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The presence of more luxurious homes around the world leads people to have the desire to own high-quality kitchen appliances is boosting the demand for luxury kitchen appliances. The rising number of dual-income families across the globe is fostering the demand for the product as people with dual-income have a higher acquiring power as compared to most single-income families. Additionally, the product is also assisting people to stay healthier and hygienic like for instance, luxury dishwasher which not only clean but also can remove germs, bacteria, and viruses. The growing number of luxury hotels, restaurants, and café who are providing high-quality food and also use premium-quality appliances act as a flourishing factor for market growth. According to the data released by the Travel Puls, June 2019, the United States is estimated to have 1,067 luxurious hotels.
Moreover, the innovation of smart kitchen which can give the users more control of their kitchen by giving the capability to monitor, give notifications, remotely control the appliances, and others also act as a great opportunity for the market growth.
Key Market Driver -
The rise of global disposable income is one of the major driving factor for the market growth.
Key Market Restraint -
Limited target consumers act as a restraining factor for the market growth
The increasing growth of the world economy has led to increasing disposable income which is resulting in population owning higher purchasing power, this factor is acting as one of the major driving factor for the growth of the market. Furthermore, the growing number of millionaires are responsible for the increase in consumption of the product as they are considered to have the capability to spend more on luxurious products. According to the data published by the Millionaire Foundry, 18.6 million individuals in the United States are thought to be millionaires which means that 7.6 percent of the United States adult population. Additionally, the escalating growth of the fast-food industry which required a quick, safe and easy process in food preparation is acting as a flourishing factor for the need of the product.
However, the product is holding a very limited target consumer which thereby results in a larger percentage of the world's population not being able to afford the product which in turn is hampering the growth of the market.
Samsung Electronics, LG Electronics, MideaGlobal Luxury Kitchen Appliances, Whirlpool Corporation, Haier Group, Panasonic, Dacor Inc, and others are some of the key players which are operating in the luxury kitchen appliance market.
The global luxury kitchen appliances market is segmented into by product, by application, and by distribution channel.
On the basis of product, the market is segmented into refrigerator, cooking appliances, dishwasher, and others. The cooking appliances segment is estimated to be the largest market shareholder owing to the presence of varieties of products in this segment as compared to other segments, greater demand due to more affordable prices, and others.
Based on the application, the market is fragmented into residential, and commercial. Residential is projected to be the greater market shareholder due to the increasing number of people owning luxurious homes, more people having higher purchasing power, and others.
By Distribution Channel, the market is fragmented into e-commerce, and retail store. Retail store is anticipated to be the larger market on the account of allowing establishing a connection with the business, the ability to quickly replace or return the product in case of any complication, ability to touch and try out the products, and others.
On the basis of region the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is estimated to be the dominating region during the forecast period of 2020-2027. Due to maintaining proper hygiene as compared to other regions people are more willing to spend more on quality products which is driving more needs. The region is experiencing intense competition among the key players is creating more traction as it results in the presence of more discounts and an increase in the production of more innovative and better quality products. Additionally, the growing number of high-quality restaurants that use only the finest kitchen appliances is fostering the growth of the market is this region. According to the data released by the National Restaurant Association, there are about 1+ million restaurants in the United States.
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Europe is projected to show a strong presence during the coming years on an account of the region possessing high per capita income more people acquire higher buying power which drives the consumption of luxurious products including luxury kitchen appliances. According to the data released by the Trading Economy, in 2018 the Gross Domestic Product per capita of the European Union was projected to be USD 37,417. Additionally, owing to a large tourism industry there is an increasing demand for the product in hotels and restaurants which act as one of the boosting factors for the growth of the market.
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