India Kitchen Appliances Products Market - By Products, Distribution Channels and Vendors - Market Trends and Forecasts (2015 - 2020)
Global kitchen appliances market has witnessed growth despite the economic slowdown across some of the major economies after the 2009 recession, Eurozone crisis. However, India has remained relatively immune to these challenges, and represents a high growth opportunity in kitchen appliances, especially with a positive economic outlook encouraging consumer sentiments and reduced interest rates. Economic stimulus packages provided by the country include cutting of interest rates, and increased availability of credit. This bodes well for real estate, and home appliances market.
The market for home appliances in India is, in large part driven by kitchen appliances. The Indian market is characterized by growing urbanization, expanding middle class and an increasing number of middle income Indian aspiring for a better lifestyle. Consequently, refurbishing of households with replacement of products, urged by attractive replacement offers are driving market growth in kitchen appliances. Kitchen appliances include large appliances like refrigerators, dishwashers, microwaves and ovens, gas stoves, chimneys, and smaller appliances like juicers/mixers, coffee and tea makers, toasters, air fryers, and non-cooking small items like kettles, knives, scales, graters, etc.
The India market for kitchen appliances was worth US$ X.X bn as of 2014, and is expected to grow to US$ X.X bn by 2020, growing at a CAGR of X.X% over the forecast period. Small appliances are expected to grow at a CAGR of X.X% from US$ X.X bn in 2014 to US$ X.X bn in 2020. Large appliances are worth US$ X.X bn as of 2014, and are expected to grow at CAGR X% to US$ X.X bn in 2020. According to several experts, this category is expected to have a YoY growth of no less than 20% over the coming years.
Specialty super markets offering attractive discounts by leveraging economies of scale as well as tie ups with manufacturers are vying for market space with online retail, which is giving brick and mortar stores tough competition with attractive discounts and bundles online. Customers touch and feel the products in showrooms, but go online to buy products with higher discounts.
The latest trend in home appliances, including kitchen appliances is that of energy efficiency, and connectivity in line with IoT (Internet of Things), wherein most appliances can be remotely controlled, or are equipped with sensors designed to auto manage the appliances. Smart appliances, as they are called, alone are expected to drive this category ahead to achieve higher growth rates. With new and other houses going through refurbishing, kitchen appliances can be chosen to fit the size of the kitchen. The appliances are equipped with frills, or are available without frills across several price ranges.
Some notable companies included in the report are Electrolux, GE, LG Electronics, Samsung, Murphy Richards, Phillips, Bosch, Hamilton, and India origin brand, Panasonic, which is the market leader in India.
Growing urbanization, access to new markets in Tier-III towns and villages, rate cuts and credit schemes available for purchase of large kitchen appliances are some of the drivers of the kitchen appliances market in India.
Income inequality making market segmentation hard, unavailability of credit for a large section of India population – the rural population, are some of the challenges in this market.
What the report offers
Market Definition for the Kitchen Appliances along with identification of key drivers and restraints for the market Market analysis for the India Kitchen Appliances Market, with region specific assessments and competition analysis on a India and regional scale Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a India and regional scale Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares Identification and analysis of the Macro and Micro factors that affect the India Kitchen Appliances Market on both India and regional scale A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
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