Built-in kitchen appliance market can expect "robust growth" to 2028, according to Research and Markets
In its sample report, Research and Markets doesn't offer figures but GrandView Research does, stating that the market was worth roughly €3.48 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030.
It says that the increasing demand for built-in kitchen appliances is driven by a range of factors, including aesthetics, modular kitchen improvements, space-saving solutions, eco-friendliness, and smart home technology.
Energy-efficiency, particularly in Europe where energy prices remain high, and where the cost-of-living crisis is continuing to have an impact, is likely to be one of the most important factors for consumers purchasing new appliances in 2024 and beyond.
The increasing adoption of smart home devices is also driving the demand for built-in kitchen appliances, according to Research and Markets. These devices allow homeowners to control their appliances remotely through their smartphones or voice-activated assistants, enhancing the convenience and efficiency of their kitchen experience.
In addition, voice-activation makes many appliances more accessible, meaning that they can potentially be used more easily by those with mobility issues or sight deterioration. This accessibility could be an important factor in helping more elderly homeowners remain in their homes and independent for longer.
Such features attract several groups of consumers including the working population who are tech savvy and have busy working schedules. As per an article published in July 2022, the connected economy survey report on the U.S. stated that 32% of consumers, an estimated 83 million individuals, used smart home or automated chore technology in May 2022.
The popularity of built-in kitchen appliances is on the rise among consumers due to several advantages they offer. Firstly, they feature sleek and minimalist designs that enhance the overall aesthetics of the kitchen. Additionally, their seamless construction reduces spaces where dirt and dust can accumulate, making them easier to clean and maintain, thus promoting hygiene, Research and Markets said.
Built-in appliances are also known for their energy efficiency and durability, providing long-term benefits to homeowners. As more homes and apartments incorporate open living spaces with integrated kitchenettes, the need for attractive and unobtrusive kitchen designs has grown.
The precise positioning of integrated appliances within the kitchen layout is a significant advantage that appeals to consumers, as it ensures functionality without disrupting the overall living space. These factors contribute to the increasing consumer preference for built-in kitchen appliances.
Wide offerings by market players aiding market growth
In its report, Research and Markets noted how consumers are increasingly looking for a wide variety of options to attain good quality products. Therefore, the built-in appliances market players are emphasising launching products to expand their product portfolio and expand their consumer base. For instance, in 2022, Samsung Electronics launched its collection of new Bespoke product lines in Europe (example pictured top).
The new product line consists of the Bespoke AI laundry lineup, the Bespoke AI Oven, and the Bespoke Infinite Line. Similarly, in 2022, Crompton launched its new built-in kitchen appliance products in Pune, India. The product line consists of 38 models consisting of chimneys, gas hobs, built-in ovens, built-in microwaves, and dishwashers.
In order to cater to the increasing demand, built-in kitchen appliances market players are focusing on launching new products and expanding their product portfolio. These factors are anticipated to further enhance the market growth of the built-in kitchen appliances market in the forecast period.
Changing consumer preferences boosting market growth
Consumers are increasingly looking for options to attain good quality products, Research and Markets said. Therefore, the built-in kitchen appliances market players are emphasising launching products to expand their product portfolio and expand their consumer base. For instance, in 2022, Samsung Electronics launched its collection of new Bespoke product lines in Europe.
The new product line consists of the Bespoke AIT laundry lineup, the Bespoke AIT Oven, and the Bespoke Infinite Line. Similarly, in 2022, Crompton launched its new built-in kitchen appliance products in Pune, India. The product line consists of 38 models consisting of chimneys, gas hobs, built-in ovens, built-in microwaves, and dishwashers.
To cater to the increasing demand, built-in kitchen appliances market players are focusing on launching new innovative products and expanding their product portfolio. Such factors are projected to further expand the market growth of the built-in kitchen appliances market in the forecast period.
Drivers for growth listed by Research and Markets include:
- Rising Need for Compact Space
- Advanced Technology
- Wide Variety of Options by Market Players
- Rising Demand for Modular Kitchen
- Growing Distribution Channels
- Unique Marketing Strategies
- Increasing Demand from Food Industry
- Rising Consumer Awareness
Challenges to growth according to Research and Markets include:
- High Prices
- More Difficult to Repair than Freestanding Counterparts
For more home appliance news, click here