The global kitchen appliances market is anticipated to reach USD 340.9 billion by 2026 according to a new report published by Polaris Market Research. In 2019, the refrigerator segment dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
The changing lifestyles and hectic schedules of working professionals contribute to a growing demand for kitchen appliances. Consumers prefer kitchen appliances, which are easy to operate and facilitate faster cooking. Rising disposable income is one of the factors responsible for the growth of the market. The increasing propensity of consumers to spend on appliances to lead convenient lives has also resulted in an increased demand for kitchen appliances.
The other factors responsible for the growth of the market are convenience in fast cooking and healthy food consumption. Players in the market are launching cooking appliances that enable faster cooking while keeping the nutrients of food intact. The introduction of energy-efficient cooking appliances equipped with multiple cooking functionalities caters to consumers. Moreover, the increasing trend of smart appliances would also encourage manufacturers to launch innovative kitchen appliances, which are compact and easy to use.
There has been a considerable increase in the middle class and young working population across the globe. The rising female working population and busy schedules of people have led to increasing demand for kitchen appliances. More social gatherings coupled with a growing need for quick and efficient kitchen activities have boosted the market. Greater individual purchasing power has led to increased spending on consumer goods. Rising disposable income enables consumers to purchase multipurpose and easy-to-operate kitchen appliances to simplify and ease their kitchen activities. Consumers generally opt for stylish and technologically advanced kitchen appliances, which complement their living standards. Market players are introducing new products equipped with advanced features at affordable prices to cater to consumer demand.
North America generated the highest revenue in the market in 2019, and is expected to lead the global market throughout the forecast period. High living standards along with high disposable income in the region encourage consumers to purchase kitchen appliances to simplify kitchen activities. The growing adoption of smart technologies and home automation systems is further expected to augment market growth in the region. The Asia-Pacific is also expected to grow at a significant rate during the forecast period owing to the increasing population and improving living standards.
The different types of kitchen appliances include cooking appliances, refrigerators, dishwashers, and others. In 2019, refrigerators accounted for the highest market share owing to the increasing need to conserve edible items at a range of different temperatures. Consumers prefer to use energy-efficient refrigerators due to environmental concerns. The introduction of advanced refrigerators equipped with smart technologies is expected to drive the market in the future.
The well-known companies profiled in the report include Whirlpool Corporation, Robert Bosch GmbH, LG Electronics, AB Electrolux, Haier Group Corporation, Panasonic Corporation, Samsung Electronics, Koninklijke Philips N.V., and Sharp Corporation. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.