Commercial Kitchen Appliances Market Size Set to Expand at Significant CAGR of 7.09%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Commercial Kitchen Appliances Market size at USD 95.53 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Commercial Kitchen Appliances Market size to expand at a CAGR of 7.09% reaching a value of USD 135.63 billion by 2030.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Commercial Kitchen Appliances Market size at USD 95.53 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Commercial Kitchen Appliances Market size to expand at a CAGR of 7.09% reaching a value of USD 135.63 billion by 2030. The expansion of the travel and hospitality sector as well as the growing appeal of quick service restaurants (QSRs), or drive-through locations for fast food chains, are significant growth drivers for the Global Commercial Kitchen Appliances Market. Moreover, it is projected that over the forecast period, technological developments in kitchen appliances will propel global demand for commercial kitchen appliances.
Opportunity: Technological advancements in kitchen appliances
The Global Commercial Kitchen Appliances Market is expanding due to the growing use of smart commercial kitchen appliances, which can link with smartphones and tablets with ease and efficiently execute a variety of culinary chores at cheap costs. The growth of the market is also attributed to technological developments such as the introduction of artificial intelligence (AI) and the Internet of Things (IoT) in commercial kitchen equipment to enhance user experience. Major manufacturers are also launching linked refrigerators with intuitive temperature control and warning features that are enabled by the Internet of Things (IoT), which is expected to drive the Global Commercial Kitchen Appliances Market during the period in analysis.
Impact of Escalating Geopolitical Tensions on Global Commercial Kitchen Appliances Market
The escalating geopolitical tensions hinders the growth of the Global Commercial Kitchen Appliances Market by disrupting the hospitality industry. Poor diplomatic ties between several nations, such as those between the United States and Russia or India and China, hurt their tourism sectors. The business of hotels, restaurants, and other hospitality industry participants is directly impacted by the tourist sector's constraints. For example, Russia's invasion of Ukraine severely damaged the country's infrastructure and made it unsafe to travel there, which severely interrupted the country's tourism industry. This has an adverse effect on the demand for commercial kitchen equipment, which in turn hinders the expansion of their global market.
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Global Commercial Kitchen Appliances Market
Segmental Coverage
Global Commercial Kitchen Appliances Market – By Application
Based on application, the Global Commercial Kitchen Appliances Market is segmented into quick service restaurant (QSR), railway dining, institutional canteen, resort & hotel, hospital, full service restaurant (FSR), and others. The quick service restaurant (QSR) segment accounts for the highest market share owing to the rising demand for convenience in food offerings. The changing lifestyle and consumer preferences are boosting the popularity of outlets that offer food quickly and at a lower price, which increases the need for efficient commercial kitchen appliances.
Global Commercial Kitchen Appliances Market – By Region
The in-depth research report on the Global Commercial Kitchen Appliances Market covers a number of country-specific markets across five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. North America dominates the global commercial kitchen appliances market. The high and increasing number of restaurants and hotels directly contributes to the growing demand for commercial kitchen appliances. The high concentration of leading fast food chains, such as Starbucks, Burger King, Pizza Hut, McDonald’s, etc., also drives the growth of the market in the region.
Competitive Landscape
Major players operating in the Global Commercial Kitchen Appliances Market include Hobart, Vulcan, American Range, Carrier Corporation, The Vollrath Company LLC, Interlevin Refrigeration Ltd, Meiko International, Falcon Group, Southbend, Hoshizaki Corporation, Electrolux, Fagor Group, Rational AG, Duke Manufacturing Company, Hamilton Beach, and Ali Group.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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