Ongoing rural electrification projects would also provide stable growth prospects over the long run for viable kitchen appliances market penetration.
Sellbyville, DE -- (SBWIRE) -- 11/09/2018 -- 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.
Rural electrification is another factor that could fuel the kitchen appliances market. The environmental concerns regarding global warming and rising pollution has led to the development of products that are energy efficient.
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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.
Commercial kitchen appliances market was valued at USD 65 billion in the year 2015. The increasing demand in the hospitality sectors such as hotels, food line businesses are the reason behind the expected growth.
The regulatory bodies around the globe have set certain electricity standards which are to be strictly followed by the manufacturers. These regulations are majorly regarding the environmental concerns and are set keeping in mind the environmental hazards caused by the devices.
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North America is leading the kitchen appliances market owing to the penetration of electronics across the household. Asia Pacific is growing significantly due to the increasing disposable income of individuals in the region. The improved consumer consciousness towards energy efficient devices along with government directives towards dropping energy consumption has resulted in reduction in use of old products in Europe.
Dacor, Electrolux, Haier, Morphy Richards, Panasonic, Philips, Bosch, Samsung Electronics, Whirlpool Corporation are some of the notable industry players. Competitive pricing is the major strategy adopted by the players owing to the entry of new players. Companies are also innovating various technologies in order to stand out in the highly fragmented kitchen appliances market.
Industry players, as well as retailers, are joining forces with finance and banks companies to market their appliances more aggressively. In the department stores, factors that support the rising sales comprise a robust emphasis on loyalty schemes, private labels, retail technology, and the renting of space in larger stores to minor retailers, who are selling a variety of products including cooking appliances.
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