by The Household Cooking Appliances Market is estimated to be valued at US$ 86.83 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Household cooking appliances include stoves, cooktops, ovens, microwaves, and other appliances used for cooking and food preparation at home. Stoves use various fuel sources like electricity, gas, induction etc. to enable frying, boiling and baking. Ovens are used for baking, roasting and broiling. Microwaves use electromagnetic waves to cook and heat food quickly. These appliances enhance the cooking experience and save time for homemakers. Advances in technology are driving innovation in household cooking appliances with smart connectivity and automated feaatures becoming increasingly common.
Market Dynamics:
The growing trend of nuclear families and dual income households has increased the demand for time-saving appliances. Household cooking appliances help save time spent on cooking and enable consumers to prepare meals quickly. Furthermore, rising disposable incomes in developing regions is driving the sales of premium and higher-capacity appliances. Growing health awareness is also propelling the demand for appliances that enable healthier cooking using little or no oil. However, high initial costs and growing adoption of air fryers may hamper the market growth.
Segment Analysis
Content: The household cooking appliances market is dominated by built-in appliances segment. Built-in ovens, induction cooktops, and other built-in cooking appliances are increasingly becoming popular as they provide a seamless look in the kitchen. New residential projects are designing kitchens with dedicated space for integrating various cooking appliances. This has boosted the demand for built-in appliances among consumers.
PEST Analysis
Political: There are no significant political risks impacting the household cooking appliances market globally.
Economic: Rising disposable incomes in developing nations have increased consumer spending on kitchen appliances. Higher wages and dual income households in developed countries are also fueling market growth.
Social: Rapid urbanization, small family sizes, and preference for nuclear families have increased demand for timesaving, easy to use cooking appliances. Consumer lifestyles are becoming increasingly fast-paced.
Technological: Manufacturers are leveraging technologies like Wi-Fi connectivity, sensors, and artificial intelligence to develop smart, internet-enabled cooking appliances with advanced features. This is attracting younger consumers.
Key Takeaways
The global Household Cooking Appliances Market Growth is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing urbanization and changing consumer lifestyles globally. The household penetration of various cooking appliances is also relatively low in developing regions, providing significant headroom for market expansion.
Regional analysis: Asia Pacific region dominates the overall household cooking appliances market and is expected to continue its lead over the forecast period. China, India, and other Southeast Asian countries are major markets driving the regional sales. Rising affluence, rapid rate of household formation, and nuclearization of families have propelled the demand for kitchen appliances.
Key players operating in the Household Cooking Appliances market are 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. Key players are leveraging technological advancements, new product introductions, and penetration into untapped regional markets for bolstering their revenues.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
