Increasing residential sector to accelerate modular kitchen market
SEATTLE, WA, US, January 3, 2022 /EINPresswire.com/ — Increasing residential sector to accelerate modular kitchen market , Modular kitchens are a contemporary kitchen layout that consists of tall units with cabinets to organise the kitchen’s accessories. The modular kitchen is made of a variety of materials, including wood and plastic, among others.
Modular kitchen are advanced and modern kitchen that consist of organized accessories of kitchen. It offer modern look and convenience of use.
Storage efficiency in modular kitchens, which includes shelves, cabinets, and drawers, is a major driver that is expected to propel the global modular kitchen market forward.Furthermore, rising disposable income and increased construction activity around the world are expected to aid the global modular kitchen market’s expansion. According to data released by the United States Census Bureau and the United States Department of Housing and Urban Development in June 2019, the number of newly completed residential buildings in the United States increased from around 900 thousand units in May 2014 to 1,200 thousand units in May 2019.Furthermore, according to the United States Department of Housing and Urban Development, the total number of new residential housing completions in the United States was 1,213,000 in May 2019, with 1,294,000 building permits issued. Increased construction activity is expected to increase demand for modular kitchens around the world.
Häfele, Hackers Kitchens GmbH & Co. KG, Nobia AB, LINEADECOR, Snaidero Rino Spa Bulthaup GmbH & Co KG, Boston Cabinets, Inc., Pedini, and SieMatic Möbelwerke GmbH & Co. KG.
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Key Market Drivers:
Rise in construction activities and increasing disposable income of consumer is driving growth of the modular kitchen market. According to the fourth quarter 2020 Global Construction Survey, The construction industry in the U.S. is expected to grow by 15.6% to reach $1.4 million in 2021. The U.S. construction output is expected to reach $1.1 million by 2025.
Expanding retail sector is another factor fostering growth of the market. Offline retail industry offer wide variety of modular kitchen layout options available at one place.
Covid-19 Impact Analysis
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on modular kitchen market.
On the basis of product type, the global modular kitchen market is segmented into:
On the basis of design, the global modular kitchen market is segmented into:
On the basis of raw material, the global modular kitchen market is segmented into:
Others (Plastic and Others)
On the basis of distribution channels, the global modular kitchen market is segmented into:
The modular kitchen market is expected to exhibit a CAGR of over the forecast period owing to the rapid urbanization around the globe. According to the United Nation, in 2018, 55% of the world’s population lives in urban areas, a proportion that is expected to increase to 68% by 2050.
Asia Pacific is expected to witness significant growth over the forecast period owing to the increasing technological advancement. For instance, in August 2019, Ultrafresh India unveiled its new category of modular steel kitchens — the Magnum Series, whose vintage feel gives a completely different dimension to the kitchen.
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» Innovations in Technology
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» Scenarios from the Past and the Present
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» Extensive Product Line
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Finally, the report includes a growth strategy for the industry, a data source, research findings, an appendix, and a conclusion. To deconstruct the market, the report looks at the manufacturing process, market competitors, seller and merchant classification, innovation implementation, and business growth strategies. Customers’ concerns about future plans and actions to compete with other market participants will be alleviated by all of these details. The latest market gains are also displayed.
Key Reasons to Purchase the Modular Kitchen Market Report :
➸The report is chock-full of data, including market dynamics and future prospects.
➸ The segments and sub-segments include quantitative, qualitative, value (USD Million), and volume (Units Million) data.
➸ At the regional, sub-regional, and country levels, data on demand and supply forces, as well as their impact on the market, can be found.
➸ The competitive landscape has shifted dramatically in the last three years as a result of new developments, strategies, and market share gains by key players.
➸ Companies that offer a diverse range of products as well as financial data, current events, SWOT analyses, and strategies.
Modular Kitchen Market insights will increase the revenue impact of businesses in a variety of industries:
» Providing a framework for evaluating the appeal of various products/solutions/technologies in the Modular Kitchen Market; assisting stakeholders in identifying key problem areas related to their global Modular Kitchen market consolidation strategies; and providing solutions.
» Investigating the implications of shifting regulatory dynamics in areas where businesses want to expand.
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» Key words: market supply-side analysis, as well as insights into promising synergies for top players vying for market leadership.
» Recently conducted market research A Modular Kitchen market survey, which covers 20+ countries and key categories, also provides an outlook.
» Market drivers, trends, and influencing factors, as well as insights and forecasts, are all included in the study.
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