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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- 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
- Mixer & Juicer and Food Processors
- Stove & Hobs
- Water Purifier
- Coffee Machines
By Distribution Channel
- Online Channel
- Offline Channel
· 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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