-- “Kitchen Equipment Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”
The kitchen equipment market has been segmented by product into electronic kitchen equipment, non-electronic kitchen equipment, cutlery equipment and other kitchen utensils. Among these segments, the electronic kitchen equipment is anticipated to grow at a significant compound annual growth rate over the forecast period. Factors such as growing population and personal disposable income are anticipated to drive the growth of kitchen equipment market over the forecast period. The electronic kitchen equipment is further segmented into microwave, coffee makers, induction cooktops, refrigerators, toasters, dishwashers and others, out of which, the refrigerators accounted for more than 40% of market share in the year 2016.
The Global Kitchen Equipment Market is expected to flourish at a significant compound annual growth rate over the period 2016-2023 and is further anticipated to reach noteworthy market valuation by the end of 2023. Factors such as growing urbanization in developing nations, rapid growth of infrastructure in domestic and hospitality sector and increasing need of modular and advanced kitchen equipment are estimated to boom the growth of kitchen equipment market over the forecast period.
In the regional segment, North America is anticipated to dominate the overall kitchen equipment market over the forecast period owing to increasing construction buildings and rise in personal disposable income. Further, Asia-pacific region is anticipated to be the fastest growing market over the forecast period owing to the growing economies in the region.
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Growing Urbanization and Technical Advancements to Fuel the Market Growth
The growth of the kitchen equipment market is driven by rising health consciousness, growing gross disposable income, availability of technological advanced & smart appliances. Further, growing concern towards reduction of energy utilization and shift towards environment friendly products are some of the factors that are anticipated to drive the expansion of kitchen equipment market around the globe. However, high cost of smart and advanced equipment and poor quality of low cost kitchen equipment are some of the factors that are likely to inhibit the growth of the kitchen equipment market over forecast period.
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The report titled “Kitchen Equipment Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the kitchen equipment market in terms of market segmentation by product type and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the kitchen equipment market which includes company profiling of Electrolux, Oneida, Pyrex Cook-Ware, Middleby, Illinois Tool Works Inc., Whirpool and Morphy Richards. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the kitchen equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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