Global Household Cooking Appliances Market: Snapshot
The demand for consumer goods, specifically household cooking appliances, is highly influenced by the advancing technology across the world. The improved designs and enhanced efficiency, achieved by technological developments, has been reflecting positively on the sales of household cooking appliances over the last few years. Going forward, the trend looks enduring and points towards a rewarding future of this market.
According to Transparency Market Research (TMR), the opportunity in the worldwide market for household cooking appliances was US$42.20 bn in 2015. Rising at a CAGR of 3.80% during the period from 2016 to 2024, the market is projected to reach US$58.46 bn by the end of 2024.
Popularity of Cooktops to Reflect Positively in Sales
The key products of the global household cooking appliances market include cooktops and ovens. Among the two, cooktops and cooking ranges have been registering a higher demand. Gas cooktops, electrical cooktops, and induction cooktops are the main types of cooktops available in the global market. Of these, gas and electrical cooktops enjoy a high popularity among consumers at present. Electrical cooktops, particularly, is expected to witness a sturdy rise over the next few years and acquire the leading position in the overall market by 2024.
The awareness regarding the benefits of electrical cooktops, such as minimal risk, easy installation and handling, simplified cleaning process, effective management of heat, and cost efficiency, is likely to boost the demand for electrical cooktops significantly in the years to come. Apart from this, induction cooktops are also projected to experience a healthy demand in the near future.
Europe to Maintain Dominance on Account of High Awareness Level
Researchers consider North America, Asia Pacific, Europe, South America, and the Middle East and Africa as the main geographical segments of the worldwide market for household cooking appliances. Thanks to the rising demand for technically advanced products, the market for household cooking appliances in Europe has acquired the leading position among all the regional markets. The scenario is likely to remain same over the forecast period, with sales of these appliances crossing US$16.7 bn by 2024 in this region.
The soaring disposable income of consumers and the high level of awareness among them related to new products and technologies are expected to support the Europe market for household cooking appliances in the years to come.
Asia Pacific and North America are also anticipated to report steady growth in the demand for household cooking appliances over the forthcoming years. The increasing trend of replacing the conventional cooking appliances with their newer technically advanced versions is projected to propel the North America household cooking appliances market, whereas, the advent of e-commerce sector is emerging as the key driving force behind the progress of the market in Asia Pacific. The rise in consumers’ purchasing power is also expected to boost the Asia Pacific household cooking appliances market in the near future.
Robert Bosch GmbH, GE Appliances (Haier Group Co. Ltd.), AB Electrolux, Hitachi Appliances Inc., Koninklijke Philips N.V., Midea Group Co. Ltd., Whirlpool Corp., Miele Group, LG Electronics, and Samsung Electronics Co. Ltd. are some of the key manufacturers of household cooking appliances across the world.
Global Household Cooking Appliances Market: Overview
The Household Cooking Appliances market report provides analysis for the period 2014–2024, wherein the period from 2016 to 2024 is the forecast and 2015 is the base year. The report covers all the major trends and technologies playing a key role in the Household Cooking Appliances market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities expected to influence the market’s growth during the said period in terms of revenue (in US$ Mn) and volume (in Million Units).
The market overview section of the report outlines the drivers, restraints, and opportunities that influence the current nature and future standing of this market. The report represents the market attractiveness for segments that include solution and its sub-segments influencing the adoption of Household Cooking Appliances. The report also includes supply-chain analysis to recognize key participants in the Household Cooking Appliances along with their role in the enter supply chain. Moreover, the report provides an overview of the various strategies of key players in the market.
Global Household Cooking Appliances Market: Drivers and Restraints
Major factors driving the global Household Cooking Appliances market include climate change and depreciating natural resources growth in industrialization resulting increasing infrastructural establishments is likely increase demand for energy during heat waves. Also, drastic changes in climate is anticipated to affect the water level. Rise in global population, and the surge in living standards have rapidly influenced lifestyles of people and has impacted the time to complete household chores.
Furthermore, increasing number of working class women has also increased and families are becoming financially more stable. Thus, families now find it affordable to invest in high-tech cooking appliances which not only saves time but also simplifies complex cooking tasks.
Global Household Cooking Appliances Market: Segmentation
The report provides brief analysis for the geographies which include North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. The Household Cooking Appliances market has been segmented by solutions. The solutions are further categorized by Cooktops and Cooking Ranges, Ovens and Specialized Appliances. Cooktops and Cooking Ranges comprises of Gas Cooktop, Electrical Cooktop, and Induction Cooktop and Ovens include Conventional, Microwave, and Combination.
The comprehensive Household Cooking Appliances market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market revenue and shipments estimates have been analyzed by taking into account the impact of different social, economic, technological, and legal factors along with the current market dynamics affecting the Household Cooking Appliances market’s growth.
Companies Mentioned in this Report
The report also highlights the competitive landscape of the Household Cooking Appliances market, positioning all the major players according to their geographic presence, solutions offered, focus on product enhancements, and recent developments. The major providers of Household Cooking Appliances includes Samsung Electronics Co. Ltd., LG Electronics, Miele Group, Whirlpool Corporation, Midea Group Co. Ltd., Koninklijke Philips N.V. (Philips), Hitachi Appliances, Inc., AB Electrolux, GE Appliances (Haier Group Co. Ltd.) and Robert Bosch GmbH Details such as financials, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
The Household Cooking Appliances market is segmented as below:
Household Cooking Appliances Market
By Product type
- Cooktops and Cooking Ranges
- Gas Cooktop
- Electrical Cooktop
- Induction Cooktop
- Specialized Appliances
- North America
- The U.K.
- Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- South America