliances that consume less energy and retain the nutrients during food preparation. Companies are adopting product launches, acquisition/ partnership as strategies, in order to expand their reach and gain a bigger market share. The prominent companies profiled in the report include Electrolux, Whirlpool, LG, Dacor, Samsung, Morphy Richard.
Key players in the market are adopting product launch and acquisition as their key developmental strategies to meet the customer requirements and increase their customer base. Acquisition would help the players to share technological requirements for their existing and new products. This would ultimately help the market leaders to enhance their product portfolio with comparatively less investment and thereby increase their market share across various regions. The cost cutting in operations would also lead manufacturers to invest into marketing. In February 2015, Electrolux acquired one of the leading manufacturer of professional dishwashers – Shanghai Veetsan Commercial Machinery Co. Ltd., with the aim to enhance its product positioning in China.
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