Kenneth Research, in its repository of market research reports, have recently added a report on Kitchen Appliances Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Kitchen Appliances Market products.
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By the end of 2050, the world’s population aged 60 years and above is anticipated to reach 2 billion, states the World Health Organization (WHO), in one of its statistics. Additionally, several manufacturers are increasingly showing interest for manufacturing healthy beverages, which is also anticipated to drive the growth of the market in the coming years.
Global Kitchen Appliances Market was valued at USD 223.6 Billion in the year 2018. Global Kitchen Appliances Market is further estimated to grow at a CAGR of 6.5% from 2019 to reach USD 350 Billion by the year 2025. The North America region holds the highest Market share in 2019 and the Asia Pacific is considered as the fastest growing Market in the forecasted period. At a country level, US, China, and the U.S. are projected to grow strongly in the coming years due to increasing density of population and funding through Research and Development.
The Global Kitchen Appliances Market is segmented as By Product, Application, and Region. The Product segment is divided into Refrigerators, Refrigerators, Dishwashers, Ovens, Cookware and cooktops, scales and thermometers and other products (Kettles and coffee makers) in which the refrigerators segment accounts for the highest Market share due to growing efforts to develop advanced refrigerator models from global players. The Application segment is divided into commercial and residential in which the residential segment accounts for the largest Market share due to rising expenditure on household appliances.
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Major market players in Kitchen Appliances Market are Philips N.V, Inalsa, Black and Decker, Morphy Richards, Faber, Siemens, Bosch, Bajaj, Maharaja, Miele, and Other 9 more companies detailed information is provided in the report.
SWOT analysis of Kitchen Appliances Market
Strength:
Rapid change in lifestyle
Weakness:
Quite expensive
Opportunities:
Introduction of innovative products
Growth in investment through R&D
Threats:
Growing competition among key players
Kitchen Appliances Market Segmentation:
Kitchen Appliances Market Overview, By Product
*Refrigerators
*Dishwashers
*Ovens
*Cookware and cooktops
*Scales and thermometers
*Other products (Kettles and coffee makers)
Kitchen Appliances Market Overview, By Application
*Residential
*Commercial
Kitchen Appliances Market Overview, By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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