Mexico Built-In Kitchen Appliances Market Overview, 2028

Mexico Built-In Kitchen Appliances Market Overview, 2028

Mexico's built-in kitchen appliances market is expected to grow mostly due to the construction industry's strong performance, a rebound in consumer confidence, and an increase in promotional activities at retail shops. Sophisticated and appealing designs in the mid-to premium-price segments were in great demand from consumers who desire highly efficient and well-designed appliances as their standard of living improves. A new market niche with enormous potential has been uncovered, and hence there is room for expansion in the country's home appliances market. Because of its proximity to the United States, Canada, and Latin America, Mexico can reduce logistical expenses for products that are more expensive to carry and store due to their weight and volume. Furthermore, Mexico's proximity to the Atlantic and Pacific Oceans makes it a vital location for doing business and exchanging goods with Europe and Asia. Participants from both domestic and foreign markets are present. Important market participants concentrate on tactics like innovation and new product launches to diversify their product offerings. Whirlpool Corporation, Mabe, Electrolux AB, LG Electronics, BSH Hausgerate GmbH, etc. are the major firms in Mexico.

According to the research report Mexico Built-in kitchen appliances Market Overview, 2028, published by Bonafide Research, the market is expected to add USD 81.72 Million by 2027. The housing market rebound will provide an opportunity for appliance producers. Because new homeowners account for a sizable amount of appliance purchases, the expected increase in housing starts may result in higher demand for the industry. Appliance manufacturers will almost certainly continue to face growing input costs, notably for plastic. With federal tax benefits expiring, many operators may cope by shifting production to lower-labor-cost countries such as Mexico.

According to the World Bank, the population of Mexico was 130.262 Million. There are 63.72 million males and 66.54 million females in Mexico. The percentage of the female population is 51.08% compared to 48.92% male population. Mexico has 2.81 million more females than males. The GDP of Mexico was USD 1.29 Trillion in 2021. Refrigerators are crucial pieces of major equipment in Mexican households. Household refrigeration based on vapor compression technology is widely employed in Mexican households. In Mexico, 80 percent of homes have at least one refrigerator. The presence of a large number of restaurants, hotels, and other establishments where cold beverages are typically served in the Mexican region is also a driving factor for the rise in demand for refrigerators. The emerging middle class and its purchasing power are expected to drive growth in both basic and premium refrigerator categories. French-door refrigerators are the most popular type of refrigerators. LG Electronics (LG) has revealed the market's most recent linear top-freezer refrigerator lineup. Along with refrigerators, cooktops and ovens have taken a sizable market share. The revenue earned has also been steadily increasing over the last few years.

A standard defining the safety requirements for electric cooker hoods and other smoke extractors in kitchens was approved by Mexico on July 31, 2019. These appliances can be positioned above, behind, or under stoves, ovens, and other similar cooking appliances because their rated voltage is not greater than 250 V.NOM-015-ENER-2018, the latest edition that replaced NOM-015-ENER-2012 about home refrigerators, refrigerator-freezers, and freezers, was issued on June 28, 2018. The NOM-015-ENER-2018 edition has already undergone its initial stage of implementation. A new NOM certificate issued following the latest version of the standard must be applied for by all producers and importers of residential refrigerators, refrigerator-freezers, and freezers with volumes 550L. On June 17, 2020, the NOM-015-ENER-2018 edition's second phase of implementation will go into effect. By June 17, 2020, all manufacturers and importers who currently hold active certificates for household refrigerators, refrigerator-freezers, and freezers with volumes under 400 L under the previous edition of the standard must be updated by requesting a new NOM certificate under the new version of the standard. On June 12, 2021, the NOM-015-ENER-2018 edition's third phase of implementation took effect. Until the expiration date of the NOM-015-ENER-2012 certificate, all makers and importers with NOM certificates granted following the prior edition before the implementation date of June 12, 2021, shall remain in compliance.

Although internet penetration in Mexico is low in comparison to other countries in North and South America, the proportion of major home appliances sold online has been steadily increasing in recent years. In addition, internet usage has increased in comparison to prior years. Also, fewer e-commerce platforms are functioning in the Mexican region. As a result, there is a big opportunity for e-commerce platforms to capitalize on this opportunity, as internet usage in the region is likely to rise at a faster rate in the coming years. This is because labor-intensive jobs are declining in comparison to blue-collar jobs. All of these variables are projected to bolster Mexico's total major home appliance market.

Covid-19
The spread of COVID-19 contributed to the decline of the Mexico Built-In kitchen appliances market on the back of disturbances in the supply chain and discontinuation of production. Moreover, consequent disruptions in the operations in the lockdown period in the country dipped the sales revenue for many of the top Built-In kitchen appliances brands in the near term and significantly contribute towards the slow growth of Mexico's Built-In kitchen appliances market in the coming years.

Considered in this report
• Geography: Mexico
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Mexico's Built-in kitchen appliances market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Built-In Ovens
• Built-In Hobs
• Built-In Hoods
• Built-In Refrigerators
• Built-In Dishwashers
• Others (Trash can cabinet, Built-in coffee maker, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Built-in kitchen appliances industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.