Indian Kitchen Appliances Market to Generate $3,829.8 Million by 2026 Due to Increase in Urbanization and Adoption of Modern Lifestyle

The Indian kitchen appliances market has become diverse in the last few years owing to the exciting range of products and kitchen equipment launched by several leading companies of the market. From refrigerators and microwave ovens to dishwashers and coffeemakers, the Indian kitchen appliances market is brimming with products which offer a helping hand to Indian households while cooking their meals, thus easing making their lives easier.

Forecast Analysis of the Indian Kitchen Appliances Market

Over the years, there has been a steep increase in the level of urbanization in India, along with a growth in adoption of modern lifestyle. This shift in the way of living is expected to be the primary growth driver of the Indian kitchen appliances market in the forecast period. Along with this, an increase in the development of energy efficient and technologically advanced kitchen appliances is predicted to boost the market growth in the analysis timeframe. Moreover, a surge in demand for kitchen appliances due to various advantages offered by them, including convenience while cooking are expected to offer numerous growth opportunities to the market in the forecast years. However, according to the market analysts, high cost of kitchen appliances may become a restraint in the full-fledged growth of the Indian kitchen appliances market in the 2022-2026 timeframe.

As per a report by Research Dive, the Indian kitchen appliances market is expected to reach a revenue of $3,829.8 million in the 2022-2026 timeframe, thereby growing at CAGR of 15.1% by 2026. Some prominent market players include Bajaj Electricals Ltd, Havells India Ltd., Stovekraft, Phillips Domestic Appliances India Ltd., TTK Prestige Ltd., Hawkins Cookers Limited, Koninklijke Philips N.V., Usha International Ltd., Panasonic Appliances, Butterfly Gandhimathi Appliances Limited, Inalsaappliances, and many others.

Covid-19 Impact on the Indian Kitchen Appliances Market

The Covid-19 pandemic and the subsequent lockdowns have had a catastrophic impact on various businesses and markets worldwide. The Indian kitchen appliances market, however, faced a moderate impact of the pandemic. During the pandemic, there was a huge breakdown in the supply of raw materials required for manufacturing kitchen appliances which slowed the supply of finished goods in the market. However, at the same time, there was a surge in the need for home-cooked meals due to lockdowns which increased the demand for kitchen appliances, thus helping the market grow during the pandemic.

Significant Market Developments

The key players of the market are adopting various business strategies such as partnerships, mergers & acquisitions, and launches to gain a leading position in the market, thus helping the Indian kitchen appliances market to flourish. For instance:

• In February 2022, Crompton Greaves, a leading consumer electronics company in India, announced the acquisition of Butterfly Gandhimathi Appliances, a big player in the kitchen appliances manufacturing industry. This acquisition is anticipated to help Crompton Greaves to increase its foothold in the market in the near future.
   
• In August 2022, Hamilton Beach, a US-based kitchen appliances manufacturer, announced its plans to launch kitchen appliances in the Indian market. Hamilton Beach plans to launch a premium range of air fryers which is expected to help the market gain a significant market share in the next few years.
   
• In December 2022, V-Guard Industries, a consumer electronics manufacturing company, announced the acquisition of Sunflame Enterprises, a leading home appliances manufacturing firm. This acquisition is expected to help V-Guard Industries to scale up their operations all over India in the coming period.