Definition of Market/Industry:

Household cooking appliances are appliances that intend to use for cooking. Microwaves, refrigerator, cooktop, and dishwasher are some of the major households cooking appliances. Some of the other cooking appliances are food processors, blenders, and coffee maker. These products are specially designed for cooking and are less expensive.

Market Statistics:

The global household cooking appliances market is expected to surpass US$ 1,07,617.92 Mn in terms of value by the end of 2028.

Drivers:

The increasing price of fuel is driving demand for induction or electricity operated appliances. Induction is gaining huge demand from Europe, and some of the emerging countries in the Asia Pacific region due to the high price of fuel. Also, growing environmental concern and increasing promotion of the green activities by key manufacturers and government are again expected to foster market growth. Thus, increasing the price of fuel is driving demand for microwave ovens, induction cook-tops, and other cooking ranges.

Market Opportunities

The increasing launch of novel and improved products by the key manufacturer is projected to bring new market opportunities. For instance, in January 2020, Samsung has launched innovative and new cooking appliances products at the 2020 Kitchen and Bath Industry Show. The newly launched product range includes a new premium slide-in range line, a first-ever side-by-side Family Hub™ refrigerator, and a new level of clothing care with AirDresser™ offer the intelligent control and pioneering design.

Global Household Cooking Appliances Market: Recent Developments

  • On May 4, 2021, Electrolux Group has won six iF Design Awards, once again being recognized for its thoughtful solutions for the kitchen, clothing care and wellbeing in the home. The Electrolux and AEG products impressed an international judging panel in areas of user experience, innovation, functionality, and ergonomics.
  • On Aug 26, 2021, Whirlpool Corporation announced the promotion of Joseph T. Liotine to the position of President and Chief Operating Officer. In this new role, Liotine will be responsible for all global operations. This change is effective September 1, 2021
  • On May 20, 2021, Whirlpool Corporation’s Whirlpool and Kitchen Aid brands were recently recognized with Shorty Awards, honoring the best of social media and digital content during the past year. Whirlpool brand was honored for the 2020 launch of The Chore Club.

Market Restraints

Growing preferences for ready to eat food products due to the busy lifestyle of the consumers is increasing time scarcity. Hence, increasing preferences for ready to eat food products is negatively impacting the market growth of the household cooking appliances over the forecast period.

Global Household Cooking Appliances Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on household cooking appliances market.

Key Takeaways:

  • The global household cooking appliances market was valued at US$ 75913.74 Mn in 2020 and is forecast to reach a value of US$ 1, 07,617.92 Mn by 2028 at a CAGR of 5.30% between 2021 and 2028.
  • The Combination segment was valued US$ 15620.46 Mn in 2020 and is expected to witness a CAGR of 5.78% over the forecast period. The latest household cooktops and cooking ranges are available in different sizes, are easy to install, and feature easy-to-use features. Hence, they have gained popularity among consumers and opened business opportunities, especially in North America and Europe.

To know the latest trends and insights prevalent in the Global Household Cooking Appliances Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/household-cooking-appliances-market-4601

Market Trends

Increasing spending by consumers on advanced cooking appliances is a growing trend. This is attributed to the changing lifestyle and emerging middle-class population. Also, growth in the young and high-income group residing in the urban areas is again propelling the market growth. Moreover, strong economic growth in countries such as India, Brazil, and China coupled with the growing awareness regarding modern cooking appliances is further contributing to the market growth of the household cooking appliances.

The growing popularity of the specialized appliances that are used for a specific function in the preparation of food is expected to serve as a key growth factor for the market. Increasing globalization has led to the introduction of various exotic dishes around the globe which is further driving demand for various types of cooking devices. Thus, the growing popularity of specialized devices due to globalization is projected to foster the market growth of the household cooking appliances in the near future.

Competitive Section:

Company Names 

  1. AB Electrolux
  2. Daewoo Electronics Corporation
  3. Whirlpool Corporation
  4. Haier Group Company
  5. LG Electronics
  6. Panasonic
  7. Philips Electronics
  8. Videocon Industries Limited
  9. Robert Bosch Gmbh
  10. Fisher & Paykel Appliances Holdings Ltd.
  11. Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.)
  12. Miele & Cie. KG

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