Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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 was valued at US$ 84,508.20 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.9% during the forecast period (2020 to 2027).
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. In addition, 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.
North America region dominated the global household cooking appliances market in 2019, accounting for 32.0% revenue share, followed by Europe and Asia Pacific, respectively
Figure 1. Global Household Cooking Appliances Market, Revenue Share (%), By Region, 2019
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. Moreover, 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.
Household Cooking Appliances Market Report Coverage
||Market Size in 2019:
||US$ 84,508.20 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 133,680.03 Mn
- Regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa
- By Product Type: Cook tops and cooking ranges (Gas cooktop, Electrical cooktop, Induction cooktop, and Others), Oven (Conventional, Microwave, and Combination), and Specialized Appliances
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.
- Growing population around the globe coupled with the increasing number of small households
- In addition, increasing disposable income of the consumers
|Restraints & Challenges:
- High initial cost as compared to conventional 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. Also, 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.
Figure 2. Global Household Cooking Appliances Market – Opportunity Analysis
On the basis of product types, Cook tops and cooking ranges type dominated the global household cooking appliances market in 2019 with around 44.9% of market share in terms of revenue, followed by ovens and specialized appliances, respectively.
Figure 3. Global Household Cooking Appliances Market, Revenue Share (%), By Energy Type, in 2019
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. Furthermore, 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.
Global Household Cooking Appliances Market - Impact of Coronavirus (Covid-19) Pandemic
Key raw material suppliers are facing severe economic repercussions owing to Coronavirus (Covid-19) Pandemic. Also, the demand for household cooking appliances faced hindrance amidst the ongoing pandemic outbreak. In addition to this, lockdown measures as well as social?distancing guidelines have resulted into delays in project construction and supply chain disruption. Moreover, restrictions on travel, business activities, and border closures have reduced energy demand in transport and industry. With site access, almost all lockdown measures and guidelines require companies to follow precautionary safety measures. Stricter hygiene protocols amid pandemic certainly may limit the number of workers allowed on site and increase the risk of delays. This is expected to restrain the growth of household cooking appliances market for short period.
- AB Electrolux
- Daewoo Electronics Corporation
- Whirlpool Corporation
- Haier Group Company
- LG Electronics
- Philips Electronics
- Videocon Industries Limited
- Robert Bosch Gmbh
- Fisher & Paykel Appliances Holdings Ltd.
- Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.)
- Miele & Cie. KG
Few Recent Developments
In January 2020, Panasonic announced that it has collaborated with Drop, the smart kitchen platform, to simplify the lives of home cooks using their appliances.