News has it; Allied Marketing Research (AMR) has published a report which states some interesting, or rather, surprising facts and figures related to the kitchen appliance industry. According to the report, the global market of kitchen appliances is estimated to meet revenue of $253.4 billion in 2021. Moreover, it has disclosed a CAGR (Compound Annual Growth Rate) of 6.4 percent between 2014 and 2021.
The growth of kitchen appliances has lessened over the years. The reason behind this includes changing lifestyles, health concerns, lowered incomes, and the growth and services industry. People are more concerned than ever, and the COVID-19 situation has made it worse.
The report delivers all the aspects, focusing on extensive analysis of changing dynamics of the market, winning policies, business performances, and competitive developments.
Some of the most interesting facts presented by AMR in the report are stated below:
- The kitchen appliance industry includes refrigerators, dishwashers, cooking appliances, and other varied ranges. The refrigerator market holds a larger share in the kitchen appliance market, followed by the cooking appliances market.
- The market is divided into a structure type, which includes built-in and freestanding appliances. But, due to the rise in living standards and a decrease in incomes, customers opt for a modern kitchen setup. And the adoption-related to it is also less, due to the hefty price tags.
- Companies like Whirlpool, LG, and Electrolux, etc. are introducing new ideas in the market. They have introduced innovative kitchen wares that consume less energy, conserve nutrients, and taste while preparing food. The companies that have been reported to have profiled are Whirlpool, LG, Electrolux, Dacor, Samsung, and Morphy Richard, which are adopting a new mindset to expand and reach a gigantic share in the market.
- North America, mentioned as the largest market share on the planet, but the Asia-Pacific region is reflected as a lucrative market, in terms of growth graph.
Looks like the companies that are adapting to ever-changing trends and customer demands are in for the big wins in a shorter span of time!