July 14, 2024
Household Cooking Appliances Market

Household Cooking Appliances Market Estimated To Witness High Growth Due To Rapid Urbanization & Growing Working Population

Market Overview:

Household cooking appliances are essential kitchen appliances used for cooking food. Some common household cooking appliances include ovens, cooktops, ranges, microwaves, and small appliances such as blenders, rice cookers, and food processors. Cooking appliances have become an integral part of kitchens across the globe as they save time and energy required for food preparation. With the busy lifestyle, there is an increasing demand for convenient and easy to use cooking appliances.

Market Dynamics:

Rapid urbanization across developing regions is driving the demand for household cooking appliances as more people are shifting from traditional cooking methods to modern cooking appliances. According to the World Bank, around 55% of the global population lived in urban areas in 2020, and this percentage is expected to increase further in the coming years. The growing working population has less time for cooking, propelling the demand for quick and easy to use cooking appliances. Furthermore, rising disposable income is allowing people to spend more on home appliances including cooking appliances. Innovation and product development by key players is also fueling the market growth. Players are introducing advanced features such as built-in Wi-Fi, automatic cooking functions, and touch screen displays to appeal to more customers. However, high initial costs of certain premium appliances may limit the market growth.

Segment Analysis

The Household Cooking Appliances Market Share is dominanted by the built-in segment which accounts for over 35% share. This is because built-in appliances seamlessly integrate into kitchen cabinets and countertops providing sleek look. They also occupy less spare space in the kitchen compared to freestanding appliances.

PEST Analysis

Political: No significant political factors affecting the household cooking appliances market.
Economic: Rising disposable incomes and increasing women workforce is driving the demand for advanced kitchen appliances that offer convenience.
Social: Changing lifestyle and demand for smart home appliances is a key social trend. also, focus on energy efficient products.
Technological: Growth of IoT and smart connectivity features in appliances. Voice command options and WiFi enabled cooking appliances are gaining traction.

Key Takeaways

The global household cooking appliances market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing urbanization and demand for energy efficient appliances. The market was valued at US$ 82.3 Bn in 2022.

The North American region dominates the household cooking appliances market with over 30% share assisted by early tech adoption and focus on latest kitchen innovations. Growth of online sales channels and demand for multi-cooking functionalities of appliances also propels the market in the region.

Key players operating in the household cooking appliances market include AB Electrolux, Daewoo Electronics Corporation, Whirlpool Corporation, Haier Group Company, LG Electronics, Panasonic, Philips Electronics, Videocon Industries Limited, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), and Miele & Cie. KG

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it