Market Trends of United States Large Kitchen Appliances Industry
Growing Number of Households is Driving the Market
As the number of homes and apartments in the United States continues to increase, so does the demand for large kitchen appliances. This trend is expected to continue during the forecast period. Additionally, a surge in home renovation activities across the nation is likely to bolster this demand in the short term. The US home improvement industry, which includes the sale of building materials, appliances, décor, and services from contractors and tradespeople, is witnessing its most vital phase in over a decade.
This industry supports the economy by generating significant revenue and creates numerous job opportunities. Given the pivotal role of homeownership in the US economy, it is noteworthy that many homeowners are choosing to renovate rather than move or upgrade amid a nationwide housing shortage and soaring home prices. These renovations often lead to upgrades in large household appliances, including refrigerators, freezers, ranges, and washing machines. The trend of staying put and improving existing homes is likely to continue, further driving the market for large kitchen appliances.
Increasing Disposable Income is Driving the Market
As disposable incomes rise, various commercial segments, including modular households, are witnessing an uptick in demand for large cooking appliances. Consumers increasingly gravitate toward these appliances, driven by lifestyle changes and heightened disposable income. This trend boosts the appeal of upscale kitchen gadgets and signals a robust growth trajectory for the large kitchen appliances market in the coming years.
With the rise in average household incomes, there has been a surge in consumer demand for kitchen appliances. Additionally, advancements in technology and design innovations are making these appliances more attractive and functional, further fueling market growth. Manufacturers are also offering a more comprehensive range of products with enhanced features, catering to the evolving preferences of consumers. Also, the increasing focus on energy-efficient and intelligent appliances is expected to drive market expansion as consumers seek to integrate convenience and sustainability into their kitchens.
