Global Modular Kitchen Market shall grow at a CAGR of 4.52% from 2022 to 2028 | Renub Research
According to Renub Research’s latest report, “Global Modular Kitchen Market, Size, forecast 2023-2028, Industry Trends, Share, Growth, Company Analysis,” the Global Modular Kitchen Market is estimated to reach US$ 35.59 Billion by 2028. Modular kitchens design with a furniture format comprising cabinets split into modules that hold kitchen commodities. By using modular kitchens, homeowners can efficiently employ their kitchen space. The furniture is shaped together with regularity to create a functional unit that correctly segments everything, allowing each time to be compressed and reframed within the modular kitchen, expanding the use of space while maintaining an organized and clutter-free environment. As a result, it improves the wide appearance of a kitchen or home. In addition, it provides space-saving, convenient, and efficient storage solutions for essential kitchen items such as utensils, appliances, and groceries. Moreover, they use small spaces optimally and contribute to a clean and organized look.
Modular kitchens offer an essential advantage in their flexibility for assembly and disassembly, implementing productive work to be carried out even in tight spaces. The fastest growth in the residential construction industry, mixed with changes in lifestyle patterns, such as the shift from living in joint families to nuclear families, are the leading factors propelling the advancement of the modular kitchen market.
In addition, consumer demand for space-saving and efficient storage solutions and a growing preference for interior colors such as charcoal grey, champagne, and cream propel the market significantly. However, the initial cost of installing a modular kitchen, the demand for more skilled professionals, and the disturbing supply chain hamper the overall market growth.
Increasing demand for decorative stones creates more need for Artificial Stones
Artificial stone is a composite material of mineral aggregates, cement, and water. It is suitable for interior and exterior applications, and its popularity has grown in recent years due to its affordability compared to natural stone, ease of installation, and superior durability. It is also available in different colors and textures, making it a versatile and popular choice for commercial and residential projects. It is also non-toxic and does not discharge harmful smog when exposed to heat, making it safe for indoor furniture. Overall, the cost-effectiveness, ease of installation, durability, versatility, and eco-friendliness of artificial modular stone have contributed to its dominance in the market.
Floor Cabinet dominates the Market due to their Several Technological Revolutions
The floor cabinets segment is experiencing a flourishing period during the forecast due to its essentiality as a kitchen component with its durable surfaces, aiding in organizing and storing daily essentials, which makes them a fundamental part of modern kitchen design. Furthermore, this technology has made floor cabinets more functional, convenient, and aesthetically pleasing, contributing to their increased demand in the modular kitchen market. These factors have propelled the floor cabinets segment to a higher growth rate.
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The need for L-shaped designs on a Global Level is expanding due to the rising Middle-class Population
L-shaped kitchens are adaptable and can be customized to a wide range of spaces. They are also well organized regarding space utilization, making them a superb choice for smaller kitchens. Moreover, L-shaped designs provide enough counter space and storage options, essential kitchen features. They allow for efficient workflow and can easily accommodate multiple users. For these reasons, L-shaped designs have become increasingly popular and dominate the modular kitchen market.
Residential Kitchen market will lead due to the rising number of Real Estate projects and higher demand for Space-saving Homes
Modular kitchen designs keep up with new trends and allow for customization in drawers, cabinets, countertops, or micro-compartments, resulting in better organization. In addition, the increasing demand for efficient storage solutions that optimize small spaces expects to drive the demand for residential modular kitchens. These kitchen setups offer convenient and efficient storage for essential kitchen commodities such as utensils, appliances, and groceries, utilizing the available space to its fullest potential.
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Offline channel holds the Maximum Share due to its broad range of Products
Manufacturers depend on direct sales, wholesale, and brick-and-mortar retail as their primary offline distribution channels. The distinct range of products available through these offline businesses remains a compelling factor in inviting more customers. In recent years, manufacturers have progressively adopted a hybrid business strategy that associates offline and online shopping.
North American region is realizing increased demand due to the rising Investment in the Construction Industry
The U.S. leads the North American modular kitchen Market due to a large consumer base growing preference toward charcoal grey, champagne, and cream colors as a significant growth factor for North America Modular Kitchen Market.
Competitive Landscape:
Major players competing in the Global Modular Kitchen market are Indian Fline Blanks (IFB) Ltd., IKEA Groups, Electrolux, Robert Bosch, LG Electronics, and Nobilia,
Market Summary:-
- Types– The report covers Global Modular Kitchen Market by segments from 4 viewpoints (Stainless steel modular kitchens, Fire Resistance Board Modular kitchens, Natural stone modular kitchens, and Artificial stone modular kitchens)
- Products– By products, the Global Modular Kitchen Market is classified into three viewpoints (Floor Cabinet segment, Wall Cabinet, and Tall Storage)
- Design- By design, the Global Modular Kitchen Market breakup into 5 viewpoints (L-Shape, U-Shape, Parallel, Straight, and Island)
- Application: – By Application, the Global Modular Kitchen Market break up into five viewpoints (Residential, Commercial, Industrial, Healthcare, and Education)
- Distribution channel: – By Distribution, the Global Modular Kitchen Market breaks up into two viewpoints (Online and Offline)
- Region: The Global Modular Kitchen Market breaks up into 4 viewpoints (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)
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