Name: Modular Kitchen Market Size and Trends
Creator: Coherent Market Insights
License: https://www.coherentmarketinsights.com/privacy-policy
Keywords: Modular Kitchen Market, Modular Kitchen Market Report, Modular Kitchen Industry Report, Modular Kitchen Market Size, Modular Kitchen Market Share, Modular Kitchen Market Analysis, Modular Kitchen Market Growth, Modular Kitchen Market Trends, Modular Kitchen Market Overview, Modular Kitchen Market Forecast

Modular Kitchen MarketSize and Trends

Market Dynamics:

The efficient storage in case of modular kitchen, which include shelves, cabinets, and drawers is a major driver that is expected to boost growth of the global modular kitchen market.
Moreover, increasing disposable income and increasing construction activities worldwide are other factors that are expected to aid the global modular kitchen market growth. For instance, according to data released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in June 2019, in the U.S., the number of newly completed residential buildings was around 900 thousand unit in May 2014, which increased to 1,200 thousand unit in May 2019.
Furthermore, according to the U.S. Department of Housing and Urban Development, in May 2019, the total number of new residential housing completions in the U.S. was 1,213,000 and 1,294,000 building permits were sanctioned. Such increasing construction activities are expected to boost demand for modular kitchen market, globally.
However, factors such as high price of modular kitchen layout and volatility of its transportation cost are expected to hamper growth of the global modular kitchen market over the forecast period.

Market Outlook:

Among distribution channel, offline segment is expected to dominate the market over the forecast period, owing to wide variety of modular kitchen layout options available at one place which is a major factor that attracts customers. However, online segment is expected to account for a significant share during the forecast period, owing to the growing e-commerce industry and rapid internet penetration. For instance, according to the World Bank data, in 2014, the total number of broadband users worldwide was recorded to be 10.21 people per 100 people, which increased and reached 13.76 people per 100 people in 2017.
Among raw material, plastic sub-segment is expected to account for significant market share, owing to increasing use of PVC (Poly-vinyl Chloride) sheets. Furthermore, PVC sheets are waterproof, strong, termite, and oil proof, which is expected to be a major factor for increasing demand for plastic-based modular kitchen over the forecast period.