Growth in disposable income is a key factor expected to support healthy market growth over the forecast period, Fortune Business Insights states in its report “Luxury Kitchen Appliances Market Size, Share & Industry Analysis, By Product (Refrigerator, Cooking) , commercial), distribution channel (e-commerce, retail) and regional forecast for 2019-2026. ”Growing demand for high-end kitchen appliances is expected to contribute to healthy market growth in the coming years.
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The report on the luxury kitchen appliances market includes:
• Detailed analysis of areas
• Key market factors and constraints
• Significant industrial development
• Views on the competition scenario
Development of luxury hotels and restaurants to support the market
Growing demand for healthier and more hygienic practices is expected to stimulate the market. The growing concern about bacteria, germs and viruses is expected to create new opportunities in the market. The continued expansion of luxury hotels, restaurants and cafes is expected to guide the global market in the coming years. Growing demand for high-quality and high-quality products is likely to allow the market to expand rapidly in the near future. According to data released by Travel Puls in June 2019, there are an estimated 1,067 luxury hotels in the United States. The growing trend towards luxury homes is expected to increase the demand for high quality kitchen appliances, which in turn will help the market. In addition, growing purchasing power and urbanization may further accelerate healthy market growth over the forecast horizon.
In addition, growing millionaires are expected to have an excellent impact on the market. According to data published by Millionaire Foundry, 18.6 million individuals in the United States are believed to be millionaires, which means 7.6 percent of the U.S. adult population. Nevertheless, a high percentage of the middle class and population is expected to limit market growth in the near future.
Growth of multi-food restaurants in North America
The North American market is expected to rise tremendously over the forecast period. The growth in the area is due to the growing number of fine dining restaurants. According to data published by the National Restaurant Association, there are about one million restaurants in the United States. The growing trend towards an aesthetically appealing restaurant atmosphere is expected to boost healthy market growth. The growing focus on maintaining proper hygiene among consumers is expected to boost market opportunities in the region. Increasing discounts and high production of innovative and higher quality foods are expected to enable the market to expand rapidly. In the Asia-Pacific region, exponential growth is forecast over the forecast period as demand for luxury restaurants in the region increases.
January 2018: Whirlpool announced the acquisition of Elica PB, a highly aesthetic and luxurious company specializing in kitchen appliances.
April 2019: Sub-Zero introduced the Cove dishwasher. The new dishwasher has the capability to notify your mobile devices when it’s time to change items.
The report lists the main companies in the luxury kitchen market:
• Samsung Electronics
• Luxury MideaGlobal kitchen appliances
• Whirlpool Corporation
• Haier group
• Panasonic, Dacor Inc.
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