Based on the report by Grand View Research, the future of the global kitchen appliance market looks very bright. It is predicted that within the next 6 years the market will be worth approximately $246 billion. It is also projected that there will also be marked improvement in the quality of appliances due to increased focus on research, development and innovation.
Kitchen appliances primarily comprise of dishwasher, cooking appliances, refrigerators, cooking products such as grills, ovens, barbecues, heater, fryers, cookers etc. Commercial appliances such as refrigerators are mostly used in grocery stores, large convenience stores, restaurants, cafeterias and supermarkets. Smaller appliances like blenders, all-in-one coffee makers, cupcake makers, donut makers, sandwich makers etc. also continue to show reasonable growth.
Over the past three decades, customers have come to expect more from the kitchen appliance industry. Consumers now demand appliances that are energy efficient, high-tech and economical. They also expect appliances to be more durable than before. The demand from consumers for new and more improved products will continue to drive further growth in this industry.
A primary reason for the growth in the kitchen appliance market is the rapid increase in e-commerce. The ease and convenience of online stores has allowed consumers globally to order almost any appliance they want, anywhere in the world. In order to keep up with the growing consumer demands and ease of online shopping, major players in the market have also managed to keep up by making more investments in newer designs and more compact appliances. Effective use of ecommerce has enabled these companies to reach a larger customer base.
Better government regulations have also made it easier for businesses to innovate. Government strategies to restrict energy consumption have encouraged manufacturers to develop more energy-efficient products. The new regulations have also forced the industry to become innovative and this has benefited the industry overall – both the consumers and the manufacturers.
In addition, the gradual change in consumer lifestyle and rising income levels has resulted in an increase in the purchasing power. These factors have helped boost the industry. It is however evident that consumers today want small and portable kitchen appliances that are easy to use and affordable to buy.
Latest industry reports reveal that almost every type of kitchen appliance from the refrigerator, dishwasher, oven heater, fryer to other minor appliances (eg coffee maker, toasters) have seen an increase in demand. Findings also indicate that the consumers will continue to splurge on high end luxury appliances. For example demand for dishwashers is also expected to increase in the years to come. Most people today have extremely busy lives and require appliances that are quick and efficient.
Grocery chains also continue to expand as does the demand for commercial kitchen appliances. Similarly the increase in fast food restaurants is also expected to result in further growth for commercial kitchen appliances.
It is important to note that the growth in the kitchen appliance market is not limited to the US but has also been observed in other regions such as Asia and Europe. Most major appliance companies are expected to show consistent growth in the years to come including Electrolux, Panasonic Corporation, Dacor Inc, Whirlpool and many others.