Global Kitchen Appliances Market Expected to Grow at 4.36% CAGR with Asia-Pacific Region Leading the Way

The global kitchen appliances market is projected to reach USD 377.70 billion by 2027, registering a compound annual growth rate (CAGR) of 4.36% from 2020 to 2027, according to a report by Research and Markets. The report cites the factors such as increased adoption of smart and energy-efficient kitchen appliances, rise in disposable income, change in lifestyle, and growth in the number of nuclear families as the drivers of the market growth.

The report also segments the market by product type, distribution channel, and region. By product type, the market is divided into refrigerators, ovens, cooktops, dishwashers, and others. Among these, refrigerators accounted for the largest market share in 2020, owing to the high demand for food preservation and storage. However, the ovens segment is expected to witness the highest growth rate during the forecast period, due to the rising popularity of baking and roasting among consumers.

By distribution channel, the market is categorized into online and offline. The online segment is anticipated to grow at a faster pace than the offline segment, as consumers prefer the convenience and variety of online shopping. The report also states that the COVID-19 pandemic has boosted the online sales of kitchen appliances, as consumers shifted to e-commerce platforms to avoid physical contact and exposure.

By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region dominated the market in 2020, and is expected to maintain its lead throughout the forecast period. The report attributes this to the rapid urbanization, increasing population, and rising disposable income in the region. China and India are the major contributors to the market growth in the Asia-Pacific region, as they have a large consumer base and a growing demand for kitchen appliances.