Kitchen Appliances Market Analysis APAC, North America, Europe, South America, Middle East and Africa - US, China, India, Germany, France - Size and Forecast 2024-2028

Kitchen Appliances Market Forecast 2024-2028 

The Kitchen Appliances Market size is forecast to increase by USD 64.03 billion, at a CAGR of  5.31% between 2023 and 2028. 

Moreover, the rapid expansion of the market can be attributed to several factors. One such factor is the surging demand for premium and innovative smart kitchen appliances, driven by consumers seeking more efficient and advanced solutions for their culinary needs. Additionally, the growth in residential construction activities has contributed significantly to the market's acceleration, as newly constructed homes often integrate smart technologies into their kitchen spaces. Another key driver is the convenience and ease of use provided by smart kitchen appliances, appealing to consumers looking for time-saving and automated functionalities in their cooking processes. These combined factors have propelled the market forward, creating opportunities for manufacturers and retailers in the smart kitchen appliance industry. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.

What will be the Size of the Market During the Forecast Period?

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Market Dynamic and Customer Landscape

The market is driven by IoT integration, promoting enhanced functionality and energy efficiency, while sustainability and the bio-based segment are key trends shaping consumer preferences. The demand for eco-friendly raw materials in appliances like ovens, refrigerators, stoves, blenders, and dishwashers is rising due to increasing urbanization and household formation in emerging markets. However, challenges such as government regulations regarding hygiene and the need for modular kitchen equipment adaptation in hotels and restaurants persist amidst the surge in e-commerce and adoption of smart home technologies. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The ease of use and convenience offered by smart kitchen appliances is notably driving the market. The main advantage of modern kitchen appliances are easy and convenient to use and can be controlled from anywhere with just a click on a smartphone through a mobile application, which comprises different recipes, user guidance, shopping assistance, and controls. In addition, through the featured mobile application connected to appliances, users can remain updated about the activity status of their devices.

Moreover, another major factor driving the demand for smart kitchen devices is remote access, which allows users to perform different tasks at a time and also helps in saving energy. In addition, smart kitchen devices such as refrigerators, cooktops, coffee machines, microwaves, and wall ovens can be operated through Wi-Fi or Bluetooth connectivity and controlled through smartphones. Furthermore, the modern generation, especially the millennials, is shifting toward such smart kitchen devices due to hectic lifestyles and work schedules, as well as the ease of use and faster cooking capability of smart kitchen devices. Hence, such factors are driving the market growth during the forecast period.

Key Market Trends

The advent of multi-cooking functionalities in smart cooking appliances is an emerging trend in the market. The demand for smart cooking appliances with multi-cooking functionalities is increasing. In addition, for customer convenience, vendors focus on offering cooking devices equipped with wireless technology for remote access. Furthermore, multi-cooking functionalities are one of the deciding factors for customers opting for smart cooking devices.

Moreover, the Paragon induction cooktop is an innovation by a part of Haier Smart Home Co. Ltd, GE Appliances FirstBuild, which is a co-creation community.  In addition, the community developed a smart induction cooktop that uses a Bluetooth connection between the induction cooktop, the mat, and the probe. Furthermore, a user can perform different cooking techniques, including sauteing, searing, poaching, simmering, sous-vide, and stir-frying. Hence, such factors are driving the market during the forecast period.

Major Market Challenge

Fluctuations in raw material prices and operational costs of kitchen appliances is a major challenge hindering the market. The market price of household appliances, including kitchen devices, depends on manufacturing costs, labor costs, the prices of raw materials, transportation costs, and marketing costs. In addition, fluctuations in the prices of raw materials directly impact the price of products or the profit margins of manufacturers.

Moreover, the manufacturing of kitchen appliances such as roti makers includes the procurement and use of several raw materials, including steel, iron, plastic, glass, electronic equipment, and paints. In addition, the prices of these materials are subject to change and fluctuate with international prices. Furthermore, metallic raw goods and components used for manufacturing the finished product are expensive. Hence, such factors are hindering the market during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Beko A and NZ Pty Ltd: The company offers kitchen appliances under its brands Beko, Grundig, Leisure, Blomberg and Flavel.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

• BSH Hausgerate GmbH
• Coway Co. Ltd.
• Electrolux AB
• General Electric Co.
• Godrej and Boyce Manufacturing Co. Ltd.
• Gourmia Inc.
• Haier Smart Home Co. Ltd.
• Havells India Ltd.
• Koninklijke Philips N.V.
• LG Electronics Inc.
• MIDEA Group Co. Ltd.
• Miele and Cie. KG
• Newell Brands Inc.
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• Sharp Corp.
• Smarter Applications Ltd.
• Weber Stephen Products LLC
• Whirlpool Corp.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Largest-Growing Segments in the Market?

