India Built-in Kitchen Appliances Market to Grow at a CAGR of 8.83% in the Forecast Period
The rising purchasing
power of individuals and the variety of product portfolios offered by market
players are influencing the demand for built-in kitchen appliances market
throughout the forecast period.
According to TechSci Research
report, “India Built-in Kitchen Appliances Market – By Region, Competition, Forecast and Opportunities, 2018-2028F” The India built-in kitchen appliances market is expected to project
impressive growth of USD601.18 million by the end of 2028, on account of
rapidly surging demand from the residential sector as well as the increasing
preferences for convenient and quality-based products among population in
India.
The built-in kitchen
appliances market is supported by significant factors such as an increasing
middle-class population, infrastructure development, rising need for
renovation, rapidly increasing urbanization, growing demand for residential
spaces, etc. Moreover, increasing technological advancements such as smart
technologies in built-in kitchen appliances, etc., on the back of strict
government standards, modern trade, increasing demand from Tier I and Tier II
cities, growing online sales of built-in kitchen appliances, and the
availability of financing and emerging new payment modes are some other factors
that are anticipated to contribute to the growth of the India built-in kitchen
appliances market in the next five years at a high rate.
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The India built-in kitchen
appliances market is segmented based on product type, end distribution channel,
regional distribution, and competitive landscape. Based on product type, the
market is further fragmented into built-in hobs, built-in hoods, built-in ovens
& microwaves, built-in dishwashers, built-in refrigerators, and others
(built-in coffee machines, built-in barbeque grillers, etc.). The built-in hobs
segment is expected to register the largest revenue share of the market and
dominate the market segment in the upcoming five years on account of its
various advantages, such as greater energy efficiency, blending with home
décor, as they are not bulky, and therefore highly suitable for a compact
kitchen. These are significant factors influencing the growth of built-in hobs
within India's built-in kitchen appliances market.
The market is segmented into
contract sales, multi-branded stores, exclusive stores, and online based on the
end-use sector. The exclusive stores segment is anticipated to grow the fastest
in India's built-in kitchen appliances market, as consumers are inclined toward
branded products due to the rising preference for quality-based products. Also,
various brands offer discounts, extended warranty periods, etc., to expand
their consumer base. The use of built-in kitchen appliances within the
household sector is continuously increasing with the growing standard of living
and the easy availability of these products. Such factors contribute to the
increasing demand for built-in kitchen appliances within the residential
sector.
Key market players in the built-in
kitchen appliances market include:
·
Whirlpool of India Ltd.
·
BSH Household Appliances Manufacturing Private Limited
·
Franke Faber India Private Limited
·
Hafele India Private Limited
·
Miele India Pvt. Ltd.
·
Samsung India Electronics Private Limited
·
Haier Smart Home Co. Ltd.
·
Kaff Appliances (India) Private Limited
·
IFB Appliances LTD
·
BlowHot Kitchen Appliances Pvt. Ltd.
With the increasing
competition in the India built-in kitchen appliances market, most major brands
are focused on producing new models with the latest features. Also, market
players of built-in kitchen appliances are investing in research and
development departments to develop innovative offerings to target the untapped
consumer base around the nation.
Furthermore, the market
players are continuously enhancing their product portfolios and acquiring and merging
with other players to expand their consumer base. For instance, in 2021,
Whirlpool acquired an additional stake in kitchen appliance maker Elica PB
India for $57 million. The company developed a majority stake in Elica PB
India, i.e., increasing its holding from 49% to 87%.
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Since the northern states of
India are home to a more significant proportion of India's population, the
North India area accounts for the largest revenue share in the built-in kitchen
appliances market. Moreover, other factors, such as the rising demand for
residential spaces, particularly in the northern areas such as Delhi/NCR, which
has the highest demand for built-in kitchen appliances, etc., are projected to
further fuel the market growth in the region in the forecast period.
“Consumer adoption of
built-in kitchen appliances is likely to increase over the next five years, given
the rising consumer spending on luxury products and the expanding number of
distributors and dealers of built-in kitchen appliances cooperating with big
online portals such as Flipkart, Amazon, and others.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India Built-in Kitchen
Appliances Market By Product Type (Built-in Hobs, Built-in Hoods, Built-in
Ovens & Microwaves, Built-in Dishwashers, Built-in Refrigerators, and
Others (Built-in Coffee Machines, Built-in Barbeque Griller, etc.)), By End
Distribution Channel (Contract Sales, Multi-Branded Stores, Exclusive Stores,
and Online), By Region, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future
growth potential of India built-in kitchen appliances market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India built-in kitchen appliances market.
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