Globally, the kitchen appliance market is undergoing significant changes, which not only affect the market supply and demand relationship, but also put forward new requirements for procurement strategies and product development.
1. Changes in market demand
(I) Market size continues to grow
The global kitchen appliance market is estimated to be US$291.3 billion in 2024 and is expected to reach US$499.2 billion by 2034, with a compound annual growth rate of 5.5%. This growth is mainly due to consumers' pursuit of high-quality life and the rapid growth of demand for kitchen appliances in emerging markets.
(II) Trends in intelligence and health
With the continuous development of technologies such as the Internet of Things and artificial intelligence, the intelligence level of kitchen appliances is constantly improving. In addition, consumers' attention to health and hygiene is also increasing, which has promoted the market demand for kitchen appliances with antibacterial and allergen-free properties.
(III) Environmental protection and energy-saving demand
Environmental protection and energy saving have become important development trends in the kitchen appliance market. Strict energy efficiency standards and people's increasing awareness of the use of efficient and environmentally friendly appliances encourage consumers to use energy-saving smart kitchen appliances. For example, in the European market, sales of energy-saving kitchen appliances increased by 15% year-on-year in 2019, much higher than the growth rate of traditional appliances.
2. Adjustment of procurement strategy
(I) Select suppliers that meet market demand
Buyers should give priority to suppliers that can provide products that meet the trends of intelligence, health, environmental protection and energy saving. These suppliers usually have the ability to produce smart kitchen appliances and energy-saving appliances and have passed relevant quality certifications.
(II) Focus on cost-effectiveness
Although the cost of smart and environmentally friendly appliances may be high, they can bring greater economic benefits through long-term market competitiveness and brand image improvement. Buyers need to find a balance between environmental compliance and cost control.
(III) Optimize supply chain management
Ensure the stability and transparency of the supply chain and select suppliers that meet environmental standards. Reduce transportation costs and carbon emissions by optimizing transportation and logistics, using low-emission vehicles and route optimization tools.
3. Product development direction
(I) Technological innovation
Support suppliers' investment in environmentally friendly materials and technological innovation to enhance product competitiveness. For example, develop low-energy and high-efficiency kitchen appliances to meet consumers' needs for environmental protection and energy saving.
(II) Health and Safety
Develop more kitchen appliances with health and safety functions, such as antibacterial and allergen-free appliances, to meet consumers' demand for healthy living.
(III) Intelligence and Convenience
Develop more intelligent kitchen appliances, such as smart ovens and smart refrigerators, to enhance consumers' experience and satisfaction.
The global kitchen appliance market is moving towards intelligence, health, environmental protection and energy saving. Buyers need to pay close attention to market trends and changes in consumer demand, adjust procurement strategies, select suppliers that meet market demand, and support the research and development of innovative materials and product development. Through these measures, buyers can occupy a favorable position in the fierce market competition and achieve sustainable development.