Burnaby, British Columbia, Canada, November 05, 2015 --(PR.com
)-- According to TechSci Research report “India Electric Kitchen Appliances Market Forecast & Opportunities, 2020,” the country’s kitchen appliances market is forecast to grow at a CAGR of over 29% during 2015-2020, in value terms. The market is anticipated to grow on account of increasing number of households, growing working population, expanding retail industry, increasing per capita disposable income and expanding middle class population. Moreover, with increasing retail penetration in rural areas of the country, the adoption of kitchen appliances is expected to grow during the forecast period.
Rising per capita disposable income of consumers, especially upper and lower middle income group; and increasing sales from organized retailers are the key factors driving the adoption of electric kitchen appliances in India. Western region accounted for the largest market share in 2014, followed by Southern, Northern and Eastern regions of the country. This regional trend is expected to prevail through 2020. In 2014, induction cooktop was the largest segment in the country’s electric kitchen appliances market, followed by electric chimneys, microwaves and electric cookers.
“Retail chains are the key contributors in increasing the awareness levels regarding such products among consumers. Easy availability of a variety of products under one roof provided by big retail players such as Big Bazar, E-zone, etc., is contributing towards boosting demand for electric kitchen appliances in the country. Similarly, online retail in India is increasing the adoption of electric kitchen appliances in the country. However, its presence is only limited to the urban areas of the country,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.