PUBLISHER: Grand View Research | PRODUCT CODE: 1375917
PUBLISHER: Grand View Research | PRODUCT CODE: 1375917
The global kitchen appliances market size is expected to reach USD 356.47 billion by 2030, registering a CAGR of 5.9% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Research and development or innovation by industry participant is anticipated to boost industry growth over the forecast period.
Energy efficiency, cost, technology advancement, quality of the products affect the consumers' buying decision. Emergence of ecommerce industry and investment in distribution channels has not only boosted industry participants' revenue but also has expanded their reach. Growing demand for product up-gradation is anticipated to drive industry growth over the next seven years.
Governments worldwide are focusing on curbing energy consumption through new regulation and consumer awareness campaign, which is anticipated to drive demand for energy efficient technology products.
Changing consumer lifestyle and increasing income level is expected to boost industry growth over the forecast period. Increasing demand for ready-to-eat food may pose a challenge to growth over the next seven years.