Kitchen appliances market expected to reach $410.73 billion by 2032 with growth in smart appliances.
From GlobeNewswire: 2024-11-26 09:00:00
The Kitchen Appliances Market was valued at USD 258.2 Billion in 2023, expected to reach USD 410.73 Billion by 2032 with a CAGR of 5.32%. Smart homes and eco-friendly trends drive growth, with LG Electronics targeting a global sales increase to USD 722 million by 2030. Europe leads with USD 21.2 billion in built-in appliance sales.
In the kitchen appliances market, conventional appliances hold 72.67% of the revenue share, appealing to budget-conscious buyers for their traditional design and ease of use. Smart appliances are projected to grow at a CAGR of 7.91%, driven by smart home trends and IoT adoption. The residential segment accounted for 63.8% of the market in 2023.
North America leads the kitchen appliances market with a 32.78% revenue share in 2023, driven by technological advancements and consumer interest in upgraded appliances. Asia Pacific is set to grow at a CAGR of 6.89%, propelled by rising residential projects and infrastructure development in rural areas. The region’s focus on modern home appliances drives market expansion.
Recent developments include Whirlpool’s introduction of a sustainable appliance line and BSH Home Appliances India’s strategy for growth in India. The market report offers insights into market dynamics, competitive landscape, segmentation by product and technology, regional analysis, and company profiles. SNS Insider is a leading market research agency providing essential knowledge for clients to navigate changing market landscapes. 1. The stock market experienced a significant increase today, with the Dow Jones Industrial Average rising by 300 points. This surge was driven by positive economic data and strong corporate earnings reports.
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