Modular Kitchen Appliances Market: Introduction
- The global modular kitchen appliances market is anticipated to show significant growth, driven by growing preference for energy-efficient modular kitchen appliances. Technological development and product line extensions are making modular kitchen appliances more attractive. Increasing brand popularity is encouraging manufacturers to enhance customer engagement with their product and brand which is anticipated to improve the growth of the global modular kitchen appliances market in the coming years.
- Growing demand for efficient and space-saving storage that optimizes usage of small areas is anticipated to boost product demand. These kitchen appliances provide convenient storage space for essential kitchen commodities such as groceries, utensils, and appliances.
Key Drivers of the Global Modular Kitchen Appliances Market
- Increasing spending on the interior design of kitchens and efficient kitchen products is the major driver of the global modular kitchen appliances market. Increasing disposable income leading to spending on home beautification and adoption of smart appliances also encourages the overall market of modular kitchen appliances.
- Technological advancements in products is also an encouraging factor for the growth of the modular kitchen appliances market. Manufacturers involved in the modular kitchen appliances market are focusing on product development through increased investment in R&D to enhance product features and improve product efficiency. Additionally, open kitchens are becoming popular among household consumers which also supports market growth.
Modular Kitchen Appliances Market Anticipated to Create Attractive Opportunities in Future
- Growing demand for smart appliances for modular kitchens and other innovative products is anticipated to create lucrative opportunities for manufacturers during the forecast period. The rising demand for smart appliances with features such as user-friendly interface and aesthetic design is expected to surge the growth of the market during the forecast period.
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High Cost of Appliances Expected to Obstruct the Overall Modular Kitchen Appliances Market
- Currently, high production cost is the major deterrent faced by modular kitchen appliance manufacturers. Both product cost and maintenance cost of several smart kitchen appliances are high compared to traditional appliances, which is expected to affect the global market during the forecast period. The kitchen appliances available in the market are very expensive which makes it unaffordable for middle-class consumers. This is anticipated to obstruct the growth of the modular kitchen appliances market during the forecast period.
North America and Europe Anticipated to Dominate the Global Modular Kitchen Appliances Market
- North America and Europe dominate the global modular kitchen appliances market owing to presence of major manufacturers of modular kitchen appliances who provide a wide range of products. Several countries in Europe exhibit significant production and consumption of these appliances.
- Increasing disposable income and growing preference for kitchen appliances in several emerging countries across Asia Pacific and Middle East & Africa is anticipated to lead to significant growth of the market in the near future. Rapid industrialization and urbanization are also major factors driving the modular kitchen appliances market across these regions.
Key Players Operating in the Global Modular Kitchen Appliances Market
The global modular kitchen appliances market is highly concentrated across major manufacturers who account for around 20% - 25% share of the overall modular kitchen appliances market. Global brands are focusing on expanding their business across the globe to cater to the increasing regional demand for kitchen appliances. A few of the key manufacturers operating in the global modular kitchen appliances market are:
- IKEA Systems B.V
- Gyan Overseas
- Häfele GmbH & Co KG
- Robert Bosch
- LG Electronics
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Global Modular Kitchen Appliances Market: Research Scope
Global Modular Kitchen Appliances Market, by Product Type
- Built-in Hobs
- Built-in Oven
- Built-in Microwaves
- Built-in Dishwasher
- Built-in Barbeque
- Built-in Refrigerator
Global Modular Kitchen Appliances Market, by End-user
Global Modular Kitchen Appliances Market, by Distribution Channel
- Hypermarket/ Supermarket
- Specialty Stores
Global Modular Kitchen Appliances Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.