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Kitchen Appliances Market to be Revolutionized by Emergence of IoT Over the Coming Years

Author : Ronak Bora | Published Date : 2019-04-23 

Kitchen Appliances Market is expected to surpass USD 250 billion by the year 2023. Rapidly growing urbanization as well as the changing consumer preferences will drive the demand. Economical availability of electricity and the increasing concerns regarding eco-friendly appliances are set to fuel the global revenue. Developments in the ecommerce distribution channels and the emergence of IoT are among major technological advancements.

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The rising fuel prices is also building high growth opportunities for the kitchen appliances market, owing to the growing demand for induction devices. Both the residential and the commercial sectors contribute significantly towards this market growth. The increasing number of restaurants globally is boosting the commercial applications of the kitchen devices market, which is estimated to witness a CAGR of 4.6% over 2016-2023. Also, the rising demand for automation and replacement of old devices will drive the residential application market share. The kitchen appliances application in residential sector is forecast to surpass USD 150 billion by 2023.

The dishwasher market share accounted 15% of the kitchen appliances market revenue. There is a rise in nuclear families and the lifestyle of people has been changing over the years, fuelling the overall industry growth. Refrigerators contributed 40% to the overall kitchen appliances market. This is owing to the need of conservation of edible items in different temperatures. Technology developments to lessen the energy consumption, and its effect on the environment, along with smart operating features will constantly drive the industry growth. The cooking appliances market is also growing due to the increased convenience provided by this platform.

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The rising concerns pertaining to the environment and optimum energy utilization has boosted the demand for gas appliances, which holds a major share in the kitchen appliances market. Refrigerators, which are the most common yet vital part of the kitchen also contribute towards a noticeable share of this market. The global refrigerator market is forecast to surpass a revenue of USD 105 billion by 2023.

The improvement in the economy is also boosting the global kitchen appliances market. The Asia Pacific market is estimated to cross USD 75 billion by 2023, owing to the rise in disposable income and growing population base across this region. India & China are likely to lead the APAC market.

Key companies include Samsung Electronics, Haier, LG Electronics, and Whirlpool Corporation. Other notable industry participants are Philips Electronics, Panasonic Corporation, Robert Bosch GmbH and Morphy Richards Limited. The kitchen appliances market share is highly fragmented. Companies are focused on narrowing their prices owing to high threat of new entrants. Increased competition along with slow adoption has pushed competitors into price wars.

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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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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