by 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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Household cooking appliances are devices used for cooking food in residential places. Major household cooking appliances include ranges, cooktops, wall ovens, microwaves, cookhoods, and refrigerators. Consumers demand for advanced and innovative cooking appliances owing to rising disposable income levels. Introduction of smart connectivity features in cooking appliances is gaining popularity among tech-savvy consumers. Growing urbanization and changing lifestyles are propelling the demand for advanced household cooking appliances.
Market key trends:
Increasing popularity of smart kitchen appliances: Manufacturers are focusing on development of smart cooking appliances that can be operated remotely through a mobile application or voice command. Smart appliances are integrated with technologies such as Wi-Fi, Bluetooth, and near-field communication to provide enhanced functionalities. Growing internet and smartphone penetration coupled with rising consumer inclination toward home automation is boosting the demand for smart household cooking appliances.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the household cooking appliances market is low due to the presence of established players like AB Electrolux and Whirlpool Corporation. The market also requires high investments to set up manufacturing facilities and achieve economies of scale.
Bargaining power of buyers: The bargaining power of buyers is high as household cooking appliances are commoditized products and buyers can easily switch between brands. This forces companies to offer innovative products at competitive prices.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials used in manufacturing cooking appliances however companies can switch suppliers in case of non compliance or inflated prices.
Threat of new substitutes: Threat from substitutes is low as household cooking appliances have no close substitutes. However, ready to eat food and ordering food online are minor threats.
Competitive rivalry: The competition in the household cooking appliances market is high due to presence of global and regional players. Players compete on the basis of product features, pricing, brand, and quality.
Key Takeaways
The global Household Cooking Appliances Market Growth is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing urbanization and rising disposable income. Growth in working population and nuclear family setups has increased demand for appliances that offer convenience.
Regional analysis
Asia Pacific dominates the global household cooking appliances market attributed to rising middle class population and their increasing spending on household products in major countries like China and India. North America and Europe are also significant markets driven by demand for energy efficient and technologically advanced appliances.
Key players
Key players operating in the household cooking appliances market are AB Electrolux, Daewoo Electronics Corporation, Whirlpool Corporation, Haier Group Company, LG Electronics, Panasonic, Philips Electronics, Videocon Industries Limited, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., and Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.). Companies compete on brand, aftersales service, and innovation
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
