The global modular kitchen appliances market 2019-2023 is expected to post a CAGR of close to 6% during the forecast period, according to the latest market research report by Technavio.
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Technavio has released a new market research report on the global modular kitchen appliances market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is technological innovations and product line extensions leading to product premiumization. With the use of new technological innovation in modular kitchen space, manufacturers have come up with innovative products in terms of design, build quality, features, and smart connectivity. Also, vendors operating in the global modular kitchen appliances market regularly engage in R&D and technological innovation to sustain their presence in a hypercompetitive market environment. Thus, all these factors are expected to drive the growth of the market.
This market research report on the global modular kitchen appliances market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising adoption of smart appliances for modular kitchen as one of the key emerging trends in the global modular kitchen appliances market:
Global modular kitchen appliances market: Rising adoption of smart appliances for modular kitchen
The growing demand of smart appliances for modular kitchen and other advanced and innovative products offers tremendous potential for vendors to introduce smart modular kitchen appliances. The increasing demand for such smart appliances for modular kitchen is attributed to their user-friendly interface, advanced features, and aesthetic design. The advanced features of the smart modular kitchen appliances give them a competitive edge over the conventional appliances, which is expected to fuel the growth of the market during the forecast period.
“Samsung Electronics offers a gas cooktop with 22K BTU dual power burner, which can be easily connected to Wi-Fi. The smart modular kitchen appliances are equipped with features such as energy star certified, hassle-free maintenance, alert system and remote control to enhance the comfort of users,” says a senior analyst at Technavio.
Global modular kitchen appliances market: Segmentation analysis
This market research report segments the global modular kitchen appliances market by product (built-in cooktop, built-in cooker hood, built-in refrigerator, built-in dishwasher, and built-in microwave oven) and geographical regions (APAC, EMEA, and the Americas).
EMEA led the market in 2018 with a market share of close to 45%, followed by the Americas and APAC respectively. The dominance of the Americas can be attributed to the technological innovations and product line extensions leading to product premiumization and suitability for small studio apartments with easy access and lifestyle designing.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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