According to the findings of an independent report, food preparation equipment accounts for around 30% of the restaurant’s energy bill. Rising energy costs resulted in the growing consumer demand for energy star-labelled equipment. Governments of several countries are promoting green technologies, by offering schemes such as tax credit programs.
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The growing awareness regarding green technologies among consumers is anticipated to lead to the rapid replacement of conventional foodservice equipment over the next few years. The trend is expected to be prominent among developing regions of Asia Pacific and Latin America.
- The global consumer appliances market size in 2018 was approximately US$ 339 Bn.
- The consumer appliances market is expected to grow at a CAGR of approx. 4% during the forecast period of 2019-2029.
- Basic consumer appliances continue to grow in emerging markets, while premium ones are expected to grow in developed markets.
- Collectively, Europe, North America, and East Asia are likely to account for half of the revenue shares in the consumer appliances industry by the end of 2029.
- Europe, attributing to the strong presence in kitchen appliances, is expected to be a prominent product type for consumer appliances manufacturers
- The kitchen appliances segment is expected to remain a prominent product type to invest in for consumer appliances market players.
- Microwave and refrigerator segments have witnessed significant growth over the recent past.
- Noteworthy product type potential of consumer appliances has been identified in the ranges and ovens segment.
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- Kitchen Appliances
- Refrigerators
- Ranges and Ovens
- Microwave
- Conventional Grill
- Dishwashers
- Chimneys
- Electric Stove
- Induction Cooktops
- Small Appliances
- Hair Dryers
- Irons
- Toasters
- Bread Makers
- Coffee Machines
- Grinders & Mixers
- Food Processors
- Washing Machine
- Air Purifiers
- Water Heaters
- Water Purifiers
- Cloth Dryers/Tumbler
- Air Conditioners
- Vacuum Cleaners
By End Use
- Domestic
- Professional
- Hotels
- Salon & Grooming Parlors
- Cafeteria & Restaurants
- Offices & Institute
- Others
By Sales Channel
- Offline
- Organized Retailer
- Unorganized
- Offline
- Company Direct Sales
- Independent Vendor/E Commerce
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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- The global consumer appliances market represents a fairly consolidated competition landscape, where a majority of key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, targeting a firmer global footprint.
- The consumer appliances market has been relatively moderate in size, which remains a key factor for its dynamic competitive nature.
- Prominent manufacturers of consumer appliances are currently prioritizing R&D and new product launches to resonate with the growing consumption of eco-friendly consumer appliances in North America, Europe, and China.
- Portfolio extension is also identified to remain as one of the key developmental strategies adopted by manufacturers of consumer appliances.
- For a strong foothold in target markets, consumer appliances manufacturers are expected to rely on inorganic strategies, such as mergers and acquisitions.