What is Luxury Kitchen Market?
Luxury Kitchen comprises superior-quality materials including cabinets or countertops, custom-made fixtures, immense quality space planning, as well as great lighting and interior design using modern technologies and appliances. Due to large product offering and elevated disposable income of people, the market is expected to propel. However, low affordability, high cost of manufacturing, and limited range of target customers hampers the market growth. Rising property prices and the need for kitchen showcasing leads to renovation of kitchen by the householders, thereby contributing largely to the luxury kitchen market. Some of the distinctive features of luxury kitchen include use of cutting edge technology, zoning, and inclusion of floor-to-ceiling cabinetry and art work.
Highlights from Luxury Kitchen Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Samsung Electronics (South Korea), LG Electronics (South Korea), MideaGlobal Luxury Kitchen Appliances (China), Whirlpool Corporation (United States), Haier Group (China), Panasonic (Japan), Dacor Inc. (United States), Hacker (Germany), BSH Haugerate GmBH (Germany) and Miele (Germany)|
Competition among existing players is due to the stiff market share occupied by leading players. The industry leader is engaged in offering innovative and superior-quality products to cater to the ever-growing demand for luxury kitchen appliances. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with luxury companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Research Analyst at AMA predicts that European Vendors will contribute to the maximum growth of Global Luxury Kitchen market throughout the forecasted period. Samsung Electronics (South Korea), LG Electronics (South Korea), MideaGlobal Luxury Kitchen Appliances (China), Whirlpool Corporation (United States), Haier Group (China), Panasonic (Japan), Dacor Inc. (United States), Hacker (Germany), BSH Haugerate GmBH (Germany) and Miele (Germany) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are La Cornue (France).
Luxury Kitchen Market Segmentation:
|Type||Cooking Appliances, Dishwasher, Refrigerator, Flooring and Others|
On the basis of geography, the market of Luxury Kitchen has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Growing demand for Instant Food and Beverage in the Industry
Market Growth Drivers:
Rising Disposable Income of Global Population and Increase in Luxury Product Consumption by Affluent Population
Rising Inflation and Unstable Economic Growth
Low Affordability in the Low- And Middle Income Countries and High Cost of Designing and Manufacturing Products
Rising Brand Awareness and Change in Lifestyle
Key Target Audience
Affluent Population, Luxury Kitchen Manufacturers, Kitchen Architects, Potential Investors, End Users and Others
Market Leaders & Development Strategies
In August 2022, Whirlpool Corporation signed an agreement to acquire Emerson Electric Co.’s InSinkErator for USD 3 billion. InSinkErator is a leading manufacturer of food waste disposers and instant hot water dispensers majorly use for commercial as well as home use. This is an addition to the company’s portfolio.
In June 2022, Samsung Electronics launched SmartThings Home Life which provides centralized and integrated control over Samsung appliances such as SmartThings cooking, Energy, Home Care, Pet Care, and Clothing Care. The service was launched in around 97 countries.