E-commerce is gaining importance in the current market scenario, as people are preferring to purchase these home appliances online with an assured guarantee from the online players. Smart large kitchen appliances are being increasingly preferred due to the expansive availability of the internet and smart home devices that can be controlled by voice and command. Among the product types in large kitchen appliances, freezers are expected to grow the highest during the forecast period given the current pandemic situation which is also driving the growth since people are stocking up on essentials.Online retail is expected to grow the fastest since customers are more attracted to home delivery, lower prices, and better deals. Changing and continuously evolving consumer buying patterns, including an increase in the percentage of consumers who are purchasing houseware online, create both opportunities and uncertainty for the growth prospects within the large appliance category, as well as for all the individual retailers and several industry participants.
Key Market Trends
Growing Number of Households is Driving the Market
Owing to the growing number of houses and apartments in the United States, the demand for large kitchen appliances is expected to increase over the forecast period. Also, increasing home renovation activities in the country might drive the demand for large kitchen appliances in the short term. The United States home improvement industry is stronger than it has been in over ten years and encompasses the sale of building materials, appliances, décor, and other home enhancements, and the services offered by contractors, tradespeople, and other workers who help to build, install, modify, and upgrade homes. The business of homeownership represents a significant portion of the U.S. economy. With a nationwide shortage of housing and record-high home prices, more homeowners prefer to stay in their properties versus move or upgrade to new ones in the United States. During these renovation activities, consumers are most likely to upgrade their large household appliances such as refrigerators, freezers, ranges, washing machines, etc.
Increasing Disposable Income is Driving the Market
The rise in disposable income has spurred the demand for large cooking appliances within different commercial divisions including modular households. Large kitchen appliances are gaining popularity among the consumers owing to changes in lifestyles of people due to a considerable increase in disposable income. There is an increase in the demand for kitchen appliances among the household end-users owing to changes in lifestyle and an increase in disposable income. Increasing disposable income is encouraging consumers to buy fancier kitchen appliances, which will drive the large kitchen appliances market in the years ahead. As the income of the average household increases, there has been a rise in the consumer need for kitchen appliances.
Competitive Landscape
The report covers major international players operating in the United States Large Kitchen Appliances Market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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- The market estimate (ME) sheet in Excel format
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Table of Contents
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