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.
Market Coverage
o By Product Type
o By Application
o By Distribution Channel
Key questions addressed by the report
o Recovery Timeline
o Deviation from the pre-COVID-19 forecast
o Most affected segment
South Korea Kitchen Appliances Market Report Segment
By Product Type
By Application
By Distribution Channel
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