- Opportunity and Forecast, 2016-2025
The global kitchen appliances industry has witnessed a paradigm shift during the last decade, owing to technological advancements in the sector. Technology has revolutionized the manufacturing and operation of appliances. Automation features have been introduced with the help of smart sensor technology. Manufacturers have focused on improving the reliability, durability, and aesthetics of appliances to increase their customer base. In addition, the implementation of distribution network helps manufacturers to expand their businesses and consumer base. Moreover, market players have focused on distributing their products across emerging geographies to expand their footprint.
The global kitchen appliances market is driven by change in lifestyles, advent of ecofriendly appliances, and increase in disposable income. In addition, the emergence of IoT and smart technologies supplement the market growth. However, high initial and maintenance costs of these appliances are expected to hamper the market growth. Furthermore, increase in the number of e-commerce retailers, use of energy-saving features, and development of next generation devices are expected to present new opportunities to the industry.
The global kitchen appliances market is segmented based on product, application, and geography. Based on product, the market is segmented into refrigerator, cooking appliances, and dishwasher. The application areas of the industry are broadly classified into commercial and residential. The market is analyzed based on five regions, namely North America, Europe, Asia-Pacific, Latin America, and MEA.
The key manufacturers operating in the industry are LG Electronics, Whirlpool Corporation, Samsung Electronics Limited, Haier Group Corporation, Electrolux, Panasonic Corporation, Koninklijke Philips N.V., Robert Bosch GmbH, and Dacor Inc. These manufacturers have adopted new product launches, partnerships, expansion, mergers & acquisitions, collaborations, joint ventures, and other strategies to gain strong position and competitive edge in the global market.
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