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What is the value of global kitchen design and appliances market?
Hello! Thanks for your question about the value of the global kitchen design and appliances market. The short version is that the global kitchen appliances market was valued at USD 170 billion in a 2015 study, and it is expected to grow to USD $253.4 billion by 2020. Pertaining to the market size for kitchen designs, I was able to find that the global demand for cabinets will reach USD $65.8 billion in 2018. I could not find any other information concerning the global market for kitchen design other than the figure for the global market of retail home improvement. Below you will find a deep dive of my findings.
GLOBAL MARKET SIZE OF KITCHEN APPLIANCES
According to Grand View Research's 2015 study, the global kitchen appliances market was worth USD 170 billion in 2014. In the next seven years, energy efficient products will increase their revenue share as governments try to limit energy consumption. The refrigerator segment will grow at a CAGR of around 5%, and it will constitute more than 40% of the overall revenue share. An increasing preference for modular kitchens--due to the rise of living standards and the rise of disposable incomes--will drive the demand for standalone cook tops, stoves and ovens. A report by Allied Market Research states that the global kitchen appliances market is expected to grow to $253.4 billion by 2020, and it will have a CAGR of 6.4% during the period of 2014-2020. The reasons for its growth are attributed to greater disposable incomes, increasing health concerns and a growing food and services industry. The kitchen appliances market concerns items like cooking appliances, dishwashers, refrigerators, coffee makers, grinders, kettles and other such devices.
Key players in this industry include LG Electronics, AB Electrolux, Dacor Inc, Haier Group Corporation, Morphy Richards Limited, Panasonic Corporation, Philips Electronics, Robert Bosch GmbH, Samsung Electronics, and Whirlpool Corporation
GLOBAL MARKET SIZE OF KITCHEN DESIGN
The global demand for cabinets will reach USD $65.8 billion in 2018, and this has come as a result of 5.8% gains per year. In the US( which is the largest market for cabinets) interest in expensive bathroom and kitchen designs will boost the demand for cabinets, and these purchases will be accompanied by premium features and finishes. In developed countries, construction will pick up to create a greater demand for cabinets. China will surpass Japan to become the second largest global cabinet market. According to Freedonia accelerated growth in the installation of cabinets in new and existing homes will support the great demand in China.
Lastly, according to a study by PR Newswire, the global home improvement retail industry is expected to grow to $2,291.6 billion by 2019. However, no information is provided concerning kitchens specifically.
CONCLUSION
To wrap it up, the global kitchen appliances market was valued at USD 170 billion in a 2015 study, and it is expected to grow to USD $253.4 billion by 2020. Pertaining to the market size for kitchen designs, I was able to find that the global demand for cabinets will reach USD $65.8 billion in 2018. I could not find any other information concerning the global market for kitchen design other than the figure for the global market of retail home improvement. Thanks for using Wonder! Please let us know if we can help with anything else!