The global freestanding large cooking appliances market is poised to reach a valuation of US$ 19,494.8 Bn in 2022. Sales are projected to increase at a 6.1% CAGR, with the market size reaching US$ 29,700.4 Bn by 2032.
Modern kitchen appliances have gained valuable electronic capabilities that allow them to become smarter. Integrated appliances are so efficient that modular kitchens are being adopted across the globe. Makers are continually allowing for more integrated fixtures, making it possible for all people to obtain them.
Preference for modern retail formats including malls, supermarkets, and megastores is increasing. Hence, freestanding kitchen appliance manufacturers are capitalizing on this trend and are collaborating with these end users. Also, several manufacturers in this industry are developing cutting-edge appliances and services for the kitchen.
Innovations in technology, such as the development of attractive, complex kitchen equipment that can be controlled via an app, are accelerating the demand in the market. As an increasing number of individuals are concerned about their personal health, the market for tranquil and clean kitchen appliances is increasing rapidly.
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Key Takeaways from the Freestanding Large Cooking Appliances Market Study
- In terms of product type, the freestanding hobs segment will witness highest growth over the forecast period
- Based on application, the commercial segment will grow at a fastest rate through 2022 & beyond
- By sales channel, online retailers segment is projected to gain traction over the assessment period
- India is expected to dominate the South Asia freestanding large cooking appliances market though 2032
- The U.S. is expected to account for significant share in the global freestanding large cooking appliances market
“Several manufacturers are introducing new products catering to the rising demand for freestanding large cooking appliances. Availability of electric large cooking appliances and modular kitchens is a driving force behind the freestanding large cooking appliances market.” says an FMI analyst.
Who is winning?
Energy-efficient goods are being developed by market participants by examining new raw material and production options, as well as novel thermal element designs. Some of the biggest companies on the market are always updating their product line with the most cutting-edge and cutting-edge technology. A significant portion of their R&D budgets is going into developing new products that take use of cutting-edge technology like artificial intelligence (AI) and the internet of things (IoT).
Major players present in the freestanding large cooking appliances market are Samsung Electronics Co. Ltd; Morphy Richards; LG Electronics Inc.; Whirlpool Corporation; Hitachi Appliances Inc.; Koninklijke Philips N.V.; AB Electrolux; Haier Group Corporation; GE Appliances; and Robert Bosch GmbH.
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Freestanding Large Cooking Appliances Market by Category
- Freestanding Hobs
- Freestanding Ovens
- Multi-Brand Stores
- Specialty Stores
- Online Retailers
- Other Sales Channel
- North America
- Latin America
- East Asia
- South Asia
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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