Towards Sustainable Growth: Built-In Kitchen Appliance...

Towards Sustainable Growth: Built-In Kitchen Appliance Market's 7.5% CAGR Vision by 2034

Posted 2024-04-11 13:03:20

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The built-in kitchen appliance market is expected to be valued at US$ 15,856.7 million in 2024. The market’s progress is projected to be encouraging from 2024 to 2034, with a CAGR of 7.5%. By 2034, the market value is forecast to reach US$ 32,681.2 million.

Built-in kitchen appliances are keeping up with modern kitchens with smart solutions. Smart kitchen appliances with state-of-the-art technology like Wi-Fi connectivity and mobile app handling are keeping the outlook of the market fresh. Thus, the demand in the built-in kitchen appliance market is ever-flowing.

The role of built-in kitchen appliances is not relegated to the functions provided by the products. The appliances are also becoming a part of the décor of kitchens. Thus, manufacturers are launching products with aesthetic value. With trends of modular kitchens and kitchen renovation, aesthetic value is ascribed to an even greater designation in built-in kitchen appliances.

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Homeowners are eager to have convenience in kitchens in the form of space. Thus, many homeowners prefer portable kitchen appliances to built-in ones. However, producers are addressing the needs of homeowners by producing space-saving built-in kitchen appliances. Built-in kitchen appliances are also noted to have an advantage over portable appliances in terms of capacity.

Key Takeaways from the Built-in Kitchen Appliance Market

The built-in kitchen appliance market is projected to be valued at US$ 15,856.7 million in 2024.
Built-in refrigerators are the most in-demand built-in kitchen appliances. In 2024, built-in refrigerators are projected to contribute to 26.4% of the market share by product type.
Residences are where built-in kitchen appliances are widely used. For 2024, the residential sector is expected to account for 80.8% of the market share.
Australia is one of the most promising countries in the market. For the forecast period, the CAGR for Australia is estimated to be 7.9%.
China and India are two countries with potential for the market in Asia. The CAGR for China and India over the forecast period is anticipated to be 7.6% and 7.8%, respectively.
The market is expected to register a CAGR of 7.7% in Germany for the forecast period.

“Built-in kitchen appliances that help to save energy are winning over consumers. Consumers are looking to cut down both on costs and on damage to the environment. Thus, energy-saving built-in kitchen appliances offer prospects in the market.”- Says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).

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Key Market Players

Samsung
BSH Hausgeräte GmbH
Electrolux
Haier Group
Whirlpool Corporation
Panasonic Holdings Corporation
LG Electronics
Elica S.p.A.
Gorenje
Arcelik

Competitive Analysis of the Built-in Kitchen Appliance Market

Integration of advanced technology is a priority for players in the market. Thus, market players are expected to be quick to react to new developments. Expanding into previously unexplored geographical areas is a strategy for many players. The market is fragmented enough that new entrants have pathways to entry.

Recent Developments in the Built-in Kitchen Appliance Market

In September 2023, Samsung included kitchen appliances with capabilities like Wi-Fi connectivity and AI into its Bespoke range.
In June 2023, Dacor’s 48-inch Built-In refrigerator with capabilities like an auto-filling water pitcher and a dual icemaker was launched.
In February 2023, Electrolux entered the Indian market with a range of products like ovens and dishwashers.

Market Segmentation

By Product Type: