The 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 small kitchen appliances such as cooktops and ranges, ovens, specialized appliances like microwaves, and other cooking equipment used at home for cooking purposes. These appliances aid in quick and easy food preparation while maintaining quality, nutritive value, and safety. They help in saving time and energy in domestic kitchens.
Market key trends:
One of the major trends driving the household cooking appliances market growth is the increasing consumer awareness towards convenience. Consumers are relying more on easy to use and time-saving appliances that help in quick meal preparation. Therefore, the rising preference for convenience is boosting the demand for innovative kitchen appliances with new technologies. Manufacturers are focusing on developing multi-cooking functions that cater to the changing taste and lifestyles of consumers. They are integrating connectivity features to control appliances remotely using smartphones. This trend is expected to continue and further propel the household cooking appliances market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the household cooking appliances market is moderate as it requires high initial investments to setup manufacturing plants. The market is dominated by few established players who enjoy economies of scale and brand loyalty.
Bargaining power of buyers: The bargaining power of buyers in the household cooking appliances market is high due to presence of numerous vendors providing appliances at competitive prices. Buyers can easily switch between brands based on product quality and pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and brands are not fully dependent on any single supplier. Suppliers also have to adhere to international food safety and quality standards.
Threat of new substitutes: There is low threat of substitutes as appliances from different categories cannot easily replace products from this category. However, substitute threat can arise from multi-functional appliances.
Competitive rivalry: The competitive rivalry in the market is high due intense competition among key industry players.
SWOT Analysis
Strength: The household cooking appliances market has strong branding and distribution network of key players. Product innovation and technology integration are other strengths.
Weakness: Appliance replacement cycles are long affecting short term sales. Energy efficiency also impacts operating costs. High import duties and taxes apply on some products.
Opportunity: Rising health-conscious population drives demand for healthy cooking appliances. Growth in online retail provides new sales opportunities. Untapped rural markets offer future potential.
Threats: Economic slowdowns impact discretionary spending. Raw material price fluctuations pose risks. Stringent government regulations on food safety and emissions compliance require ongoing investments.
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 health awareness and changing food habits globally. The Asia Pacific region dominated nearly 50% market share in 2023 due to large population and rising incomes in countries like India and China. High product penetration levels are observed in developed regions of North America and Europe.
Regional analysis indicate fastest growth will be witnessed in Asia Pacific projected to grow at around 7% CAGR owing to rapid urbanization and growing middle class demanding latest amenities. Latin America and Africa regions also offer immense potential for industry expansion.
Key players operating in the household cooking appliances market includes 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. Major players are focusing on technologies integration along with product differentiation through design and features to gain competitive edge.
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Global Household Cooking Appliances Market Report 2025 size is anticipated to value USD 124.8 billion until 2025.
It is also expected to register a CAGR of 6.5% over the forecasted years, 2019 to 2025.
Request free sample @ https://www.millioninsights.com/industry-reports/global-household-cooking-appliances-market/request-sample Market Synopsis of Household Cooking Appliances Market: Usage of smart kitchen appliances for household cooking is gaining traction across developed countries like the U.S., Canada, and Germany.
Several players are developing appliances that can be accessed remotely with the help of mobile devices.
In 2018, the cooktops & cooking range product segment held the largest share of around 46.0% across the global market due to surging demand for appliances like electrical and induction cooktops for regular cooking purposes.
The household cooking appliance market includes key players such as Haier Group, AB Electrolux, LG Electronics, Koninklijke Philips NV, and Whirlpool Corporation.
