Ocean View, DE -- (SBWire) -- 06/19/2020 --As per a research report by Global Market Insights, Inc., global kitchen appliances market is estimated to surpass $250 billion through 2023. Global market has emerged as one of the most lucrative verticals across the world. The industry is now projected to observe a substantial amount of growth in the coming years. Rising urbanization across throughout the world is likely to be a major factor augmenting market share through 2023. Rapidly shifting customer preference in the kitchen industry would also add up to the overall industry revenue.
Apart from growing urbanization, the rising food service sector would also outline the kitchen appliances market trends in the forthcoming timeframe. Domestic appliances are extensively used in the food service sector. In addition, several technological advancements for making more energy-efficient electronic products that are ecofriendly and also reduce overall operating costs should majorly influence the market trends.
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Apart from food service, the growing prevalence of e-commerce across tier 2 and tier 1 cities is likely to bring heavy growth opportunities for kitchen appliances market. Growing usage of e-commerce results in enhanced connectivity, customer convenience, and energy-saving attributes. Meanwhile, new rural electrification projects would also offer steady development opportunities for the industry.
On the geographical front, Europe kitchen appliances market is set to witness considerable growth in the coming years. in fact, the regional market share is projected to grow at a healthy CAGR of 4.5% through 2023. This development can be attributed to rising customer awareness in using energy-efficient products.
In addition, stringent government norms in reducing energy consumption has resulted in phasing out older products. This has further increased demand for the adoption of newer products pushing the market expansion in the region.
The dishwasher market is anticipated to observe significant development in the coming years. The segment attributed to approximately 15% of the overall market share in 2015. The kitchen appliances market is projected to grow at a healthy CAGR of 3.4% through the forthcoming timeframe.
Growing number of nuclear families across the globe is a major factor proliferating the industry outlook. Additionally, evolving customer lifestyles are also projected to outline the market share over the forecast timespan.
With reference to the application segment, commercial sector dominated the market share in 2015 as it was valued at more than $65 billion. The segment is further estimated to observe similar growth trends in coming years.
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This growth can be attributed to massive applications of the segment as compared to the residential sector. Growing need of the products in commercial areas like hospitality would positively influence the market trends through 2023.
All in all, the aforementioned factors are set to bring massive opportunities for kitchen appliances market players. Some of the prominent players in the kitchen appliances market are Whirlpool Corporation, LG Electronics, Haier and Samsung Electronics, Morphy Richards Limited, Robert Bosch GmbH, Panasonic Corporation, and Philips Electronics among others.
Table of Contents (ToC) of the report:
Chapter 5 Kitchen Appliances Product Insights
5.1 Kitchen appliances market share by product, 2015 & 2023
5.2 Cooking appliances
5.2.1 Market estimates and forecast, 2012 - 2023
5.2.2 Market estimates and forecast by region, 2012 - 2023
5.3 Refrigerators
5.3.1 Market estimates and forecast, 2012 - 2023
5.3.2 Market estimates and forecast by region, 2012 - 2023
5.4 Dishwashers
5.4.1 Market estimates and forecast, 2012 - 2023
5.4.2 Market estimates and forecast by region, 2012 - 2023
5.5 Others
5.5.1 Market estimates and forecast, 2012 - 2023
5.5.2 Market estimates and forecast by region, 2012 - 2023
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/kitchen-appliances-market-report
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Kitchen Appliances Market to Cross 250 Bn US-Dollar by 2023 : Dacor, Electrolux, Haier, LG Electronics, Morphy Richards, Panasonic, Philips, Whirlpool, Samsung Electronic