Household Cooking Appliances Market – Snapshot
Home cooking appliances play a major role in the domestic life of an individual and have become an important part of the modern kitchen. Increased demand for consumer goods, specifically for household cooking appliances is expected to be highly influenced by the advancing technology globally. Technology advancements, energy efficiency, quality, enhanced designs, and cost of the products are considered to be major factors influencing consumer preferences and purchasing patterns. Furthermore, utilizing highly advanced household cooking appliances has become one of the major trends in the kitchen.
Several other factors influencing the market demand for household cooking appliances include rising number of nuclear families and working women, introduction of smart cooking equipment, and availability of energy efficient alternatives such as induction cooktops and ranges. Furthermore, the transition of devices, such as from conventional or microwave to combination modes and further to smart equipment with IoT technology is also projected to boost the market for household cooking appliances over the forecast period. Industry players are also investing heavily in R&D to develop high-performances devices with enhanced features and improved aesthetic value which is further anticipated to influence the market growth positively.
The demand for advanced kitchen electronic appliances has rise owing to the augmented need for appliances that could diminish the time of cooking and lessen hassles in the process of food preparation. Hectic schedules of people, especially in the urban areas and with the working class people, is likely to work in favor of the development of the global household cooking appliances market in the years to come.
Smart kitchen appliances find extensive utilization in many of the developed countries, such as Japan, Canada, the US, and Germany. High demand for use of Internet of Things (IoT) and artificial intelligence (AI) for access to and regulation of several smart kitchen appliances through a mobile or a remote device has gained much traction in the recent years. To reap benefits of these latest technologies, several companies have started integrating them in their smart cooking appliances. These factors are foreseen to come up as growth factors for the global household cooking appliances market in the near future.
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There has been a rise in the number of nuclear families together with better standard of living in several developing countries. In addition, growing consumer awareness about energy efficient equipment are likely to result in a notable rise in demand for various advanced household cooking appliances. This factor is likely to make way for rapid growth of the global household cooking appliances market in the forthcoming years.
The outbreak of global pandemic, Covid-19, has generated significant impact on the global household cooking appliances market, which has seen disruptions in the suppliers chain. China being one of the leading suppliers of finished products and raw materials, the market has suffered considerably with lockdowns and strict measures implemented in the country to contain the spread of Covid-19.
However, high price of these cooking appliances may act as a barrier to the industry growth in the coming years. Nevertheless, rising standard of living, increasing disposable income, and growing demand for high-end devices is projected to spur the market growth over the forecast period. Increased availability of enhanced variations in the cooktops such as electric, gas, induction cooktops, coil cooktops, and smooth surface cooktops is also anticipated to drive the market growth. Furthermore, availability of enhanced models of wall ovens and ranges with high-end features is projected to influence their demand over the forecast period.
The product segment of the household cooking appliances market is categorized into cooktops & cooking ranges, ovens, and specialized appliances. Further, cooktops & cooking ranges is divided into gas cooktops, electric coil cooktops, and induction cooktops. The oven segment is further segregated into conventional thermal ovens and microwave ovens. Further, conventional thermal ovens are categorized into static heating and hot air convection and microwave ovens is categorized into high-end microwave ovens, medium-end microwave ovens, and low-end microwave ovens. These segments are further divided into static heating and hot air convection in all the three segments. The application segment of household cooking appliances is divided into built-in and free standing.
Based on product segment, cooktops & cooking ranges are expected to contribute majorly to the growth of the household cooking appliances market in terms of revenue. The growth is attributed to the availability of technology enhanced products such as IoT enabled cooktops which can be directly monitored and controlled by the smartphone and the demand for these products is anticipated to rise steadily over the forecast period. Furthermore, gas cooktops in cooktops & cooking ranges accounted for highest market share in terms of revenue in 2017 and is expected to maintain its dominance over the forecast period. The growth is attributed to the ability of these gas cooktops to regulate temperature instantly. Induction cooktops are projected to witness enormous growth over the forecast period. These cooktops are embedded with energy efficient technology for cooking food in comparison to electric and gas cooktops and hence the market is anticipated to grow steadily in the coming years. The oven segment in the household cooking appliances market is expected to grow steadily over the forecast period due to their high capacity and increased number of non-gliding and gliding racks with various improved features. In the oven segment, microwave ovens are expected to hold major share in terms of revenue. In the application segment, free standing household cooking appliances is expected to contribute majorly to the market share over the forecast period.
Asia Pacific region is projected to contribute majorly to the market share in terms of revenue for these devices. The growth in the region is attributed to the rising demand for household cooking appliances in emerging countries due to increasing disposable income. Additionally, the increasing trend of e-commerce with the rising purchasing power of consumers is also projected to boost the market growth over the forecast period. Europe is expected to follow Asia Pacific in terms of revenue due to rising demand for technologically advanced products in the region.
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Some of the major players in the global household cooking appliances market are Electrolux AB, Haier Group Corporation, Hitachi, Ltd., Koninklijke Philips N.V., LG Electronics Inc., Midea Group, Miele & Cie. KG, Robert Bosch GmbH, Samsung Group, and The Whirlpool Corporation.