PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1462887
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1462887
Global Built-in Kitchen Appliances Market is valued approximately USD 13.8 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 7.6% over the forecast period 2023-2030. The escalating demand for built-in kitchen appliances stems from various factors, notably encompassing aesthetic appeal, modular kitchen enhancements, space-saving attributes, eco-consciousness, and the integration of smart home technology. The pervasive adoption of smart home devices is a significant driver, empowering homeowners to remotely control their appliances via smartphones or voice-activated assistants, thereby augmenting kitchen convenience and efficiency. This appeal resonates strongly with diverse consumer demographics, including tech-savvy individuals with bustling schedules, such as the working population. According to a July 2022 article citing the U.S. connected economy survey report, an estimated 83 million individuals, constituting 32% of consumers, engaged with smart home or automated chore technology as of May 2022. Furthermore, the surge in demand for efficient space utilization is poised to drive the adoption of built-in kitchen appliances. These appliances offer a space-saving solution, a key advantage particularly in smaller kitchens where maximizing available space is paramount. From built-in hobs to built-in hoods, these appliances seamlessly integrate into the kitchen layout, optimizing every inch of space.
The shift towards remodeling traditional kitchens into modular ones equipped with energy-efficient appliances, including built-in kitchen appliances, is another significant driver of market growth. This trend is propelled by increasing consumer expenditure and rising middle-class incomes. For example, residential kitchen spending in the U.S. surged by 20.5% in 2022, reaching USD 95.4 billion, encompassing both remodeling and new home spending, according to the National Kitchen & Bath Association (NKBA) report. Built-in appliances lend a sleek and contemporary aesthetic to modular kitchens, aligning with the evolving preferences in home design. By seamlessly integrating with cabinetry, these appliances contribute to a cohesive and streamlined appearance, further enhancing their appeal in modern kitchen settings. Moreover, The installation process for built-in appliances often involves remodeling or redesigning kitchen spaces, which can be time-consuming, costly, and may require professional assistance, posing a barrier to adoption.
The key regions considered for the Global Built-in Kitchen Appliances Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. Europe maintained its dominance in the built-in kitchen appliances market in 2023, driven by the escalating demand for contemporary and high-performance kitchen solutions. European consumers are increasingly prioritizing the convenience, functionality, and visual appeal of their kitchen spaces, driving the adoption of built-in appliances such as ovens, cooktops, refrigerators, and dishwashers. These appliances offer sleek and integrated solutions, seamlessly blending into modern kitchen designs to create a cohesive and sophisticated aesthetic.
Moreover, the region's growing construction activities and rising living standards among middle-class demographics further contribute to the market's expansion. As consumers seek to upgrade their homes with advanced and space-efficient appliances, the demand for built-in solutions continues to rise, propelling market growth across Europe.
Asia Pacific is poised to exhibit the highest compound annual growth rate (CAGR) during the forecast period from 2023 to 2030, driven by several key factors. Firstly, there is a rising trend towards the adoption of built-in kitchen appliances across the region, fueled by the increasing emphasis on modernizing kitchen spaces and enhancing convenience in household chores. Additionally, the growing purchasing power of consumers in Asia Pacific economies contributes to the heightened demand for premium and technologically advanced kitchen appliances.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of tables and figures and dummy in nature, final lists may vary in the final deliverable