DUBLIN, July 29, 2022 /PRNewswire/ — The “Global Small Appliances Market (Cooking, Personal Care, Vacuum Cleaners & Food Preparation): Insights & Forecast with Potential Impact of COVID-19 (2022-2026)” report has been added to ResearchAndMarkets.com’s offering.
The global small appliances market is forecasted to reach US$307.83 billion in 2026, experiencing growth at a CAGR of 5.78% during the period spanning from 2022 to 2026.
Growth in the small appliances market is supported by factors such as rising trend of modular kitchen, technological innovation, multifunctional appliances and smart appliances. However, the market growth is expected to be restrained by fluctuation in raw material prices and macroeconomic downturn & restraints on expansion .
The global small appliances market by segment can be categorized as follows: small cooking appliances, personal care appliances, vacuum cleaners, food preparation and others. In 2021, the dominant share of global small appliances was being held by small cooking appliances, followed by personal care appliances. The multifunctional and rising popularity of smart features in appliances and technological innovation is estimated to support the small cooking appliances market.
The global small appliances market by region can be segmented as follows: China, Europe, North America and Rest of the world. The larger share of the market was held by China.
Owing to the outbreak of coronavirus, the global small appliances market witnessed a slight turbulence owing to the lockdowns, the overall consumer sentiment has been positive. During the lockdown period, people were choosing to replace their old appliances with smart and advanced appliances. The home cooking norm contributed significantly in the growth of small kitchen appliances.
The competitive landscape of the market, along with the company profiles of leading players (Panasonic Corporation, Koninklijke Philips NV, LG Electronics Inc., Whirlpool Corporation, Robert Bosch …