The Asia Pacific Kitchen Appliances Market would witness market growth of 6.9% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 1,03,997.1 thousand Units, showcasing a growth of 7.1% (2019-2022).
Consumers are increasingly attracted to them due to lifestyle modifications precipitated by substantial increases in disposable income. The rise in demand for these appliances is reducing the price differential between comparable kitchen appliances sold by various market participants. Furthermore, rapid technological progress is anticipated to stimulate the expansion of domestic appliance sales soon. During the forecast period for kitchen appliances, the demand for simple and quick cooking appliances is projected to increase the overall demand for intelligent and efficient cooking appliances.
Increasing demand for replacements is anticipated to have a positive effect on revenue during the forecast period. Additionally, the increasing popularity of modular kitchens is expected to stimulate the demand for standalone cooktops and ovens. Key growth drivers include expanding urbanization and advancements in products. In the coming years, expanding government initiatives to raise awareness about energy consumption and rising electricity prices will stimulate demand for energy-efficient and environmentally responsible products.
The Indian e-commerce industry was valued at more than $55 billion in gross sales value in 2021, according to Invest India. It is anticipated that its annual gross merchandise value will reach $350 billion by 2030. India is projected to have more than 907 million internet consumers by 2023, constituting approximately 64% of the nation's total population and contributing to the expansion of e-commerce. E-commerce platforms offer advanced search and filtering options that allow consumers to quickly find appliances that meet their requirements, such as size, brand, and features. The aforementioned factors will drive the market growth in this region.
The China market dominated the Asia Pacific Kitchen Appliances Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $27,908.7 Million by 2030. The Japan market is exhibiting a CAGR of 6.2% during (2023 - 2030). Additionally, The India market would experience a CAGR of 7.5% during (2023 - 2030).
Based on Product Structure, the market is segmented into Free Stand, and Built-in. Based on Fuel Type, the market is segmented into Electric, Cooking Gas, and Others. Based on User Application, the market is segmented into Household, and Commercial. Based on Product Type, the market is segmented into Refrigerator, Cooking Appliances, Dishwasher, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Kitchen Appliances Market is Predict to reach $336.1 Billion by 2030, at a CAGR of 6.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Whirlpool Corporation, AB Electrolux, Haier Smart Home Co., Ltd. (Haier Group Corporation), Robert Bosch GmbH, Samsung Electronics Co., Ltd. (Samsung Group), Koninklijke Philips N.V., Panasonic Holdings Corporation, Morphy Richards (Guangdong Xinbao Electrical Appliances Holdings Co., Ltd), LG Electronics, Inc. (LG Corporation) and Illinois Tool Works, Inc.
By Product Structure (Volume, Thousand Units, USD Billion/Million, 2019-2030)
By Fuel Type (Volume, Thousand Units, USD Billion/Million, 2019-2030)
By User Application (Volume, Thousand Units, USD Billion/Million, 2019-2030)
By Product Type (Volume, Thousand Units, USD Billion/Million, 2019-2030)
By Country (Volume, Thousand Units, USD Billion/Million, 2019-2030)
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