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 market comprises:
- Detailed analysis of regions
- Key market drivers and restraints
- Notable industry developments
- Insights into the competitive scenario
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.
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.
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: