Household Cooking Appliance Market Analysis Report By Product, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The household cooking appliance market size across the globe was valued at USD 80.74 billion in the year 2018.  It is projected to witness significant growth with a 6.5% CAGR over the forecasted years, 2019 to 2025.  This can be attributed to the shifting trend towards the emergence of nuclear families, the rising need for energy-efficient appliances, and improved living standards.

The concept of connected cooking is also gaining traction across the globe. It facilitates remote access and control over cooking appliances with the help of technologies like IoT(Internet of things) and Robotics. For example, the thermometer by the Bailey Weber Kitchens uses the technology of Bluetooth connectivity for temperature checking. Further, an intelligent oven launched by June Life Inc. can help in detecting the dish type with the help of its in-built camera, and thus can set and control the time and temperature required for cooking a particular dish.

The product’s life span also plays an important role in determining its price. For example, lower-middle-class families and bachelors prefer the usage of economical appliances while premium appliances are being used by the majority of the families residing in developed and metropolitan cities.

Shifting consumer preferences over usage of such appliances, new experiments in product design, and the need for expansion of product portfolio are projected to drive the market growth for kitchen appliances over the forecasted years. Moreover, strategies like product expansion and technology integration are being undertaken by several players to widen their geographical reach. For example, a stove knob named Klove stove has sensors for monitoring the cooking process and can be integrated with the mobile application to interact with the users.

Product Insights

The household cooking appliance market across the globe can be segmented into cooktops & cooking ranges, specialized appliances, and ovens. The segment of cooktops & cooking ranges can be classified into electrical, gas, induction cooktops, and others. It is anticipated to dominate the global market in the upcoming years. Also, experience with the usage of these conventional appliances has enhanced the demand for such products across the globe.

The segment of ovens can be classified into microwave, conventional, and combination based on the product type. In 2018, the sub-segment of microwaves held an overall share of around 65.0% across the global market. This can be associated with the rising demand for baked, reheated, and grilled food items prevailing among the millennial population. Moreover, advantages like improved energy efficiency and reduced cost and time for cooking are projected to fuel up the market demand over the forecasted period.

Regional Insights

North America dominated the global market with a share of around 30.0%, in 2018. This can be attributed to the rising demand for cooking equipment across the U.S. Also, the shifting trend towards the usage of smart and connected appliances across Mexico and Canada is projected to drive market growth across this region.

The Asia Pacific is projected to register the highest growth over the forecasted period, 2019 to 2025. This can be attributed to the rapid development across the cooking appliances manufacturing industry located in China. Further, the low production cost, availability of skilled labor at comparatively lower wages, and rising population across this region are projected to drive the market growth in the upcoming years.

COVID-19 Impact Insights

The global household cooking appliances market has been impacted negatively on account of the ongoing COVID-19 pandemic. This can be associated with facts like a disruption in the supply chain, a reduced rate of production, and fluctuating prices of raw materials. Also, a majority of the key players operating in this market are located in China, restrictions imposed by several governments to obstruct the international cargo movement are further anticipated to hinder the growth. However, the demand for such appliances is expected to increase in the post-pandemic period on account of rising awareness about the consumption of homemade foods instead of junk food available at hotels and restaurants.

Household Cooking Appliances Market Share Insights

The key players in the market are LG Electronics, Haier Group, AB Electrolux, Whirlpool Corporation, and Koninklijke Philips NV. They have a good hold over the global market due to a wide range of product portfolios and global reach. Further, the integration of technologies like Bluetooth connectivity and IoT is also being carried out by these players to gain a competitive advantage over other players.

They are also implementing several strategies like mergers and acquisitions over the regional players. The key players are majorly focusing on shifting consumer preferences, the development of several innovative products, and the adoption of cost-effective measures for production for increasing their product sales.

Report Scope

Segments Covered in the Report 

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub-segments. For this study, Million Insights has segmented the global household cooking appliance market based on product, and region:

• Product Outlook (Revenue, USD Million, 2014 - 2025)
    • Cooktops & cooking ranges
        • Gas
        • Electric
        • Induction
        • Others
    • Ovens
        • Conventional
        • Microwave
        • Combination
    • Specialized Appliances

• Regional Outlook (Revenue, USD Million, 2014 - 2025)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
    • the Asia Pacific
        • China
        • India
        • Japan
    • South America
        • Brazil
    • MEA