The global 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 kitchen appliances that help with various cooking needs such as ovens, cooktops, range hoods, refrigerators, dishwashers and microwaves among others. These appliances save time and ensure convenient cooking experience for homemakers.
Market key trends:
Growing urbanization along with the increasing number of small households has boosted the sales of household cooking appliances. This is attributed to limited kitchen space in urban households driving the demand for compact and multipurpose appliances. Furthermore, the rising working population has propelled the demand for time-saving and convenient cooking appliances. Also, product innovations incorporating latest technologies is a major trend driving the market growth. For instance,smart ovens integrated with Wi-Fi connectivity allowing cooking through smartphones.
Market key trends:
One of the key trends in the household cooking appliances market is the growing demand for kitchen appliances equipped with smart connectivity features. Manufacturers are increasingly offering cooking appliances that can be remotely operated and monitored using mobile applications. Smart ovens and induction cooktops that can be controlled using voice commands through virtual assistants like Alexa and Google Assistant are gaining popularity. Connected appliances allow consumers to pre-heat the oven, set cooking times and temperatures, and monitor cooking progress remotely. This is driving the demand for smart and wi-ab appliances.
SWOT Analysis
Strength: The household cooking appliances market has strong growth prospects due to rising disposable incomes and growing preference for time-saving kitchen appliances.
Weakness: High initial costs of technologically advanced smart appliances pose affordability challenges in price-sensitive developing markets.
Opportunity: Growing demand for energy-efficient appliances presents an opportunity for manufacturers to introduce more eco-friendly products with lower electricity consumption.
Threats: Volatility in raw material prices impacts manufacturing costs. Dependence on a few raw material suppliers increases vulnerability to supply disruptions.
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. Growing number of nuclear families and dual-income households is driving the demand for technologically advanced appliances that offer convenience.
North America holds the major share in the household cooking appliances market owing to high disposable incomes and growing health consciousness among consumers. Asia Pacific is expected to exhibit the fastest growth during the forecast period with China and India emerging as highly lucrative markets. Appliance penetration is increasing in these countries due to rising living standards.
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. Manufacturers are focusing on new product launches catering to smart kitchen trends and increasing their presence in emerging markets through strategic collaborations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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