Harshal Jaiswal

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Luxury Kitchen Appliances Market Size by Global Major Companies Profile

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The rising disposable income is a key factor expected to bolster the healthy growth of the market during the forecast period, states Fortune Business Insights, in a report, titled “Luxury Kitchen Appliances Market Size, Share & Industry Analysis, By Product (Refrigerator, Cooking Appliances, Dishwasher, Others), By Application (Residential, Commercial), By Distribution Channel (E-Commerce, Retail Store) and Regional Forecast, 2019-2026.” The growing demand for high-end kitchen appliances is expected to foster healthy growth of the market in the forthcoming years. 

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The report on the luxury kitchen appliances marketcomprises:

  • Detailed analysis of regions
  • Key market drivers and restraints
  • Notable industry developments
  • Insights into the competitive scenario

Market Driver

Development of Luxury Hotels and Restaurants to Support Market 

The increasing demand for healthier and hygienic habits is expected to spur opportunities for the market. The rising concerns about germs, bacteria, and viruses are expected to create new opportunities for the market. The ongoing expansion of luxury hotels, restaurants, and café is expected to drive the global market in the forthcoming years. The growing demand for high and premium-quality products is likely to enable speedy expansion of the market in the foreseeable future. According to the data released by the Travel Puls, June 2019, the United States is estimated to have 1,067 luxurious hotels. The rising inclination towards luxurious homes is expected to fuel demand for high-quality kitchen appliances, in turn, aiding the market. Moreover, the growing purchasing power coupled with urbanization can further expedite the healthy growth of the market during the forecast period. 

Besides, surging millionaires is expected to have an excellent impact on the market. According to the data published by the Millionaire Foundry, 18.6 million individuals in the United States are thought to be millionaires which mean that 7.6 percent of the United States adult population. Nevertheless, the high percentage of middle-class and population is expected to restrict the growth of the market in the foreseeable future. 

Regional Analysis

Emergence of Multi-Cuisine Restaurants to Back Growth in North America 

The market in North America is expected to rise tremendously during the forecast period. The growth in the region is attributed to the rising number of fine dining restaurants. According to the data released by the National Restaurant Association, there are about 1+ million restaurants in the United States. The rising inclination towards aesthetically appealing restaurant ambiance is expected to boost the healthy growth of the market. The growing focus towards maintaining proper hygiene among consumers is expected to spur opportunities for the market in the region. The increasing discounts and high production of innovative and better-quality food products are expected to enable speedy expansion of the market. Asia Pacific is expected to witnesses an exponential growth rate during the forecast period owing to the growing demand for luxury restaurants in the region.

Key Development

 January 2018:  Whirlpool announced that it has acquired Elica PB, a major company that specializes in kitchen appliances, highly-aesthetic, and luxurious.

April 2019: Sub-Zero introduced cove dishwasher. The new dishwasher is equipped with capabilities to notify on their mobile devices when it is time to replace items.

The Report Lists the Key Companies in the Luxury Kitchen Appliances Market:

  • Samsung Electronics
  • LG Electronics
  • MideaGlobal Luxury Kitchen Appliances
  • Whirlpool Corporation
  • Haier Group
  • Panasonic, Dacor Inc

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. 

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.  

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

 

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