The global Household Cooking Appliances Market is estimated to be valued at US$ 86.83 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Household cooking appliances include various products such as cooking ranges, cooktops, ovens, and specialized appliances like microwaves, coffee makers that help in preparing food easily. These appliances have range of advanced features and are convenient to use.
Market key trends:
One of the key trends in the household cooking appliances market is the rising demand for multifunctional appliances. Consumer preference for appliances with multiple functions is increasing owing to busy lifestyles. Multifunctional appliances help in saving kitchen space and provides flexibility of using single appliance for various tasks. For instance, combination microwave ovens that work as microwaves as well as convection ovens are gaining popularity among consumers.
Segment Analysis
The household cooking appliances market is dominated by the cooktops subsegment. This is owing to the increasing demand for multifunctional cooking appliances. Cooktops offer features like induction technology, convection cooking, and faster heating which have made them a popular choice. The built-in cooktop segment holds the largest share under cooktops due to rising consumer preference for aesthetic home appliances.
Key Takeaways
The global Household Cooking Appliances Market Growth is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing urbanization and rising disposable incomes. North America dominates the regional segment driven by high consumer spending and presence of key players in the region. Europe exhibits the second highest share on account of increasing adoption of smart kitchen appliances.
Regional analysis
Asia Pacific is anticipated to witness the fastest CAGR over the forecast period. This is attributed to growing middle-class population and rapid infrastructure development in emerging economies of China and India. China represents the largest market in Asia Pacific.
Key players
Key players operating in the household cooking appliances market are AB Electrolux, Daewoo Electronics Corporation, Whirlpool Corporation, Haier Group Company, LG Electronics, Panasonic, Philips Electronics, Videocon Industries Limited, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), and Miele & Cie. KG. Electrolux and Whirlpool capture a significant share of the global market due to their wide product portfolio and stronger brand presence.
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https://www.insightprobing.com/household-cooking-appliances-market-size-market-share-analysis/
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