Home Household items Household cooking appliances market size worth US$126.4 billion by 2031, according to TMR study of states

Household cooking appliances market size worth US$126.4 billion by 2031, according to TMR study of states

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  • Improved purchasing power of people in both developed and developing countries is driving the sales growth in household cooking appliances market
  • The presence of numerous manufacturers of household cooking appliances in Asia Pacific driving regional market growth

ALBANY, NY, July 21, 2022 /PRNewswire/ — The World household cooking appliances market is expected to register growth at a CAGR of 6.3% during the forecast period from 2022 to 2031, according to a study by Transparency Market Research (TMR). Therefore, the home appliance market share is expected to exceed a valuation of US$126.4 billion by 2031.

The TMR report offers an in-depth analysis of the major factors impacting the growth plot of the Household Cooking Appliances market. Thus, readers get access to the evaluation of growth drivers, growth restraints, challenges, best basic kitchen appliances and R&D in the market.

Around the world, people are turning to using energy-efficient alternatives, including small cooking appliances and air frying. This factor is estimated to contribute to the expansion of the small household appliances market size in the coming years. In addition, major household cooking appliance manufacturers are focusing on developing small-sized appliances to meet current market demands. This factor, in turn, propels the household cooking appliances market.

According to TMR’s kitchen appliances project report, the household cooking appliances market in Asia Pacific is expected to maintain its dominance over the forecast period owing to factors such as existence of prominent players in the market, presence of huge residential sector in ASEAN, and improved power of purchase by the inhabitants of the region.

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Household Cooking Appliances Market: Key Findings

  • The consumer population all over the world is inclined to use different devices that offer superior quality, next generation designs, energy efficiency and cost effectiveness. Moreover, the increase in technological advancements across the world has led to an increase in the demand for consumer goods, especially home appliances. These factors are expected to lead to growth in the kitchen equipment market size over the forecast period. Additionally, the market is estimated to be driven by an increase in the tendency to use premium household cookware in kitchens by people in both developed and developing countries, indicates the home appliance industry analysis by TMR.
  • People all over the world prefer the use of advanced equipment that can help them minimize cooking time and reduce stress levels while preparing food. This factor translates into business opportunities in the global household cooking appliances market. Apart from that, the market is driven by increasing urban population in many developed and developing countries and increasing number of workers with busy schedules in urban areas.
  • Companies operating in the household cooking appliance market are increasingly focusing on R&D to launch equipment with next-generation functionality and aesthetic value. Moreover, several players are using different strategies such as mergers, acquisitions, partnerships, and collaborations in order to stay ahead of the competition.

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Household Cooking Appliances Market: Growth Boosters

  • Rising number of working women and rising trend of nuclear families across the globe is driving the sales growth in household cooking appliance market
  • Increased adoption of advanced technologies and smart kitchen appliances globally fuels market expansion
  • Improved purchasing power of people in major regions of the world is driving demand for advanced household cooking appliances

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Household Cooking Appliances Market: Key Players

Some of the key players profiled in the report are:

  • Haier Group Company
  • Electrolux AB
  • Koninklijke Philips NV
  • Hitachi, Ltd.
  • LG Electronics Inc.
  • Miele & Cie. KG
  • Midea Group
  • Samsung
  • Robert Bosch GmbH
  • Hestan Cue Inc.
  • Whirlpool Corporation
  • Panasonic Company

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Household cooking appliances market segmentation

  • By type
    • Hobs and burners
      • Gas hobs
      • Electric hobs
      • Induction hobs
      • Coil cooktops
      • Others (modular cooktop, etc.)
    • Ovens
      • Conventional ovens
      • Convection ovens
      • Microwave oven
      • Microwave and convection ovens
      • Oven Toaster Grill (OTG) Oven
      • Others (steam oven, etc.)
    • air fryer
    • Electric cookers
    • Chapati maker
    • Toaster
    • Others (electric kettle, etc.)
  • By location
  • By distribution channel
    • On line
      • Company Website
      • E-commerce site
    • Offline
      • Specialty stores
      • Hypermarkets and department stores
      • Electronics stores
  • Regions covered
    • North America
    • Europe
    • Asia Pacific
    • AEM
    • South America

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commercial refrigeration equipment market – The global commercial refrigeration equipment market is expected to reach US$75.34 billion by the end of 2031, grow at a CAGR of 6.7% from 2022 to 2031

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SOURCE Transparency Market Research