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Small Domestic Appliances Market Share is Projected to Grow With a CAGR of 13.0% from 2021 to 2030

Allied Market Research

PORTLAND, OREGON, UNITED STATES, May 3, 2023 /EINPresswire.com/ — Growing population and increasing population density in metro cities has been majorly driving the small domestic appliances market growth. People are majorly migrating from rural areas to metro cities in the search of job opportunities and staying there for lifelong. This migration creates huge opportunities for real estate, hotels and restaurants, hospital and clinics, where various small domestic appliances are required. Various small domestic appliances include kitchen appliances, air treatment, personal care, pet care, cooking baking and heating appliances.

The small domestic appliances market size was valued at $176,804.3 million in 2020 and is estimated to reach $581,657.6 million by 2030, registering a CAGR of 13.0% from 2021 to 2030.

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According to the CXOs of leading companies, the global small domestic appliances market is emerging at a considerable pace owing several factors such as increase in compatibility of the appliances, enhanced internet penetration, changes in lifestyle patterns, and growth in concerns about energy prices fuel the increase in sales of the small domestic appliances market.

Changes in lifestyle of customers has witnessed increase in trend of modular kitchen, in turn resulting in the development of advanced and innovative kitchen appliances. Rapid increase in food service establishment has led to increased demand for commercial kitchen appliances.

Rapid expansion of the retail industry plays a major role in the distribution of small domestic appliances. It is becoming more important to make small domestic appliances available to the consumers. Specialty stores and supermarket & hypermarkets are gaining major traction in the global small domestic appliances market. This is majorly attributed to availability of enormous options for the consumers to choose from. Multi brand specialty stores have many brands for the single line product segment, where people can compare their features and colors, which help them to take buying decisions.

Moreover, Asia-Pacific and LAMEA are projected to register a significant growth as compared to the saturated markets of Europe and North America, due to rapid urbanization, increase in penetration of technology even in small cities, growth in disposable income, and improvement in standard of living.

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Key Take Away

-Cooking/Baking and heating appliances segment is estimated to reach $84,081.90 million by 2030, at a CAGR of 13.8%
-Supermarket/Hypermarket is projected grow at a CAGR of 12.1% during the forecast period
-Commercial segment is estimated to reach $231,942.8 million by 2030, at a CAGR of 13.9% during the forecast period
-North America garnered the second highest share in the small domestic appliances market in 2020, and is expected to maintain its share throughout small domestic appliances market forecast period

Key Benefits For Stakeholders

The report provides a quantitative analysis of the current trends, estimations, and dynamics of the market size from 2020-2030 to identify the prevailing opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis and the market size and segmentation assist to determine the prevailing market opportunities.
The major countries in each region are mapped according to their revenue contribution to the small domestic appliances market share.
The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the small domestic appliances industry.

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Tushar Rajput
Allied Analytics LLP
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Originally published at https://www.einpresswire.com/article/631493036/small-domestic-appliances-market-share-is-projected-to-grow-with-a-cagr-of-13-0-from-2021-to-2030