South Korea Kitchen Appliances Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South Korea Kitchen Appliances Market Analysis
The South Korea Kitchen Appliances Market has generated a revenue of USD 9 billion in the current year and is poised to grow at a CAGR of greater than 6% during the forecast period.
The market for home appliances in South Korea is, in large part driven by kitchen appliances. The domestic, as well as export of Korean kitchen appliances, have shown a huge surge in demand in recent years.
The United States and Canada are the largest importers of South Korean Kitchen appliances. The United States alone contributes to 69% of the total export of Kitchen appliances from South Korea. This increase in exports of home appliances is regarded as a surprising performance considering that exports are not easy to increase due to the increase of production lines in overseas factories by major players. It is analyzed that the main factor behind this increase in exports of kitchen appliances is the relatively increased interest in the kitchen to solve the essential food problem as the time spent at home increases due to the coronavirus. High disposable income, high brand awareness, and significant adoption of smart appliances are some of the major factors augmenting the domestic market growth in the country.
The South Korea kitchen appliances market is expected to see a positive post-COVID scenario. The South Korea kitchen appliances market is projected to experience growth as people continue to prioritize their home cooking and kitchen activities. With the shift towards more cooking at home during the pandemic, there has been an increased demand for appliances such as refrigerators, ovens, microwaves, and dishwashers. The market may also witness advancements in smart kitchen appliances, offering convenience and efficiency to users.
South Korea Kitchen Appliances Market Trends
The Increasing Number of Households and Disposable Income is Driving Domestic Demand of Korean Kitchen Appliance
The number of households in South Korea is on a constant rise. There were 22 million households in South Korea in 2021. The increasing number of households and disposable income in South Korea is driving the domestic demand for kitchen appliances. As more people have the means to invest in their homes, they are looking to upgrade their kitchens with modern and efficient appliances. This surge in demand is fueled by the desire for convenience, time-saving, and improved cooking experiences. With a growing middle class and changing lifestyles, the South Korea kitchen appliances market is expected to flourish.
Small Kitchen Appliances are Leading the Market in South Korea
Kitchenware and Kitchen appliances companies are paying attention to the small home appliance market as a new food source. This is due to the increase in the number of households with one or two people and the increase in demand for small appliances due to the coronavirus Pandemic. Small home appliances are now seen as a new growth engine, and leading players steadily release new products that can make use of specialties in the kitchen area. Small Kitchen appliances such as vacuum rice bowls and steam air fryers, Multicooker, Mixer, toasters are the most popular small kitchen appliances.
South Korea Kitchen Appliances Industry Overview
South Korea is quite developed in the electronic and appliance segment. Various national and international players have their presence in the South Korean Appliance Industry. The Major players in the market include LG Electronics, Samsung, Whirlpool, Cuckoo Electronics, Winia Electronics, Panasonic, Hitachi, Phillips, Haier, Hitachi, and Shinil Electronics.
South Korea Kitchen Appliances Market Leaders
-
Samsung Electronics
-
LG Electronics
-
Panasonic Corp
-
Hitachi
-
Winia Electronics
*Disclaimer: Major Players sorted in no particular order
South Korea Kitchen Appliances Market News
- Nov 2022: KT and Coway have decided to form a partnership to cooperate on artificial intelligence (AI)-based home appliance business, the mobile carrier and the home appliance rental company. The two companies said that they decided to cooperate with each other to improve their customers' quality of life by combining their smart home appliance-related technologies.
- June 2022: SEOUL, South Korea, Tuya Smart (NYSE: TUYA), a leading global Internet of Things (IoT) development platform provider, and Lock & Lock, a world-renowned producer of kitchen and household goods, have collaborated to create smart appliances that deliver extraordinary experiences to consumers.
South Korea Kitchen Appliances Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Focus on Home Cooking and Healthy Eating Habits
4.2.2 Rising Disposable Income is Driving the Market
4.3 Market Restraints
4.3.1 Economic Uncertainty and Fluctuations in Consumer Spending
4.4 Market Opportunities
4.4.1 Growing Interest in Eco-Friendly and Energy-Efficient Appliances
4.4.2 Rising Popularity of Modular Kitchens and Creating a Demand for Customized Appliances
4.5 Industry Attractiveness- Porter's 5 Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Sustainability Aspects in Kitchen Appliances
4.7 Impact of Covid 19 on the Market
5. MARKET SEGMENTATION
5.1 BY PRODUCTS
5.1.1 Refrigerators and Freezers
5.1.2 Dishwashers
5.1.3 Food Processors
5.1.4 Mixers and Grinders
5.1.5 Microwave Ovens
5.1.6 Grills and Roasters
5.1.7 Water Purifiers
5.1.8 Other Kitchen Appliances
5.2 BY End Users
5.2.1 Residential
5.2.2 Commercial
5.3 By Distribution Channel
5.3.1 Multi-Brand Stores
5.3.2 Exclusive Stores
5.3.3 Online
5.3.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Samsung Electronics Co. Ltd
6.2.2 LG Electronics Inc
6.2.3 Panasonic Corp
6.2.4 Hitachi Ltd
6.2.5 Winia Electronics
6.2.6 Phillips
6.2.7 Cuckoo Electronics
6.2.8 Shinil Electronics
6.2.9 Haier Group
6.2.10 Whirlpool Corporation*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South Korea Kitchen Appliances Industry Segmentation
South Korea Kitchen Appliances market denotes the market for the machines or the appliances that are intended to use in the kitchen. South Korean kitchen appliance market is showing a high growth rate in recent years, both the domestic and international demand for the product has shown a rapid rise. A complete background analysis of the South Korea Kitchen Appliance Market, which included an assessment of the economy, market overview, market size estimation for key segments, and emerging trends in the market, market dynamics, and Key competitive profiles are covered in the report. The South Korea Kitchen Appliance Market is segmented by Product, End Users, and Distribution Channel. By product, the market is segmented into Refrigerators and Freezers, Dishwashers, Food Processors, Mixers and Grinders, Microwave Ovens, Grills and Roasters, Water Purifiers, and Other Kitchen Appliances. By End User, the market is segmented into Residential and commercial. By Distribution channel, the market segmented into Multi-Brand Stores, Exclusive Stores, Online, and Other Distribution Channels. The report offers the value (in USD million) for the above segments.
| BY PRODUCTS | |
| Refrigerators and Freezers | |
| Dishwashers | |
| Food Processors | |
| Mixers and Grinders | |
| Microwave Ovens | |
| Grills and Roasters | |
| Water Purifiers | |
| Other Kitchen Appliances |
| BY End Users | |
| Residential | |
| Commercial |
| By Distribution Channel | |
| Multi-Brand Stores | |
| Exclusive Stores | |
| Online | |
| Other Distribution Channels |
South Korea Kitchen Appliances Market Research FAQs
What is the current South Korea Kitchen Appliances Market size?
The South Korea Kitchen Appliances Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in South Korea Kitchen Appliances Market?
Samsung Electronics, LG Electronics , Panasonic Corp, Hitachi and Winia Electronics are the major companies operating in the South Korea Kitchen Appliances Market.
What years does this South Korea Kitchen Appliances Market cover?
The report covers the South Korea Kitchen Appliances Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Kitchen Appliances Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Kitchen Appliances Industry Report
Statistics for the 2024 South Korea Kitchen Appliances market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Kitchen Appliances analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
