Kitchen Appliances Market Size, Share & Trends Analysis Report By Product, By Technology (Conventional, Smart Appliances), By Application (Commercial, Residential), By Region, And Segment Forecasts, 2023 - 2030

Kitchen Appliances Market Size, Share & Trends Analysis Report By Product, By Technology (Conventional, Smart Appliances), By Application (Commercial, Residential), By Region, And Segment Forecasts, 2023 - 2030

Kitchen Appliances Market Growth & Trends

The global kitchen appliances market size is expected to reach USD 356.47 billion by 2030, registering a CAGR of 5.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Research and development or innovation by industry participant is anticipated to boost industry growth over the forecast period.

Energy efficiency, cost, technology advancement, quality of the products affect the consumers’ buying decision. Emergence of ecommerce industry and investment in distribution channels has not only boosted industry participants’ revenue but also has expanded their reach. Growing demand for product up-gradation is anticipated to drive industry growth over the next seven years.

Governments worldwide are focusing on curbing energy consumption through new regulation and consumer awareness campaign, which is anticipated to drive demand for energy efficient technology products.

Changing consumer lifestyle and increasing income level is expected to boost industry growth over the forecast period. Increasing demand for ready-to-eat food may pose a challenge to growth over the next seven years.

Kitchen Appliances Market Report Highlights

• The refrigerator segment accounted for the largest revenue share of over 34.0% in 2022. This growth is owing to the increasing need for food and beverage storage along with merchandising purposes in the commercial sector
• The conventional segment accounted for the largest revenue share of over 69.3% in 2022. A large consumer base prefers the familiarity and ease of use of conventional appliances
• The residential segment accounted for the largest revenue share of nearly 60.6% in 2022. The rising global population and increasing urbanization have led to the growth of residential construction and housing projects, creating a larger customer base for kitchen appliances
• North America dominated the market and accounted for the largest revenue share of 31.7% in 2022. Technological advancements have played a significant role in driving the growth of the market in North America
• Asia Pacific is expected to register the highest CAGR of 7.2% over the forecast period. Rising residential projects and the growing trend of nuclear families are expected to drive demand in the Asia Pacific region over the forecast period

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