The household cooking appliances market includes a wide range of products such as ovens, microwave ovens, cooktops and ranges, and small appliances that are used for cooking and food preparation purposes in residential settings. Microwave ovens, electric cooktops, and built-in wall ovens are some of the common household cooking appliances used globally. Rapid urbanization, rising disposable incomes, and changing lifestyles have driven the demand for advanced and smart cooking appliances in recent years. The proliferation of online retailing is also boosting the sales of household cooking appliances.
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 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing Demand for Smart and Energy Efficient Appliances: Consumers have been increasingly adopting smart and connected cooking appliances that can be monitored and controlled remotely through mobile applications. Smart appliances integrate various technologies including Wi-Fi, Bluetooth, and sensors to provide enhanced user experience. Moreover, rising energy costs and environmental concerns are propelling the demand for energy efficient appliances. Energy star certified cooking appliances consume significantly less energy as compared to regular appliances. The growing demand for smart and energy efficient appliances is expected to drive the growth of the household cooking appliances market over the forecast period.
Rising Urbanization and Changing Lifestyles: Rapid urbanization in developing economies has increased the demand for household cooking appliances as consumers in urban areas have less time for cooking activities and prefer appliances that reduce cooking time. Changing lifestyles and dual-income households also favor the use of appliances for quick and easy meal preparation. Rising incomes accompanied with increasing disposable incomes allow consumers to invest in advanced cooking appliances which fuels the market growth.
Segment Analysis
The household cooking appliances market is dominated by the built-in appliances segment. Built-in appliances accounted for over 50% of the market share in 2022 due to rising interests of consumers in kitchens with streamlined designs and integrated appliances. The built-in appliances allows seamless fittings of appliances like ovens, microwaves, cooked tops etc in the kitchen cabinets providing aesthetic look and optimizing space.
PEST Analysis
Political: The implementation of energy efficiency standards for appliances have led household cooking appliance manufacturers to incorporate latest technologies that reduce energy consumption. This favors market growth.
Economic: Rising disposable incomes and growing desirability for enhanced standards of living have increased spending power of consumers on high price cooking gadgets internationally.
Social: Changing lifestyles and urbanization have augmented need for easy and fast cooking solutions among nuclear families. Ready availability of premium appliances online has further stimulated the demand.
Technological: Advancements in terms of enhanced functionality, modern aesthetics, built-in Wi-Fi connectivity and smartphone controls in appliances have made them smarter and appealing to digitally engaged customers. Internet of things integration is another emerging technology attracting consumers.
Key Takeaways
The Global Household Cooking Appliances Market Size is estimated to be valued at US$ 86.83 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
North America accounted for over 30% market share in 2024 driven by high consumer spending across the US and Canada on smart, energy efficient appliances. Rapid urbanization and increasing nuclear families have propelled the Asia Pacific market which is anticipated to emerge as the fastest growing region stimulated by escalating demand from India and China.
Key players operating in the household cooking appliances market are Whirlpool Corporation, AB Electrolux, Samsung Electronics, LG Electronics, Haier Group Corporation, Panasonic, Koninklijke Philips N.V., General Electric and Robert Bosch. The market is competitive in nature with these leading players focusing on product launches and partnerships to expand presence and gain higher shares.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it