Kitchen Appliances Market to be Driven by Changing Household and Commercial Lifestyles, Rising Concerns Regarding Ecofriendly Appliances

Europe kitchen appliances market share will grow at 4.5% CAGR from 2016 to 2023. Increased consumer awareness towards energy efficient products along with government mandates towards reducing energy consumption has resulted in phasing out of old products.

Growing urbanization and changing consumer preference will drive the kitchen appliances market size from 2016 to 2023. Growing food service industry will increase the domestic appliance demand in developing countries. Technological advancements in building more energy efficient electronic products will reduce the overall operating cost and produce eco-friendly products.

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Major manufacturers are focusing on solar power as an alternative for electricity to reduce the operating cost and increase the efficiency. Advanced cooking technologies in mature economies over traditional methods of cooking, cleaning and conserving food will fuel the kitchen appliances market share over the forecast timeline. Rising awareness among customers regarding modern kitchen appliances will further strengthen industry demand.

Dishwasher market share accounted for about 15% of the kitchen appliances market revenue in 2015 and will grow with 3.4% CAGR from 2016 to 2023. Rising nuclear families along with evolving consumer lifestyles will support the demand over the forecast timeframe.

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Rising e-commerce scope in tier 1 and tier 2 cities will improve connectivity, consumer convenience and energy saving attributes possessing high growth opportunities for kitchen appliances market share over the forecast timeline. Rural electrification projects will provide stable growth prospects.

Commercial applications were valued at over USD 65 billion in 2015 and possess high growth prospects over the residential segment. The growing demand across commercial areas such as hospitality will contribute to industry revenue in the coming years.

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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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