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.
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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.
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.
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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.
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.
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