Portland, OR, Aug. 19, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global kitchen appliances market generated $237.3billion in 2019, and is estimated to reach $377.7billion by 2027, registering a CAGR of 6.0% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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Growing technological advancement in development of kitchen appliances and rise in lifestyle standards of people due to significant increase in disposable incomedrive the growth of the global kitchen appliances market.However,higher rate of electricity consumption restrainsthe market growth. Furthermore,growing adoption of smart kithchen appliances and availability of quality product at reasonable pricesare expected to provide new growth opportunitiesfor the market player in near future.
Covid-19 scenario:
- Kitchen appliances manufacturing companies have been affected to a larger extent due to disrupted component supply chain during Covid-19 outbreak.
- In addition, the major distribution channels for kitchen appliances including specialty stores and malls have been closedamid lockdown. Due to this buying behaviour of consumers have been changed as they now prefer buying kitchen appliances on e-commerce platforms.
The report offers a detailed segmentation of the global kitchen appliances market based onproduct type,user application, product structure, distribution channel,and region.
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Based on product type, the refrigerator segmentcontributed to the largest share in 2019, accounting formore than two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, thedishwasher segmentis estimated to portray the highest CAGR of 7.6% during the forecast period.
Based on application, thehousehold segmentaccounted for the largest share in 2019, holding nearly three-fifthsof the total share, and is expected to maintain the largest share throughout the forecast period. However,the commercial segmentis expected to register the highest CAGR of 6.6% from 2020 to 2027.
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Based on region,North Americacontributed the highest share, accounting fornearly one-thirdof the total market sharein 2019, and will maintain its dominance throughout the forecast period.However,Asia-pacificisexpected to grow at the highest CAGR of 7.1% from 2020 to 2027.
Leading market players analyzed in the research include Whirlpool, Electrolux,Philips, Samsung, Dacor, Morphy Richard, Life is Good (LG),General Electric (GE),Panasonic, and Haier.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.