The global modular kitchen market size was worth around USD 21.1 Billion in 2022 and is predicted to grow to around USD 33.1 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.12% between 2023 and 2030.
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➤ Increasing demand for energy-efficient living spaces to drive market expansion
As a result of the increasing demand for efficient living spaces, particularly among the urban or modern population, the global modular kitchen market is expected to expand. This demand is primarily driven by the increased accessibility to items that function in tandem to enhance the quality of life. Modular kitchens are designed to maximize the available space for the purpose of accommodating additional items or enhancing the overall living area of the residents. During the forecast period, the revenue potential could be increased by the product and service providers’ capacity to customize the items in accordance with the expectations and requirements of the end consumers.
➤ Market growth is restricted by a limited market penetration.
The market for modular kitchen products is severely restricted, despite the fact that the industry is experiencing substantial growth. In developed and developing economies, a significant portion of the end-consumers are located in modern or urbanised areas. Industry actors have been unsuccessful in leveraging the rural segment, particularly in economies that are grappling with social or political unrest. Relative to the conventional kitchen arrangement, the fraternity is relatively recent. Furthermore, growth is further restricted by the increased reliance on specialized labor for the design and installation of the items.
➤ It is anticipated that the increasing sales of smart household appliances will result in increased revenue.
In the past few years, the sale revenue of smart kitchen appliances has experienced a significant increase due to the significant rise in dual-income families, accelerated urbanization, and the increasing employment rate worldwide. The efficacy of the entire setup is significantly enhanced and the modular kitchen becomes highly functional when these appliances are installed. With the increasing demand for the integration of sophisticated technologies such as the Internet of Things (IoT), manufacturers can now produce modular kitchens and items that can be remotely controlled.
➤ Market growth is being challenged by increasing competition.
Competitors in the modular kitchen market worldwide are experiencing substantial competition from other alternatives. This encompasses the traditional kitchen systems’ current popularity. Additionally, the segment is highly competitive as a result of the constant addition of new participants to the market, who offer a diverse selection of products across the cost spectrum. As a result, the players are confronted with the challenge of consistently upgrading their products to differentiate them from the other items available for purchase.
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The Global Modular Kitchen Market is segmented based on product, application and region
Global Modular Kitchen Market: Product Segment Analysis
● Fiber
● Plastic
● Metal
● Wood
● Others
Global Modular Kitchen Market: Application Segment Analysis
● Commercial
● Residential
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The global Modular Kitchen market profiles key players such as:
● Godrej & Boyce
● Hafele
● Häcker Küchen
● Sleek Kitchens
● Scavolini
● Poggenpohl
● Veneta Cucine
● Snaidero
● IFB Industries
● Blum
● Hettich
● Siematic
● Nobilia
● Boffi
● Pedini
● Bulthaup
???? Recent Developments:
• Wurfel, an Indian brand that specializes in premium modular kitchen models and European products, announced the opening of its new studio in the Kokapet region of Hyderabad in February 2023. The new units are anticipated to offer visitors a novel and immersive experience, and they will consist of base cabinets, wall cabinets, and tower units.
• Panasonic Life Solutions India announced the introduction of a new line of premium modular kitchens in November 2022. The company is involved in the production of housing technologies and electronics. Following the 2018 introduction of the L-Class kitchen range, the company initiated the sale of the I-Class Kitchen. Panasonic anticipates that the introduction of the new product line will result in a revenue exceeding INR 25 crore.
➤ The dominance of North America is expected to persist.
The global modular kitchen market is anticipated to experience the most significant development in North America, primarily as a result of the high demand for modular kitchens and space-efficient living space solutions. The regional development is contingent upon the increasing integration of smart appliances into contemporary kitchen settings. Additionally, the increasing number of participants who implement consistent product renovation strategies to access emerging market segments consistently contributes to increased growth in the United States and Canada. These countries are experiencing a significant increase in the availability of environmentally favorable solutions, which is anticipated to attract a greater number of consumers during the forecast period.
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