Indian Kitchen Appliances Market to Exhibit 15.1% CAGR and Generate $3,829.8 Million by 2026 | Research Dive
The Indian kitchen appliances market is expected to grow primarily owing to the growth in consumer purchasing power. The cooking gas sub-segment of the type segment is expected to flourish immensely by 2031.
NEW YORK , June 30, 2023 /PRNewswire/ --
Indian Kitchen Appliances Market Forecast Analysis:
As per the report published by Research Dive, the Indian kitchen appliances market is expected to register a revenue of $3,829.8 million by 2026 at a CAGR of 15.1% during the forecast period 2022-2026.
Segments of the Indian Kitchen Appliances Market
The report has divided the Indian kitchen appliances market into the following segments:
- Product Type: pressure cookers, mixer grinder, wet grinder, gas stoves & hob, non-stick cookware, induction cooker, kettle, and rice cooker
- Gas Stoves & Hob – Highest market share in 2021
The growing number of homes, a rise in disposable income, and a shift in lifestyles that require efficient and modern kitchen appliances are expected to boost the sub-segment in the 2022-2031 timeframe.
- Fuel Type: electric, cooking gas, and others
- Cooking Gas– Most profitable in 2021
Less pollution than other forms of fuels, no need for special utensils, fast cooking, and supportive government measures such as the PMUY (Pradhan Mantri Ujjwala Yojana) beneficiaries' programme to promote clean cooking are expected to propel the sub-segment forward.
- Distribution Channel: online and offline
- Offline – Most lucrative in 2021
Customers can ask salespeople for guidance and recommendations, which is an important component in influencing the decision to buy. This is anticipated to push the sub-segment forward.
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Dynamics of the Indian Kitchen Appliances Market
The rising need for kitchen appliances that are simple to use, economical to purchase, and energy-efficient in India due to the country's increasing urbanization is expected to make the Indian kitchen appliances market a highly profitable one in the forecast period. Additionally, the growth of e-commerce platforms and online shopping is predicted to propel the market forward. However, the expensive prices of kitchen appliances might become a restraint in the growth of the market.
The rising popularity of smart homes is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, as customers become more tech-savvy and conscious of the environment, there is a rise in the need for smart and energy-efficient appliances. This is expected to propel the Indian kitchen appliances market forward in the coming period.
COVID-19 Impact on the Indian Kitchen Appliances Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the Indian kitchen appliances market. The pandemic halted the supply chain for kitchen equipment, causing production and distribution facilities to close or operate at reduced capacity. As a result, there were product shortages as well as price rises for certain appliances. Moreover, the decline in need for commercial kitchen appliances due to the temporary halt of the hotel sector had an effect on the sales of various brands. However, lockdowns and other restrictions had raised the demand for homemade meals, which boosted sales of kitchenware such as grinders, mixers, and others. These factors had a significant impact on the market growth amidst the pandemic.
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Key Players of the Indian Kitchen Appliances Market
The major players of the market include
- Phillips Domestic Appliances India Ltd
- Bajaj Electricals Ltd.
- Butterfly Gandhimathi Appliances Limited
- Inalsa Appliances
- Koninklijke Philips N.V.
- Havells India Ltd.
- Usha International Ltd.
- TTK Prestige Ltd.
- Stovekraft
- Panasonic Appliances
- Hawkins Cookers Limited
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in February 2023, Electrolux, a world leader in home and kitchen appliances, announced a built-in line of kitchen appliances in India. The new range includes ovens, microwaves, hobs, dishwashers, cooker hoods, and coffee machines. The new line of kitchen appliances, according to the manufacturer, has a modern look and feel.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.
More about Indian Kitchen Appliances Market:
- A Brief Look at the Top 5 Indian Kitchen Appliances Brands Available in the Market in 2023
- Indian Kitchen Appliances Market to Generate $3,829.8 Million by 2026 Due to Increase in Urbanization and Adoption of Modern Lifestyle
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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