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Kitchen Appliances Industry to Experience Rapid Growth Till 2024
The Global Kitchen Appliances Market was estimated at around USD 179 billion in 2015. Energy and cost-efficient products can gain revenue share due to government initiative to conserve electricity consumption.
Rise in fast-paced modern lifestyle, dual income households, growing preference for modular kitchen are expected to drive the demand of kitchen appliances. Moreover, rapid urbanization and product upgrade can also contribute to market growth.
Increasing electricity costs and government focus to spread awareness about energy consumption can promote environment friendly and energy efficient products. Health conscious and geriatric population requires kitchen appliances that require less oil. The penetration of these appliances in the market can further propel industrial growth. The kitchen appliances market is divided into products, fuel type, product structure, applications, and regions.
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By products, the market is segmented into dishwasher, refrigerator, cooking appliance, and other appliances. Refrigerator accounted for over 40% of overall revenue share. It is expected to grow at a CAGR of around 5% till 2024.
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