Household Cooking Appliances Market - Global Industry Analysis

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Household cooking appliances are an important part of an individual’s domestic life. These appliances help in meeting the basic needs of consumers, i.e., food. Recent developments and consumer preferences have fuelled this market in the last few years.

The household cooking appliances market is expected to grow remarkably over the forecast time period, owing to the rising number of nuclear families globally that has led to the increased purchase of these appliances. Families now prefer cooking appliances with the latest technology that help in food preparation at a quick pace without compromising the quality. Moreover, changing lifestyles and increasing disposable income are encouraging consumers to buy fancier cooking appliances, which will drive the household cooking appliances market in the years ahead. However, the high prices of these appliances may limit the household cooking appliances market, as these won’t be affordable for lower-middle-class families.

The household cooking appliances market is fragmented based on product, application, and distribution channel. The product segment includes specialized appliances, ovens, and cooktops and cooking ranges. The cooktops and cooking ranges segment includes electrical coil cooktops, induction cooktops, and gas cooktops. Ovens are further classified into conventional, microwaves, and combination ovens. Cooktops and cooking ranges will dominate the market, due to the use of the latest technology like IoT-enabled products that can be controlled by smartphones.

By application, the household cooking appliances market includes built-in and free standing. The free-standing segment dominates the market, due to it’s a wide range of features like mobility, easily replaceable, and affordability.

By distribution channel, the market is classified into specialty retail, B2B, e-commerce, hypermarkets/supermarkets, and others. Hypermarkets/supermarkets are the major market distribution segment, due to their features like availability of variety of types and brands, huge discounts, and tangibility. Moreover, the world is moving toward online, which will be driving the e-commerce segment growth in the future.

North America is expected to grow significantly household cooking appliances market, owing to high disposable income and better standards of living of the regional population. Consumers in the region spend on quality household cooking appliances. The Asia Pacific household cooking appliances market will witness the highest rate of growth in the years ahead, owing to the changing lifestyles and rising number of nuclear families across the region.

Some key players in the household cooking appliances market are Haier Group, Koninklijke Philips, Hitachi, Electrolux, LG Electronics, Robert Bosch, The Whirlpool, Samsung, Miele, and Midea Group.