South Korea Built-In Kitchen Appliances Market Overview, 2028

South Korea Built-In Kitchen Appliances Market Overview, 2028

Actual Market Research 31-12-2022 58 Pages Figures : 4 Tables : 10 Region : Asia-Pacific Country : Korea South Category : Consumer Goods & Services Appliances & Equipment

The significant macroeconomic factors that contribute to the expansion of the market for Built-in kitchen appliances in South Korea are; an increase in disposable income, rising demand for cutting-edge cooking appliances, increased consumer spending, and nuclear families around the world. As a result of the growing demand for appliances that automate and save time, market players in South Korea have made investments in the research and development of these appliances. In addition, to this, the expansion of the market is being aided by the rising popularity of energy-efficient cooking appliances. The growing middle-class populace coupled with consumers’ shifting lifestyles has had a significant impact on the sales of built-in kitchen appliances. According to the research report "South Korea Built-in Kitchen Appliances Market Overview, 2028," published by Bonafide Research, South Korea's built- in kitchen appliances is expected to add USD 370.51 Billion by 2028. Key growth drivers in the Smart Kitchen Appliances market include technological advancements that enable efficient production, an expanding product portfolio, sophisticated design, efficient operational maintenance, and sales monitoring. However, some of the Smart Kitchen Appliances market restraints over the forecast period include complying with stringent regulations and varying standards worldwide, growing competition, inflation estimated to remain above the upper band in key nations in the short term, and fluctuating raw material prices. South Korea, a nation driven by technology, has a larger market for home appliances. The majority of current technological advancements were initially introduced in the South Korean market in response to the constantly shifting preferences of consumers. By promptly addressing these customer preferences, the electronics giants like LG Electronics and Samsung are maintaining their global leadership positions. The market is being driven by product development and the adoption of cutting-edge technologies like the Internet of Things and artificial intelligence. As Asia's fourth-largest economy, South Korean manufacturers never stop investing in new ideas. Despite their current presence in the market, major home appliances are enjoying a positive trend due to factors like innovation that manufacturers are focusing on when developing their products. Customers anticipate the concept of smart homes, the growing demand for built-in appliances in the construction industry, and the inclusion of AI and IoT capabilities in appliances that are connected to the internet. The market for washing machines that use less water is being shaped by decreasing water reserves all over the world. An excellent illustration of how to comprehend the needs of customers can be found in the app Home Chat which was developed by LG Electronics. This app makes it possible for users to remotely monitor any home appliances, including refrigerators, and washing machines. The consumer can connect their appliances and monitor them in real time taken to this connectivity. In the area of electronics and appliances, South Korea has made significant progress. The South Korean built-in appliance industry is home to several domestic and foreign firms. LG Electronics, Samsung, Whirlpool, Cuckoo Electronics, Winnie Electronics, Panasonic, Hitachi, Phillips, Haier, Hitachi, and Shinil Electronics are some of the major market participants. South Korea, a nation that values technology, offers more potential for the home appliance sector. The majority of current technological advancements were initially released in the South Korean market to accommodate the constantly shifting preferences of consumers. By promptly responding to these customer preferences, electronics behemoths like LG Electronics and Samsung are maintaining their top positions in the global market. In this region, the market for large household appliances is larger than the market for small appliances. For manufacturers, the built-in kitchen appliance market is a thriving one due to technological advancements and its capacity to be applied to every category of equipment. Even though South Korea is a developed nation with saturated market circumstances, the market for home appliances there still can plow through and seize a share. Recent development Magna International Inc. (Magna) and LG Electronics (LG) signed the transaction agreement in July 2021, establishing a joint venture. Magna's expertise in electric powertrain systems and world-class automotive manufacturing are combined with LG's knowledge of e-motor and inverter component development in the formation of the joint venture. In July 2021, Samsung Electronics and Q CELLS announced a new strategic partnership in which the two companies will combine their technological know-how to offer solutions for "zero energy homes." By only drawing energy from the house itself, a zero-energy home becomes energy independent. This self-sufficiency is achieved by making use of more energy-efficient devices and producing energy from renewable sources like solar power. Covid 19 impact In South Korea, the built-in kitchen Appliances Market was not more impacted by Covid 19 pandemic. The greater number of households directly translates to the increase in built-in kitchen appliance demand in the country. Along with the number of households, the National disposable income of South Korea is also increasing. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korean built-in kitchen appliances market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type: • Built-In Ovens • Built-In Hobs • Built-In Hoods • Built-In Refrigerators • Built-In Dishwashers • Others (Trash cans cabinets, coffee maker, etc.) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the built-in kitchen appliances industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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