Global Household Cooking Appliances Market: Snapshot
The demand for consumer goods, specifically household cooking appliances, is highly influenced by the advancing technology across the world. The improved designs and enhanced efficiency, achieved by technological developments, has been reflecting positively on the sales of household cooking appliances over the last few years. Going forward, the trend looks enduring and points towards a rewarding future of this market.
According to Transparency Market Research (TMR), the opportunity in the worldwide market for household cooking appliances was US$42.20 bn in 2015. Rising at a CAGR of 3.80% during the period from 2016 to 2024, the market is projected to reach US$58.46 bn by the end of 2024.
Popularity of Cooktops to Reflect Positively in Sales
The key products of the global household cooking appliances market include cooktops and ovens. Among the two, cooktops and cooking ranges have been registering a higher demand. Gas cooktops, electrical cooktops, and induction cooktops are the main types of cooktops available in the global market. Of these, gas and electrical cooktops enjoy a high popularity among consumers at present. Electrical cooktops, particularly, is expected to witness a sturdy rise over the next few years and acquire the leading position in the overall market by 2024.
The awareness regarding the benefits of electrical cooktops, such as minimal risk, easy installation and handling, simplified cleaning process, effective management of heat, and cost efficiency, is likely to boost the demand for electrical cooktops significantly in the years to come. Apart from this, induction cooktops are also projected to experience a healthy demand in the near future.
Europe to Maintain Dominance on Account of High Awareness Level
Researchers consider North America, Asia Pacific, Europe, South America, and the Middle East and Africa as the main geographical segments of the worldwide market for household cooking appliances. Thanks to the rising demand for technically advanced products, the market for household cooking appliances in Europe has acquired the leading position among all the regional markets. The scenario is likely to remain same over the forecast period, with sales of these appliances crossing US$16.7 bn by 2024 in this region.
The soaring disposable income of consumers and the high level of awareness among them related to new products and technologies are expected to support the Europe market for household cooking appliances in the years to come.
Asia Pacific and North America are also anticipated to report steady growth in the demand for household cooking appliances over the forthcoming years. The increasing trend of replacing the conventional cooking appliances with their newer technically advanced versions is projected to propel the North America household cooking appliances market, whereas, the advent of e-commerce sector is emerging as the key driving force behind the progress of the market in Asia Pacific. The rise in consumers’ purchasing power is also expected to boost the Asia Pacific household cooking appliances market in the near future.
Robert Bosch GmbH, GE Appliances (Haier Group Co. Ltd.), AB Electrolux, Hitachi Appliances Inc., Koninklijke Philips N.V., Midea Group Co. Ltd., Whirlpool Corp., Miele Group, LG Electronics, and Samsung Electronics Co. Ltd. are some of the key manufacturers of household cooking appliances across the world.