The global Household Cooking Appliance market size is expected to be worth around US$ 531.61 billion by 2030, according to a new report by Vision Research Reports.
The global Household Cooking Appliance market size was valued at US$ 301.22 billion in 2020 and is anticipated to grow at a CAGR of 10.5% during forecast period 2021 to 2030.
Get Sample Copy of This Report (Including TOC, List of Tables & Figures, and Chart)@ https://www.visionresearchreports.com/report/sample/38384
Growth Factors
Changing consumer spending patterns, rising levels of disposable income, an increasing number of working women, growing number of nuclear household families, and rising preference for home automation are some of the factors that are expected to drive market growth.
Advances in the latest technologies, such as (IoT) and (AI), have been playing a vital role in driving the growth of the market. The demand for smart, energy-efficient, and easy-to-use cooking appliances has been particularly on the rise in households over the past few years. Household cooking appliances integrated with IoT can be controlled remotely using smartphones and tablets via Bluetooth or Wi-Fi. On the other hand, AI-powered household cooking appliances can potentially ease meal preparation for individuals. For instance, Robert Bosch GmbH’s smart ovens support Wi-Fi connectivity. Consumers can give cooking instructions to these ovens using Alexa, the cloud-based voice service by Amazon.com, Inc.
The growing popularity of the smart home concept has triggered a paradigm shift in consumer preference from conventional to connected cooking appliances. Smart cooking appliances allow household consumers to remotely set various parameters, such as temperature and preparation time. Consumers can communicate with these household appliances via smartphones or AI-enabled voice assistants and control their operations remotely.
Report Highlights
The cooktops and cooking ranges segment accounted for the largest revenue share of over 55.0% of the overall household cooking appliance market in 2020. The latest household cooktops and cooking ranges are available in different sizes, are easy to install, and feature easy-to-use features. Hence, they have gained popularity among consumers and opened business opportunities, especially in North America and Europe. The segment has been further segmented into gas, electrical, and induction cooktops and cooking ranges. feature digital temperature control panels that help in saving time and reducing energy consumption. Hence, modern households particularly prefer induction cooktops.
The freestanding segment accounted for a revenue share of 60.0% in 2020. Freestanding appliances are cheaper as compared to built-in household counterparts. Spare parts of freestanding household products are also available easily. Although freestanding household appliances require more space in the kitchen, they are preferred because customers can buy the products of their choice depending on the space available in their kitchen. Freestanding household products are also easy to clean and maintain.
The e-commerce segment is anticipated to register the highest CAGR of around 20.0% over the forecast period. Household cooking appliance buyers prefer e-commerce websites owing to the ease of buying and competitive pricing. The e-commerce channel is anticipated to outpace retail sales in recent years, and hence, turning out to be a major concern for retailers. As such, retailers are pursuing innovative strategies to cope with the changing situation. They are particularly partnering with e-commerce websites and providing ‘buy-online and pick-up in store’ facilities to promote both the sales channels household appliances.
Asia Pacific dominated the market in 2020 with a revenue share of around 50.0%. The region has emerged as a major production hub for household kitchen appliance manufacturers due to the low labor costs and availability of raw materials at competitive prices. As a result, leading manufacturers from other regions are also expanding their business operations in the Asia Pacific region. Continued urbanization, the growing purchasing power of consumers, gradually changing lifestyles, and early adoption of innovative technologies are expected to drive the growth of the regional market over the forecast period.
| Report Coverage | Details |
| Market Size | US$ 531.61 billion by 2030 |
| Growth Rate | CAGR of 10.5% From 2021 to 2030 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Structure, Distribution Channel, Region |
| Companies Mentioned | Whirlpool Corporation, AB Electrolux, Haier Group, Samsung, LG Electronics, Robert Bosch GmbH |
Key Players
Market Segmentation
The study objectives of this report are:
Buy This Premium Research Report, click here@ https://www.visionresearchreports.com/report/cart/38384 or call: +1 9197 992 333
Vision Research Report, Recently Announced New Report on "Smart Lock market - Global Industry Analysis,…
Vision Research Report, Recently Announced New Report on "2D barcode reader market - Global Industry…
Vision Research Report, Recently Announced New Report on "commercial refrigeration equipment market - Global Industry…
Vision Research Report, Recently Announced New Report on "Restaurant Point-of-Sale Terminal market - Global Industry…
Vision Research Report, Recently Announced New Report on "vacuum cleaner market- Global Industry Analysis, Market…
Vision Research Report, Recently Announced New Report on "household refrigerators and freezers market - Global…