The household cooking appliances market comprises products such as cooktops and ovens, range hoods, and microwave ovens, which are commonly used in residential kitchens for cooking purposes. These appliances provide convenience and assist in saving time during food preparation. Increase in nuclear families and dual-income households has propelled the demand for kitchen appliances that require minimum effort and time for cooking. In addition, changing consumer lifestyles and rising disposable incomes have encouraged consumers to opt for advanced and technologically sophisticated appliances.
The global household cooking appliances market is estimated to be valued at US$ 100.03 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the household cooking appliances market are China Lesso Group Holdings Limited, Hebei Bosoar Pipe Co. Ltd, Plásticos Ferro S.L., Fujian Aton Advanced Materials Science & Technology Co. Ltd., Pipelife Austria Gmbh & Co KG., Georg Fischer Ltd., Astral Pipes, Aliaxis Group S.A., JM Eagle, Inc., Supreme Industries Ltd., and Vinidex Pty Ltd. These players are focusing on new product launches and geographical expansion strategies to gain a competitive edge in the market.
The Household Cooking Appliances Market Size provides numerous opportunities for players to expand their product portfolios and cater to rising customer demands. Growing focus toward energy efficiency and multifunctional appliances is expected to pave way for product innovation. Furthermore, recovery of the housing sector and increasing home renovation projects in developing nations will spur industry growth.
Key players are making investments to establish manufacturing units in high growth regions such as Asia Pacific, Middle East & Africa, and Latin America to tap into the rising demand. Domestic players from emerging countries are also entering the market with the support from their governments through reduced taxes and favorable policies. These efforts by companies are anticipated to drive the global expansion of the household cooking appliances market.
Market drivers for household cooking appliances include rapid urbanization and rise in disposable incomes of consumers.The growing urban population has increased the number of nuclear families and dual income households who prefer kitchen appliances that require less time and effort for cooking. This has stimulated demand for cooking appliances. Another major market driver is changing consumer preferences toward advanced and energy efficient cooking appliances.
A major restrain for the household cooking appliances market is the high initial purchase cost of technologically advanced appliances. Premium products incorporate augmented features but come at a higher price which limits their mass adoption. Furthermore, frequentchanging of technology standards leads to faster product obsolescence which discourages investments. Lack of awareness about advancedproducts in certain price-sensitive and ruralmarkets also limits the potential of the market.
Segment Analysis
This household cooking appliances market can be segmented into cooktops, ovens, and microwaves. Cooktops dominate the market as they account for more than 35% of the total share. Cooktops are the core appliance for cooking in households and are present in almost every kitchen. Within cooktops, gas cooktops have the largest market share owing to their affordability compared to electric cooktops and higher energy efficiency compared to induction cooktops.
Global Analysis
Asia Pacific region is the fastest growing as well as the dominating region in the household cooking appliances market. Countries like India, China, and other Southeast Asian countries are experiencing rapid urbanization that has fueled the demand for household appliances in recent years. Increased disposable incomes and preference for nuclear families have also boosted appliance adoption rates in APAC. Europe currently has the second largest market size due to high product penetration rates fueled by severe winters requiring extensive indoor cooking and the regional presence of leading appliance brands like BSH and Whirlpool. North America is a mature market though ongoing product innovation is sustaining decent growth.
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