The “Kitchen Appliances Market – Forecasts from 2020 to 2025” report has been added to ResearchAndMarkets.com’s offering.
The kitchen appliances market was estimated at US$103.067 billion in the year 2019.
The primary growth factors for the kitchen appliances market to surge throughout the forecast period include rapid urbanization and changing lifestyles of the people due to the rising disposable income which is amplifying the demand for numerous appliances, especially in the developing economies. Kitchen Appliances are those appliances that are designed to make cooking easy and smooth. The major applications of these appliances include cooking, storage, and cleaning among others. Furthermore, the growing innovations by key players in the kitchen appliances market for the development of new and advanced products with an aim to cater to the burgeoning consumer requirements is also one of the major factors that show the potential for the market growth during the next five years.
These appliances further allow smooth functioning in the kitchen activities along with offering numerous benefits to their use. In addition, the rising penetration of energy-efficient appliances coupled with the increasing focus of the market players towards their investments in the development of low energy consuming devices is also anticipated to positively impact the market growth throughout the forecast period and beyond. Also, the changing consumer lifestyle is adding further leading to increased adoption of convenient and hassle-free products as the hectic lifestyle is further promoting the use of various kitchen appliances for time-saving purposes is also projected to support the market growth in the coming years.
Urbanization plays an important role in driving the demand for various products as more and more people are moving towards urban areas is leading to change in their lifestyles and standards of living. This, in turn, is significantly driving the demand for kitchen appliances especially in the developing economies which include India, China, and Indonesia among others. A notable surge in the urban population is driving the market growth for kitchen appliances in the next five years. For instance, according to the World Bank Group, the percentage of the urban population out of the total population in India increased from 30.246% in 2008 to 34.03% by 2018. Similarly, in China the total Urban Population reached 823,827,650 by 2018 from 616,481,190 in 2008.
Booming residential construction will surge the market growth
The booming residential construction around the globe due to Impressive economic growth, rising disposable income, and improvement in the standard of living are driving the demand for these appliances throughout the globe. The construction of new housing units is further leading to an increase in the number of kitchens thereby anticipating the demand for these appliances over the next five years. According to the Ministry of Housing and Government Affairs, the number of construction of new residential houses increased from 1, 25,551 units in 2015-16 to 1, 82,861 units in 2018-19.
Online sales to show notable growth
On the basis of the distribution channel, the global kitchen appliances market has been classified