The market is experiencing a transformation fueled by IoT integration, which enhances energy consumption management and promotes sustainability. The bio-based segment is gaining traction, emphasizing the use of eco-friendly raw materials in manufacturing appliances like ovens, refrigerators, stoves, blenders, and dishwashers. Urbanization and increasing household formation in emerging markets are driving the demand for cooking ranges with novel shapes and sizes, emphasizing usability and efficiency. In the hospitality sector, including hotels and restaurants, adherence to government regulations regarding hygiene is paramount, leading to the adoption of advanced modular kitchen equipment and induction cooktops. Technological advancements such as speed cooking ovens and warming drawers are complementing the rise of smart home technologies. Connected appliances with Wi-Fi connectivity and voice control are becoming standard, offering convenience and control to consumers. 

Moreover, the residential segment is estimated to witness significant growth during the forecast period.  A wide variety of kitchen appliances, comprising microwaves, cooktops, ranges, and other specialty items, are part of the residential cooking appliances segment. In addition, these items can be manual or smart and are designed to make cooking and cleaning chores simple and easy. Furthermore, the growing global population, coupled with an increase in the number of nuclear households, is expected to be a major driver for the expansion of the residential segment of the global market.

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The residential segment was the largest segment and was valued at USD 98.34 billion in 2018. Moreover, the growing proportion of nuclear households that require at least one cooktop also contributes to the growth of the global market. Therefore the increased number of nuclear households will push up demand for kitchen appliances, which will fuel market growth. In addition, increasing demand for energy-efficient appliances across households and rapid commercialization of smart kitchen appliances will also be other significant drivers of the growth of the segment. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.

Which are the Key Regions for the Market?

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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is leading the global market due to the growing demand for indigenous home-cooked food products, especially across countries such as India, China, Japan, and South Korea. In addition, the growing disposable incomes of the population aided with rapid urbanization across the countries in APAC are allowing consumers to afford various types of innovative and advanced household appliances, including refrigerators, dishwashers, and microwaves. Moreover, the demand for time-saving, convenient, and user-friendly appliances is aided by the surging hectic lifestyle across the region and will drive the demand for kitchen appliances in APAC. Hence, such factors are driving the market growth during the forecast period.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Application Outlook 
  • Residential
  • Commercial
• Distribution Channel Outlook
  • Offline
  • Online
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is witnessing a transformative shift driven by IoT integration, emphasizing energy consumption efficiency and sustainability. This global market encompasses a range of appliances, including stoves, blenders, and cooking ranges, catering to diverse needs in both residential and commercial settings. With a focus on eco-friendly materials and water consumption, manufacturers are innovating in areas like induction cooktops, speed cooking ovens, and warming drawers to meet government regulations and address hygiene concerns. Rapid urbanization and household formation in emerging markets are fueling demand for energy-efficient and connected appliances, driving the adoption of smart home technologies with Wi-Fi connectivity and voice control features. The bio-based segment is gaining traction due to increasing sustainability concerns, while e-commerce platforms are expanding distribution channels, offering discounts and online payment banking solutions.

Moreover, in the residential segment, the refrigerator and dishwasher segments are prominent, showcasing novel shapes and sizes and usability improvements. The commercial segment also benefits from modular kitchen equipment and energy-efficient solutions, particularly in hotels and restaurants. As lifestyle changes drive demand for convenient and energy-efficient appliances, the market continues to evolve with smart home ecosystems and innovative product offerings to meet evolving consumer preferences and price competition dynamics. The global market is a dynamic sector driven by electricity and gas-powered appliances catering to diverse needs. From small appliances to energy-efficient kitchen equipment, this market encompasses a wide range of products. Manufacturers focus on replacement cycles to ensure continued consumer engagement and loyalty in the realm of consumer goods.

Furthermore, innovations like energy-efficient kitchen appliances and smart home appliances are gaining popularity across residential and commercial housing facilities. The refrigerator segment remains a cornerstone, offering advanced features and sustainability initiatives, especially in the wake of growing environmental concerns. The market's distribution channels vary from offline outlets like specialty stores to the ever-expanding online segment, providing discounts and offers to attract consumers. These platforms also offer convenience through online payment solutions. Overall, the market is characterized by a blend of technological advancements, eco-friendly initiatives, and consumer-oriented strategies, aiming to enhance efficiency and convenience for users worldwide.

Market Scope
Report Coverage	Details
Page number	165
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 5.31%
Market Growth 2024-2028	USD 64.03 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	4.73
Regional analysis	APAC, North America, Europe, South America, and the Middle East and Africa
Performing market contribution	APAC at 44%
Key countries	US, China, India, Germany, and France
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Beko A and NZ Pty Ltd., BSH Hausgerate GmbH, Coway Co. Ltd., Electrolux AB, General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Havells India Ltd., Koninklijke Philips N.V., LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd., Weber Stephen Products LLC, and Whirlpool Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, North America, Europe, South America, and the Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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