According to a new market report published by Transparency Market Research titled Household Cooking Appliances Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecasts 2016-2026, The global household cooking appliances market is expected to reach a value of US$110.58 billion by 2026. In terms of value, the market is expected to grow at a CAGR of 6.1% during the forecast period. from 2018 to 2026. women, and rising consumer spending power and disposable income is expected to drive the growth of the household cooking appliances market over the forecast period. Growing consumer preferences for energy efficient alternatives over gas and electric appliances and growing technological development of smart food cooking equipment is also expected to drive the market growth in the coming years.
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Rising living standards have prompted consumers to opt for better-designed and smarter appliances in their kitchens, which further positively influences the demand for household cooking appliances. The growing trend of nuclear families and financial stability are prompting consumers to invest in technology-enhanced cooking appliances, increasing their demand.
The cooktops and ranges segment is expected to hold the largest market share in terms of revenue and is also expected to grow steadily over the forecast period. This is due to the introduction of smart equipment or IoT-enabled equipment across the range that can be directly controlled by smartphones. In cooktops and ranges, gas cooktops are expected to see huge growth in the coming years due to their ability to instantly regulate temperature. Consumer preference for energy efficient technologies for cooking food is expected to influence the increased demand for induction cooktops over the forecast period. Furthermore, increased awareness of the benefits of induction cooktops such as easy installation and handling, minimal risk, efficient heat management, simplified cleaning process and cost effectiveness is expected to drive the demand for household cooking appliances over the forecast period.
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The demand for ovens is also expected to increase in the near future due to the availability of a variety of large capacity ovens. Ovens are expected to witness a moderate growth rate over the forecast period owing to the presence of innovative products equipped with easy control panels and automatic program to enhance their user-friendliness and meet consumer demand. In the coming years, microwave oven manufacturers in different parts of the world are likely to increase their usage by meeting the changing demands of food processing and food service industry.
Additionally, specialty appliances such as toasters, blenders, food processors, and blenders are also considered essential appliances. Almost all consumers own these special devices for their daily tasks in the kitchen. Therefore, the volume share of specialized devices is larger compared to the volume of ovens.
The Asia-Pacific household cooking appliances market is expected to experience the highest growth over the forecast period owing to changing lifestyle, higher disposable income coupled with greater affordability, which has increased the demand for household cooking appliances in the region. The market in the region is expected to grow at a CAGR of 6.9% in terms of revenue during the forecast period. In Asia Pacific, cooktops and ranges are expected to witness substantial growth over the forecast period. The growth is attributed to the mass adoption of gas cooktops in both urban and rural sectors. The region has more middle-class consumers; hence, gas cooktops are expected to see high demand during the forecast period. Among Asia-Pacific countries, China is expected to dominate the household cooking appliance market over the forecast period. As the electronics industry has been a mainstay of success in China, the country is known for producing large-scale electronic and smart devices. Low labor costs and a large customer base give China a high attractiveness index. .
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Countries like India and Japan are expected to witness a tremendous growth rate over the forecast period owing to the growing number of households and their attraction to household cooking appliances. The consumer durable goods industry in India and Japan has seen tremendous changes over the past couple of years.
Some of the major players in the global household cooking appliances market are Electrolux AB, Haier Group Corporation, Hitachi, Ltd., Koninklijke Philips NV, LG Electronics Inc., Midea Group, Miele & Cie. KG, Robert Bosch GmbH, Samsung Group, and the Whirlpool Company.
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