Westford, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) -- In the past few years, kitchen appliances market have come to comprise a significant share of the overall household gadget market. This is reflected in SkyQuest's analysis of the sector, which shows that in 2021, kitchen appliances accounted for 60% of all consumer electronics spending in the Europe and North America.
SkyQuest has released its tracker report for the third quarter of 2022 on the global kitchen appliances market. The report finds that global appliance shipments grew 7.5% in Q3 2021 to reach 84.9 million units. Growth was driven by Asia-Pacific (+14%) and Latin America/Caribbean (+11%). Meanwhile, North America saw declined shipments (-1%), while Europe grew by just 1%. The top four categories in terms of global shipments are refrigerators (21%), ovens (18%), and breakfast items such as toasters and coffee makers (15%). In terms of regional shipment share, Asia-Pacific leads with a share of 42%, followed by Latin America/Caribbean at 38%, Europe at 17%, and North America at 14%."Innovation continues to be key factor in driving appliance demand. For example, appliances such as dishwashers with built-in coffee makers that allow customers to wash dishes and brew coffee simultaneously are saving time and improving hygiene levels.
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This growth of the global kitchen appliances market is due in part to the increasing popularity of healthy eating and cooking habits, as well as an increase in the number of individuals who are engaged in professional cooking or home cooking. One key factor driving this growth is the increasing popularity of home cookware and appliances, such as induction cooktops and blenders. These products are designed to save energy and improve efficiency, which is why they are becoming increasingly popular among consumers. In addition, appliance manufacturers are expanding their portfolio to include more specialized products, such as coffee makers that also allow for brewing with nitro options.
SkyQuest’s report identified four key trends that will influence the growth of the kitchen appliances market:
- Increasing demand for healthier eating and cooking habits
- Increased popularity of home cookware and appliances
- Expansion of product portfolio by appliance manufacturers
- Increased adoption of technology
Samsung and LG are Dominating the Global Kitchen Appliances Market
The market for kitchen appliances is broadly dominated by two major players: Samsung and LG. In terms of international sales, these companies are far and away leaders, with Samsung knocking out LG as the world's largest appliance maker in 2021.
However, there is a lot of competition from Chinese brands too in the global kitchen appliances market - Huawei and Xiaomi are two examples. At the heart of this appliance market are four core product categories: refrigerators, washing machines, dishwashers and ovens/grills. Within these categories, there are further subcategories (eg dryers), each with its own distinct selling points and target audience. Looking forward, we expect manufacturers to continue to focus on developing new products within these core categories. In particular, we believe they will target consumers who are upgrading their household gadgets - an increasingly affluent group. At the same time, they will also seek to widen their market reach by targeting new audiences (such as renters or families with smaller kitchens).
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Samsung Electronics is the leading player in kitchen appliances market. In 2021, Samsung sold 11% more appliances than the nearest competitor. The company offers a full range of kitchen appliances such as refrigerators, microwaves, blenders, and juicers. Samsung has a strong presence in North America and Asia Pacific, where it sells nearly 60% of all kitchen appliances. In Asia Pacific, Samsung enjoys a dominant share with almost 40% of the market. Europe accounts for around 25% of the total sales revenue. The domestic market is lucrative for Samsung as over 70% of households in India and China own at least one appliance from the company. This reinforced support from end users has helped Samsung maintain its position as the global leader in kitchen appliances sector. In addition to introduction of innovative products, key strategies employed by the company include aggressive marketing campaigns that target specific consumers and strives to provide Best Service irrespective of location or time of purchase.
Key Report Findings
SkyQuest's analysis of kitchen appliances market is a detailed look at some of the current trends in this market. The report covers the market sizes and growth rates for various key product categories including refrigerators, stovetops, and ovens. It also provides insight into the drivers and constraints affecting each category. In addition, it discusses the various opportunities and threats that are currently facing the kitchen appliance market.
From the study of the kitchen appliances market, our industry analysts have determined that the refrigerators segment is currently growing at a slower rate than other product categories. This can be attributed to several factors such as rising energy prices and sluggish economic conditions in developed countries. However, this slowdown is not expected to last long, as the health sector continues to grow rapidly. In fact, over 70% of total global spending on food is now spent in developing countries.
On the other hand, the oven segment is anticipated to grow at a faster rate than refrigerators over the next several years across the global kitchen appliances market. This can be attributed to rising dietary trends such as cooking more meals away from home and increasing interest in healthy eating options. Moreover, new technology such as smart ovens is expected to contribute significantly to growth in this category.
The study found that while people want new and innovative appliances, they are also price-sensitive and prefer appliances that are not too expensive. In addition, SkyQuest also found that people want appliances that can do a variety of tasks, including preparing food and cleaning up. Also, there has been a shift in customer preferences over the past decade, with more focus on features and performance. In particular, there is a growing demand for high-end appliances in the kitchen appliances market that offer reliable performance in a variety of settings. Additionally, the study found that major brands are seeing increasing demand from small to mid-sized businesses as they seek to compete against larger appliance companies.
Overall, the report found that there is considerable opportunity for companies in the kitchen appliance market. Given the strong preference for appliances that are affordable, multifunctional, and easy to use, companies that can provide these products will be successful.
SkyQuest Analysis of the Global Kitchen Appliances Market
From the last few years, manufacturers are responding to shifting and changing consumer behavior by focusing on offering more efficient models with interchangeable parts, variable speeds and greater durability. As a result of these shifting trends, over the past four years sales growth rates have been consistently above market average ranging from 3.3% in 2018 to 4.4% in 2022. This upward trajectory of the kitchen appliances market is likely to continue until 2028 as new models are launched and existing products updates with enhanced features. SkyQuest's research also highlights that free-standing appliances remain the most popular type with consumers valuing their convenience, although induction ranges now have a niche following. Smaller appliances such as blenders and homeware ovens are also gaining popularity due to their economy of scale and easy fit into tight spaces.
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Top Players in the Global Kitchen Appliances Market
- Smeg SpA(Italy)
- Panasonic Corporation (Japan)
- Whirlpool Corporation (US)
- AB Electrolux (Sweden)
- Haier Electronics Group Co., Ltd. (China)
- LG Electronics (South Korea)
- SAMSUNG ELECTRONICS CO. LTD. (South Korea)
- Morphy Richards (UK)
- Dacor Inc. (US)
- Robert Bosch (Germany)
Related Reports in SkyQuest’s Library:
Global Vibration Sensor Market
Global Poultry Processing Equipment Market
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