The global household cooking appliances market size is expected to reach USD 104.48 billion by 2022, growing at a CAGR of 6.1% from 2015 to 2022, according to a new report by Grand View Research, Inc. Changing consumer lifestyles & preferences and consequent increase in disposable incomes are expected to drive the household cooking appliances market growth over the forecast period.
High energy-efficiency is also one of the key factors expected to boost household cooking appliances market growth. With increasing emphasis on reduction of energy consumption, and rising electricity costs, these devices are expected to witness significant growth over the forecast period.
In comparison with conventional appliances, contemporary devices require more frequent maintenance as well as replacement of worn out accessories. The investment cost (which includes purchase, installation, as well as accessories) is higher than conventional devices, which may inhibit price sensitive consumers from buying them, thereby posing a challenge to household cooking appliances manufacturers. Low cost pricing strategies and product innovations are expected to make easy availability of ready-to-eat food.
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Further key findings from the report suggest:
- Cook tops & cooking ranges accounted for over 45% of the revenue in 2014, closely followed by ovens. In developed as well as developing regions, induction cook tops are expected to witness surging demand.
- Microwave ovens held a major share in the ovens market in 2014 on account of the increasing popularity of microwavable food. Combination ovens combining the characteristics of conventional as well as microwave ovens are expected to gain prominence owing to their multi-faceted nature catering to the cooking requirements of a wide range of foods
- North America household cooking appliances contributed to over 30% of the global revenue, closely followed by Europe, which can be attributed to the indispensible nature of microwave ovens and cook tops in these regions. Asia Pacific is expected to witness high-growth on account of the presence of several key players such as LG and Samsung concentrated in and around Korea, Japan, China, and India.
- Notable industry participants have established global presence, high degree of brand recall, as well as strong product portfolios. Companies dominating household cooking appliances market share include Samsung, Electrolux, LG, Panasonic, Philips, Bosch, Videocon, Haier, and Daewoo.
Grand View Research has segmented the global household cooking appliances market on the basis of product and region:
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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