Kitchen appliances are in a lot of demand at the moment. There is a reason for this and that is any kind of appliance that goes in the kitchen is a must want for all the people. The ease of cooking is always wanted by the people and some products just keep on increasing. That being said, today we are going to talk about how the global market is changing and changing for good.
Kitchen appliances are going to kill it in the global market and research done by Whirlpool to understand the market better is giving us numbers that just goes into the category of crazy. These numbers are stunning and insanely hard to comprehend. The market at the moment and the market in the next seven to eight years are going to be and feel a lot different. That being said, there are a lot of things a company has to research before committing to a business and this report was done by Whirlpool and is out there for everyone to see.
The global kitchen appliance market at the moment was predicted to be at $172.97 billion. The cumulative annual growth rate (CAGR) is 6.98% and if we go by that growth rate, the market might just bounce by a huge margin in the next seven to eight years.
The market by the time we reach 2026 is going to reach $296.74 billion. This is from the span of 2019 to 2026. That being said, there are a lot of factors which need to converge in order to hit that figure but even then, the market is absolutely fantastic. The future is set for the kitchen appliances and as the world is moving towards the Internet of Things, there are still a lot of things to be considered.
The competition for $296.74 billion is going to be fierce. No one company is going to grab hold of this market, there are going to be a lot of companies eyeing to get a chunk of that number. The list of the competitors is given below and only time will tell which company comes on top but for now, the field is even and the market is a novice, it is going to be a huge battle, a battle of kitchen appliance, it shall be known as.
The list of competitors is given below.
- Haier lnc.
- Panasonic Corporation
- BSH Home Appliances Group
- Hitachi Appliances
- Midea Group
- Miele & Cie. KG.
- Whirlpool Corporation
- Morphy Richards
- LG Electronics
- Havells India Ltd
- Koninklijke Philips N.V.