Global Household Cooking Appliance Market by Product (Ovens, Specialized Appliances, Cooktops & Cooking Ranges) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global household cooking appliances market was valued at USD 261.22 million in 2020. It is expected to grow at a 6.5% compound annual growth rate (CAGR), between 2021 and 2028. Market growth is expected to be driven by changing food habits and increasing numbers of single professionals and nuclear families. The market will be aided by stringent energy efficiency regulations in different regions, easy access to household kitchen appliances via e-commerce websites and growing preference for smart cooking products.

Many innovations have been made in household cooking appliances to meet the growing need for less human intervention and automated cooking. Manufacturers are retaining traditional mechanisms while incorporating the most recent technologies into modern appliances to encourage households to replace their old cooking appliances with modern ones. These cooking products are in high demand because many people have taken up cooking as a hobby, and so they are purchasing more modern appliances.

This market is expected to grow in the future due to the growing popularity of smart homes. Innovative household cooking products have been created thanks to technological advances. These Internet of Things smart cooking products are easily controlled via smartphones remotely.

Household consumers have been concerned about the high energy consumption of household cooking appliances. End-customers now prefer household cooking appliances that have an Energy Star rating. Appliances that are certified have state-of the-art technology to help reduce energy consumption. Consumer preference is growing for appliances that can reduce energy consumption and make cooking easier.

Due to the disruption of logistics operations, temporary shutdowns of manufacturing plants, labor shortages, and the COVID-19 pandemic, market growth was severely affected in the early 2020. Many governments around the world imposed strict restrictions to stop the spread of the disease, including lockdowns. Market players were forced to face dwindling sales at first. However, the government relaxed some restrictions and online sales of household appliances gained momentum. The brick and mortar stores, as well as the e-commerce portals, also reopened. As a majority of people continue to work at home and spend most their time in the kitchen, sales of cooking appliances rose.

Product Insights

In 2020, the cooktops and ranges segment was responsible for more than 45.0% revenue share in the overall household cooking appliances market. The latest household cookertops and ranges come in a variety of sizes and are easy to set up. They have become very popular with consumers, opening up new business opportunities in North America and Europe. This segment can be further divided into induction, electric, and gas cooktops, as well as cooking ranges. Digital temperature control panels are available on induction cooktops to help reduce energy consumption and save time. Modern households prefer induction cooktops.

Over the forecast period, the ovens segment will experience the highest CAGR. This segment's ability to cook home-cooked meals of restaurant quality is a boon for its growth. This segment can be further divided by heating technology, into convection and microwave, combination, and conventional. In 2020, the combination ovens segment accounted for a dominant share of overall ovens. Combination ovens are becoming more popular in modern household cooking.

Structure Insights

In 2020, the freestanding segment was responsible for 60.0% of all revenue. Freestanding appliances are more affordable than their built-in counterparts. It is also possible to purchase spare parts for freestanding household products. Freestanding household appliances take up more space in the kitchen but are still preferred by customers because they can choose the product that suits their needs. It is also easier to clean and maintain freestanding household appliances.

Built-in appliances are preferred in smaller kitchens. Because they can be added to modular kitchens, they take up less space. The built-in market is expected to expand over the forecast. Built-in equipment comes with additional costs because they require professional installation.

Distribution Channel Insights

The highest expected CAGR for e-commerce is around 10.0% during the forecast period. E-commerce websites are preferred by household cooking appliance buyers due to their ease of purchase and the competitive pricing. E-commerce is expected to grow faster than retail sales over the past few years. This will be a problem for retailers. Retailers are looking for innovative ways to adapt to the new environment. To promote both sales channels, retailers are partnering with ecommerce websites.

A significant portion of household customers will prefer to shop in brick and mortar stores and buy cooking appliances at specialty and retail shops. Customers can get a firsthand experience in physical stores, which may help them make quick buying decisions. There are occasions when customers may not feel comfortable purchasing a cooking appliance product online. This is where physical stores come in handy. They allow customers to see the appliance and make informed purchasing decisions.

Regional Insights

Asia Pacific was the dominant market with a 40.0% revenue share in 2020. Because of its low labor costs, and the availability of competitively priced raw materials, Asia Pacific has become a major production center for household kitchen appliances manufacturers. Leading manufacturers from other countries are expanding their operations in Asia Pacific. The region's growth is expected to be driven by urbanization, increasing purchasing power, changing lifestyles and early adoptions of innovative technologies.

From 2021 to 2028, the Middle East and Africa market in household cooking appliances will grow at a faster CAGR of more than 10.0%. The market is still in its infancy, but the consumer spending habits in the region are changing. IoT-enabled appliances will be encouraged in the region by the continued rollout and popularity of modular kitchens. Multi-functional cooking ovens are becoming more popular in the region due to their premium pricing.

Market Share Insights & Key Companies

AB Electrolux and Haier Group, LG Electronics and Whirlpool Corporation are some of the market leaders. As part of their efforts to create energy-efficient products, all market players are looking for new raw materials, manufacturing and thermal element designs. Samsung, a leading South Korean manufacturer of consumer electronics, introduced the Classic Fridge Freezer in August 2020 as part of its new range of innovative home appliances. The Classic Fridge Freezer features a compressor that adjusts its speed according to the cooling requirements. This allows for a lower energy consumption.

Major market players continue to upgrade their product lines with innovative and advanced equipment. They also invest heavily in R&D to produce products that feature state-of the-art technologies such as Artificial Intelligence and Internet of Things (IoT). Robert Bosch GmbH's 400 Series Combi-Steam Oven allows users to store 50 recipes and can be remotely controlled via a smartphone. Market players also offer cooking appliances with the most recent technologies, including touch screen doors, WiFi connectivity, voice control support and self-cleaning. The following are some of the major players in the global household cooker appliance market:

• Whirlpool Corporation

• AB Electrolux

• Haier Group

• Samsung

• LG Electronics

• Robert Bosch GmbH

Up Market Research published a new report titled “Household Cooking Appliance Market research report which is segmented by Product (Ovens, Specialized Appliances, Cooktops & Cooking Ranges), By Players/Companies AB Electrolux, Robert Bosch GmbH, Haier Group, Whirlpool Corporation, Samsung, LG Electronics”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Household Cooking Appliance Market Report Segments:

The market is segmented by Product (Ovens, Specialized Appliances, Cooktops & Cooking Ranges).

Household Cooking Appliance Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Household Cooking Appliance Market

Overview of the regional outlook of the Household Cooking Appliance Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Household Cooking Appliance Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Household Cooking Appliance Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Ovens

                2. Specialized Appliances

                3. Cooktops & Cooking Ranges

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Household Cooking Appliance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
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• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
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Reasons to Purchase the Household Cooking Appliance Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.