Global Household Cooking Appliance Market Size is Projected to Grow at a CAGR of 7.37% Through 2032, Exceeding USD 622.54 Billion
According to a market research study published by The Brainy Insights [235+ Pages Research Study] , the demand analysis of household cooking appliance market size & share revenue was valued at around USD 305.73 billion in 2022 and is estimated to grow about USD 622.54 billion in 2032, at a CAGR of approximately 7.37% between 2023 and 2032. The key market players are listed in the report with their sales, revenues and strategies are Panasonic, AB Electrolux, LG Electronics, Miele & Cie. KG, Haier Group Company.
Newark, Sept. 06, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 305.73 billion in 2022 household cooking appliance market will reach USD 622.54 billion by 2032. Throughout the projection period, the market is predicted to rise due to changing eating patterns, the number of working women and single professionals, and the number of nuclear families. Several factors anticipated to contribute to the market’s growth include strict energy efficiency regulations that apply in various parts of the world, the ease with which household kitchen appliances can be found on e-commerce websites, the rising popularity of home automation, and ongoing product launches.
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Key Insight of the Household Cooking Appliance Market
The Middle East and Africa are expected to grow at the highest CAGR of 10.52% over the forecasted period.
The market for household cooking appliances in the Middle East and Africa is anticipated to grow at the highest CAGR of 10.52% over the forecasted period. The region’s consumer buying habits are evolving, despite the market being in its early phases. Some anticipated factors to promote the adoption of IoT-enabled appliances in the area include the ongoing installation of high-speed data networks and the rising popularity of modular kitchens. Household consumers in the region preferentially choose multi-functional ovens since they are readily available at premium prices.
The ovens segment is expected to grow at the highest CAGR of 11.49% over the forecasted period.
Over the forecast period, the ovens segment is expected to grow at the highest CAGR of 11.49%. The oven’s capacity to prepare meals for households that are restaurant-quality is favorable for the segment’s growth. The market has been divided into conventional, convection, microwave, and combination heating technologies. The sub-segment of combination ovens has dominated the market for ovens as a whole. Combination ovens are increasingly regarded as a cornerstone of modern households’ cooking.
The built-in segment is expected to grow at the highest CAGR of 11.97% over the forecasted period.
Over the forecast period, the built-in segment is expected to grow at the highest CAGR of 11.97%. For smaller kitchens, built-in household cooking appliances are preferred. They take up less room when added to modular kitchens as design components. So, the built-in segment is anticipated to grow during the projected period. However, because certain appliances require professional installation, built-in technology has higher installation prices.
The e-commerce segment is expected to grow at the highest CAGR of 11.25% over the forecasted period.
Over the forecast period, the e-commerce segment is expected to grow at the highest CAGR of 11.25%. Due to the simplicity of purchasing and affordable prices, consumers of household cooking appliances choose e-commerce websites. Retailers are becoming increasingly concerned about the e-commerce channel, which is predicted to surpass traditional sales in recent years. Retailers are therefore adopting creative solutions to deal with the shifting environment. They are collaborating with e-commerce companies and offering “buy online, pick up in-store” options to boost sales channels for household cooking appliances.
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Driver: Increasing household demand for eco-friendly cooking equipment
In response to rising energy prices and growing environmental consciousness, particularly among households in industrialized nations, the market for cooking equipment with energy-efficiency certification will be projected to grow. Additionally, manufacturers are putting more of an emphasis on making energy-efficient appliances, which supports the global demand for household cooking appliances. The growing population of the world, combined with the shift toward smaller families, is a primary factor driving the market expansion for household cooking appliances. The market for household cooking appliances is also influenced by the rising proportion of nuclear households that require at least one cooktop. As a result, as nuclear families become more prevalent, so does the demand for kitchen appliances. Also, it is projected that increased market growth will be promoted by rising residential building construction due to population growth. The desire for efficient and contemporary kitchen equipment is being encouraged by consumers’ increasing disposable money. The development of affordable and functional kitchen equipment accelerates market expansion and significantly boosts economies. The growth of the home cooking appliance market is fueled by rising GDP, which is increased by rising labor force participation. Thus, it is projected that rising consumer disposable income in underdeveloped countries will promote the growth of the market for household cooking appliances.
Restraint: The increasing use of online platforms for meal delivery
The main obstacles to expansion include an increase in employment, the proportion of working women, consumers’ hectic schedules, a rise in disposable income, and the use of online meal delivery services like Zomato. Individuals are more frequently opting to order through online food delivery services because they no longer have the time to prepare at home. This can limit the use of household cooking appliances and prevent market growth.
Opportunity: The adoption of cutting-edge technology like IoT and AI
Manufacturers are introducing the newest technology, such as wireless connectivity, built-in cameras, screens, AI, and IoT, which enables remote control of household cooking appliances and brings the industry closer to automating kitchen appliances. These newest technologies are attracting consumer interest, which is expected to increase sales in the coming years. Worldwide profitable business opportunities are predicted due to the growing urban population. Interconnected cooking, which includes linking kitchen appliances using the Internet of Things (IoT), is projected to offer several attractive possibilities. This is due to the advancement of technology, which is influenced by shifting customer demand and preferences and drives manufacturers to develop such cutting-edge products. Furthermore, it is projected that the market expansion in the near future will be driven by the increased demand for easy-to-use and handle appliances.
Challenge: Low affordability and electrification in the developing countries
The lack of electrification in underdeveloped countries is one of the barriers that market players face when trying to access these markets. The poor affordability of low-income consumers is a challenge for producers in manufacturing economical appliances. The market growth is predicted to be constrained by the higher initial cost of cooking appliances. The frequent maintenance required by modern appliances limits the use of innovative cooking appliances. The demand for the product is being hampered by the rising population of single people who prefer eating over cooking at home. The growth of the global food and catering industry is expected to challenge the market expansion for household cooking appliances.
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Some of the major players operating in the household cooking appliance market are:
• Daewoo Electronics Corporation
• Haier Group Company
• Videocon Industries Limited
• Fisher & Paykel Appliances Holdings Ltd.
• Miele & Cie. KG
• AB Electrolux
• LG Electronics
• Robert Bosch Gmbh
• Whirlpool Corporation
• Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.)
• Philips Electronics
Key Segments cover in the market:
• Cooktops & Cooking Ranges
• Specialized Appliances
By Distribution Channel:
• Brick & Mortar
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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