Global Kitchen equipment market is segmented into product type such as Electronic equipment and non-electronic equipment. Among these segments, non-electronic equipment segment is expected to be the fastest growing market in terms of volume over the forecast period owing to rise in gross disposable income and cost effectiveness of equipment. However, in terms of value the electronic kitchen equipment market is projected to have the largest share globally.
The global kitchen equipment market is predicted flourish over the forecast period i.e. 2016-2023 due to introduction of smart and energy efficient kitchen equipment, registering a CAGR of 6.5% over the forecast period i.e. 2016-2023.
Growing demand for kitchen equipment owing to rapid growth in residential and hospitality sector in Asia-Pacific region is estimated to witness the highest growth during the forecast period i.e. 2016-2023. Moreover, rise in personal disposable income and increase in adoption of smart kitchen equipment are the major driving factors for the growth of kitchen equipment market.
Growth in residential and hospitality infra: Major Progression
Rapid expansion of growth residential and hospitality sector and adoption of technologically advanced, cost effective and energy efficient kitchen equipment for household and commercial purposes are certain key factors responsible for the growth of kitchen equipment market. In addition to this, the market is anticipated to get more demand owing to rise in gross disposable income and growing need for modular and compatible kitchen equipment.
Technological Advancements: Proficient
Introduction of advanced and smart kitchen equipment, increasing demand for high-end technology kitchen appliances, rising concern towards reducing energy consumption and shifting towards energy efficient kitchen equipment are some of the key elements which are expected to bolster the demand for kitchen equipment in near future.
However, high cost of smart kitchen appliances and fewer demands in under-developed nations due to low income population are some of the key factors which are restraining the growth of kitchen equipment market across the globe.
The report titled “Global Kitchen Equipment Market Outlook 2023” delivers detailed overview of the Global Kitchen Equipment Market in terms of market segmentation by Product Type, by Cutlery equipment, by other kitchen equipment, by End-user.
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 vendors of the Global Kitchen Equipment Market which includes company profiling of Electrolux, Oneida, Pyrex Cook-Ware, Whirlpool, and Morphy Richard, etc. 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 on the Global 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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