South Korea Kitchen Appliance Market Growth, Size, Share, Industry Report and Forecast 2020-2026

Posted November 5, 2020 by mansi3210

South Korea Kitchen Appliance Market Size, Share & Trends Analysis Report By Product Type , By Application , By Distribution Channel , Forecast Period 2020-2026
The South Korea kitchen appliances market is anticipated to grow with a significant CAGR of 6.2% during the forecast period (2020-2026). High disposable income, high brand awareness, and significant adoption of smart appliances are some of the major factors augmenting the market growth in the country. A large share of the market is covered by domestic companies that are Samsung Electronics Co. Ltd., and LG Electronics Inc. Both offers a wide range of product offering and regularly launch new product ranges in order to maintain the market share.

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For instance, in October 2020, LG introduced a new home appliance line LG Objet Collection in Seoul with enhanced customization options. LG Objet Collection allows a buyer to select their colors and materials for home appliances with which synchronization can be made with the interior design of a place. Initially, the company is offering 11 products under the LG Objet Collection brand which include refrigerators, a dishwasher, a light wave oven, a washer-dryer combo, and a clothing refresher, and the lineup is expected to expand in the future. A customer can select 13 colors with 145 design combinations for a three-door bottom-freezer refrigerator. Moreover, lightwave oven, water purifier, and dishwasher are compatible with each other through the company’s IoT platform, LG ThinQ. In the same month, the company has gone into a deal with Italian luxury furniture maker Molteni&C S.P.A. For the next three years, both the companies will be involved in marketing, and product development related to LG Signature home appliances, Molteni&C residential furniture, and Dada kitchen furniture.

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Market Coverage

• The market number available for – 2019-2026
• Base year- 2019
• Forecast period- 2020-2026
• Segment Covered-
o By Product Type
o By Application
o By Distribution Channel
• Competitive Landscape- LG Electronics Inc., Samsung Electronics Co. Ltd., WINIA Electronics Co., Ltd., Whirlpool Corp., Panasonic Corp., Haier Group Corp.
Key questions addressed by the report
• What is the market growth rate?
• Which segment dominates the market in the base year?
• Which segment will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

South Korea Kitchen Appliances Market Report Segment

By Product Type

• Refrigerators
• Microwave
• Mixer & Juicer and Food Processors
• Stove & Hobs
• Dishwasher
• Water Purifier
• Coffee Machines
• Other

By Application

• Residential
• Commercial

By Distribution Channel

• Online Channel
• Offline Channel

Company Profiles

• Carrier Corp.
• Koninklijke Philips N.V.
• Haier Group Corp.
• Hitachi, Ltd.
• LG Electronics Inc.
• Panasonic Corp.
• Sichuan Changhong Electric Co., Ltd.
• Samsung Electronics Co., Ltd.
• Whirlpool Corp.
• WINIA Electronics Co., Ltd.

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Categories Consumer , Electronics , Technology
Tags Consumer Electronics , Market Research , market analysis , Market Forecast
Last Updated November 5, 2020