Household cooking appliances include a range of cooking products such as microwaves, cooktops and cooking ranges, and other specialized products. These products can be based on auto programs, thermal regulators, and, smart programs. These products are designed for easy and smooth cooking. Also, these products used for both cooking as well as cleaning purposes.
The global household cooking appliances market is estimated to be valued at US$ 78,494.80 million in 2021 and is expected to exhibit a CAGR of 5.3 % over the forecast period (2021-2028).
Figure 1. Global Household Cooking Appliances Market Value (US$ Mn), by Region, 2020
Asia Pacific region held dominant position in the global household cooking appliances market in 2020, accounting for 36.40% share in terms of volume, followed by Europe and North America, respectively. The region has emerged as a major production hub for household kitchen appliance manufacturers due to the low labor costs and availability of raw materials at competitive prices.
Growing population around the globe coupled with the increasing number of small households is a prime factor fueling the market growth of the household cooking appliances. The market for cooking appliances is also attributed to the increasing number of nuclear families that require at least one cook-top. Hence, growing number of nuclear families are driving demand for kitchen appliances. Robust growth in the residential building due to increasing population is again expected to foster market growth.
The increasing disposable income of the consumers is driving demand for efficient and modern kitchen appliances. The overall development of economies coupled with the advent of affordable and efficient kitchen appliances is again propelling market growth. Increasing labor participation is boosting the national GDP which is further fueling the market growth of the household cooking appliances. Thus, growing disposable income of the consumers across the developing region is expected to foster the market growth of the household cooking appliances.
Growth in the urban population around the globe is expected to provide lucrative opportunities to the market. According to the stats by United Nation, at present, 55% of the world’s population lives in urban areas, and this number is expected to increase to 68% by 2050 driven by the gradual shift in residence of the human population from rural to urban areas, combined with the overall growth of the world’s population. This could add another 2.5 billion people to urban areas by 2050.
The growing popularity of connected cooking, that involves the interconnection of kitchen appliances via the Internet of Things (IoT) is expected to offer profitable opportunities. This is attributed to the advancement in technology-driven by changing consumer preferences and demand that compels manufacturers to launch such an innovative product. Also, the growing demand for appliances that are easy to use and handle is further expected to support the market growth in the near future.
|Base Year:||2020||Market Size in 2021:||US$ 78,494.80 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||5.30%||2028 Value Projection:||US$ 1,07,617.92 Min|
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
|Restraints & Challenges:||
Modern food consumption is one of the current trends in the market. Modern food products require baking, grilled, and reheating of the food products which is driving demand for an advanced cooking appliance such as microwave. Less time spent in microwaves and reduce the energy cost is one of the other major factors driving demand for household cooking appliances.
Strategic partnership and agreement among key players for market expansion on regional as well as the global level are growing trends. In February 2018, LG Electronics USA has expanded its smart kitchen appliance partnerships with plans to integrate Tovala – the effortless cooking solution and meal service – into LG smart ovens and ranges. Hence, the growing adoption of such initiatives by the key manufacturer is contributing to the market growth of the household cooking appliances.
Figure 2. Global Household Cooking Appliances Market Share, By Product Type, 2020
Key Takeaways of the Graph:
High initial cost as compared to conventional cooking appliances is expected to hinder the market growth. The modern appliances require frequent maintenance which is again limiting the use of advanced cooking appliances. This factor is hampering market growth.
The increasing population of single who prefers eating out than cooking at home is affecting the demand for the product. Also, the growth of the food and catering industry around the globe is again expected to restrict the market growth of the household cooking appliances.
A home appliance, also known as a domestic appliance, a commercial appliance, or a kitchen appliance, is basically a machine that helps in various household activities like cooking, washing, and food preparation. Different types of cooking appliances are available today that help in performing several tasks more easily and economically. Cooking appliances can be classified into three categories namely, electrical cooking appliances, fuel cooking appliances, and gas cooking appliances. Among all these appliances, electrical cooking appliances are the best for homes and small restaurants because of their speed and ease of use.
Increasing population is ultimately fueling growth of the residential sector which in turn augmenting growth of the household cooking appliances market. According to the United Nation, the world’s population is expected to increase by 2 billion persons in the next 30 years, from 7.7 billion currently to 9.7 billion in 2050, and could peak at nearly 11 billion around 2100.
On the other hand, the high initial cost of household appliances is expected to have a negative impact on the growth of household cooking appliances market.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.