Newark, Sept. 11, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 326.42 billion in 2023 global household cooking appliances market will reach USD 686.02 billion in 2033. Household cooking appliances, including microwaves, cooktops, cooking ranges, and specialty devices, are designed to simplify and enhance cooking processes. These appliances often feature auto programs, heat regulators, and advanced technology to improve efficiency. They are used for both cooking and cleaning and are gaining popularity due to their innovative features and energy efficiency.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $ 326.42 Billion |
| Market Size in 2033 | $ 686.02 Billion |
| CAGR | 7.71% |
| No. of Pages in Report | 131 |
| Segments Covered | Product, Structure, Distribution Channel |
| Drivers | Increasing household demand for eco-friendly cooking equipment |
| Opportunity | The adoption of cutting-edge technology like IoT and AI |
| Restraints | The increasing use of online platforms for meal delivery |
Key Insight of the Global Household cooking appliances Market
Asia Pacific will dominate the market during the forecast period.
The Asia Pacific region leads the global household cooking appliance market, holding a 38.21% share in 2023. Low labor costs and affordable raw materials make it a major production hub. The region is expected to grow due to increasing consumer spending, rapid technological adoption, and urbanization.
In 2023, the cooktops and cooking ranges segment dominated the market with the largest market share of 36.74% and revenue of 119.92 billion.
The product segment is divided into ovens, cooktops & cooking ranges, and specialized appliances. In 2023, the cooktops and cooking ranges segment dominated the market with the largest market share of 36.74% and revenue of 119.92 billion.
In 2023, the freestanding segment dominated the market with the largest market share of 54.71% and revenue of 178.58 billion.
The structure segment is divided into freestanding and built-in. In 2023, the freestanding segment dominated the market with the largest market share of 54.71% and revenue of 178.58 billion.
In 2023, the brick and mortar segment dominated the market with the largest market share of 61.66% and revenue of 201.27 billion.
The distribution channel segment is divided into e-commerce and brick & mortar. In 2023, the brick and mortar segment dominated the market with the largest market share of 61.66% and revenue of 201.27 billion.
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Market Dynamics
Driver: Increased Demand for Eco-Friendly Appliances.
Rising energy costs and environmental awareness are driving the demand for energy-efficient cooking appliances. Manufacturers are focusing on developing eco-friendly products, contributing to market growth. Additionally, the growing number of nuclear families and increasing disposable income are boosting the demand for modern kitchen appliances.
Restraints: Rise in Online Meal Delivery.
The increasing use of online meal delivery services, driven by busy lifestyles and higher disposable income, may reduce the demand for household cooking appliances. As more people opt for convenience, it could impact appliance usage and market growth.
Opportunities: Cutting-Edge Technology.
The introduction of advanced technologies like IoT and AI presents significant opportunities. These innovations facilitate remote operation and automation of kitchen appliances, appealing to tech-savvy consumers. The growth of urban areas and the rising demand for user-friendly appliances further support market growth.
Challenges: Affordability and Electrification Issues.
High initial costs and lack of electrification in developing regions pose challenges for market expansion. Additionally, the affordability of modern appliances remains a concern for low-income consumers. Frequent maintenance requirements and the preference of some consumers for dining out rather than cooking at home may also hinder market growth.
Some of the major players operating in the global household cooking appliances market are:
• Daewoo Electronics Corporation
• Haier Group Company
• Panasonic
• Videocon Industries Limited
• Fisher & Paykel Appliances Holdings Ltd.
• Miele & Cie. KG
• AB Electrolux
• LG Electronics
• Robert Bosch Gmbh
• Whirlpool Corporation
• Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.)
• Philips Electronics
Key Segments covered in the market:
By Product
• Ovens
• Cooktops & Cooking Ranges
• Specialized Appliances
By Structure
• Freestanding
• Built-in
By Distribution Channel
• E-commerce
• Brick & Mortar
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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