South Korea Kitchen Appliance Market Size, Share, Analysis, Industry Report and Forecast 2020-2026

The South Korea kitchen appliances market is anticipated to grow with a significant CAGR of 6.2% during the forecast period (2020-2026). High disposable income, high brand awareness, and significant adoption of smart appliances are some of the major factors augmenting the market growth in the country. A large share of the market is covered by domestic companies that are Samsung Electronics Co. Ltd., and LG Electronics Inc. Both offers a wide range of product offering and regularly launch new product ranges in order to maintain the market share.

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For instance, in October 2020, LG introduced a new home appliance line LG Objet Collection in Seoul with enhanced customization options. LG Objet Collection allows a buyer to select their colors and materials for home appliances with which synchronization can be made with the interior design of a place. Initially, the company is offering 11 products under the LG Objet Collection brand which include refrigerators, a dishwasher, a light wave oven, a washer-dryer combo, and a clothing refresher, and the lineup is expected to expand in the future. A customer can select 13 colors with 145 design combinations for a three-door bottom-freezer refrigerator. Moreover, lightwave oven, water purifier, and dishwasher are compatible with each other through the company’s IoT platform, LG ThinQ. In the same month, the company has gone into a deal with Italian luxury furniture maker Molteni&C S.P.A. For the next three years, both the companies will be involved in marketing, and product development related to LG Signature home appliances, Molteni&C residential furniture, and Dada kitchen furniture.

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Market Coverage

  • The market number available for – 2019-2026
  • Base year- 2019
  • Forecast period- 2020-2026
  • Segment Covered-

o By Product Type

o By Application

o By Distribution Channel

  • Competitive Landscape- LG Electronics Inc., Samsung Electronics Co. Ltd., WINIA Electronics Co., Ltd., Whirlpool Corp., Panasonic Corp., Haier Group Corp.

Key questions addressed by the report

  • What is the market growth rate?
  • Which segment dominates the market in the base year?
  • Which segment will project the fastest growth in the market?
  • How COVID-19 impacted the market?

o Recovery Timeline

o Deviation from the pre-COVID-19 forecast

o Most affected segment

  • Who is the leader in the market?
  • How players are addressing challenges to sustain growth?
  • Where is the investment opportunity?

South Korea Kitchen Appliances Market Report Segment

By Product Type

  • Refrigerators
  • Microwave
  • Mixer & Juicer and Food Processors
  • Stove & Hobs
  • Dishwasher
  • Water Purifier
  • Coffee Machines
  • Other

By Application

  • Residential
  • Commercial

By Distribution Channel

  • Online Channel
  • Offline Channel

Company Profiles

·         Carrier Corp.

·         Koninklijke Philips N.V.

·         Haier Group Corp.

·         Hitachi, Ltd.

·         LG Electronics Inc.

·         Panasonic Corp.

·         Sichuan Changhong Electric Co., Ltd.

·         Samsung Electronics Co., Ltd.

·         Whirlpool Corp.

·         WINIA Electronics Co., Ltd.

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