DUBLIN, Nov. 9, 2018 /PRNewswire/ —
The “Modular Kitchen Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023” report has been added to ResearchAndMarkets.com’s offering.
The global modular kitchen market reached a value of around US$ 30 Billion in 2017. Looking forward, the market is further projected to exceed US$ 40 Billion by 2023, growing at a CAGR of around 5% during the next five years.
Modular kitchen is a term used for the modern kitchen furniture layout consisting of modules of cabinets made of diversified materials which hold accessories inside and can facilitate the effective usage of the spaces in a kitchen. They can be made from various materials like wood, high pressure laminate, melamine, etc. A modular kitchen can be custom designed and the consumers can choose between the type, design and material according to their taste, requirement and budget.
Global Modular Kitchen Market Drivers:
Modular kitchens come in a number of designs and price rages that can be customized according to the requirement of a consumer. Depending on the consumer’s budget, taste, available space and personal preferences, modular kitchens can be tailor made. Consumers can color coordinate their kitchens or go for a design that contrasts with the theme of their house. While this allows them to personalize their kitchen, it also helps them work within the limits of their budgets.
Modular kitchens gives the user convenience and comfort for the easy usage of the hob, oven and utensils. It also provides ample space for efficient storage of appliances. Modular kitchens are designed in such a way so that they are easy to clean and maintain.
Modular kitchens can be easily assembled by the user as all the modules/parts are prefabricated and only need to be assembled. They are also easy to transport for consumers who may often change homes. Modular kitchens are also easy to repair in case of any damage or defect, as only a single unit can be replaced without changing the entire system.
The market is also being driven by a strong growth in the residential construction industry. The global residential construction market was worth over US$ 4 Trillion in 2017 and is expected to exhibit double digit growth rates in the next five years. As a result of rising real estate prices, residential units have become more compact in size. Modular kitchen provide more flexibility and efficient management of space in small houses.
Product type insights:
On the basis of product type, the market has been segmented as Floor Cabinet, Wall Cabinet and Tall Storage. Currently, the Floor Cabinet type represents the largest segment.
Based on the design/layout, the market has been segmented as L-Shape, Straight, U-Shape, Parallel, Island and Peninsula. Amongst these, L-Shape represents the largest segment.
Material Used Insights:
Based on the type of material used, the market has been segmented as Lacquered Wood; High Pressure Laminates; Wood Veneers and Melamine; Metals; and Others (Glass, Acrylic, etc.). Lacquered Wood currently accounts for the largest market share.
Distribution Channel Insights:
Based on the distribution channel, the market has been segmented into online and offline. Amongst these, offline represents the biggest segment.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Europe is currently the biggest market.
For more information about this report visit https://www.researchandmarkets.com/research/sn5x5x/global_modular?w=5
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SOURCE Research and Markets