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| Household Cooking Appliances Market |
The 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 include various products like cooktops and ranges,
ovens, specialty appliances and others that are used for cooking food and meals
at home. Cooktops and ranges allow heating and browning or boiling of food via
different burners or heating systems. Ovens are used for baking, roasting and
heating food at higher temperatures. Specialty appliances include products like
microwave ovens, food processors, blenders etc that are used for specific
cooking processes.
Market Dynamics:
The household cooking appliances market is mainly driven by rising urbanization
rate across the globe. According to United Nations, currently over 55% of the
world's population lives in urban areas which is expected to rise to 68% by
2050. This rapid urbanization has increased the number of households globally
thereby propelling the demand for various cooking appliances used in homes.
Additionally, changing consumer preferences towards technologically advanced and
energy efficient appliances is also fueling the market growth. Consumers are
increasingly adopting smart cooking appliances that can be operated via
smartphones and voice assistants. Manufacturers are also focusing on developing
innovative products with features like touch controls, automated cooking
capabilities and integrated safety systems. Rise in disposable income of
consumers in developing economies further enables greater affordability of
advanced appliances over basic cooking solutions.
SWOT Analysis
Strength: The household cooking appliances market enjoys high brand recognition
for major players like LG, Samsung and Whirlpool. These brands have
successfully established their reliability over decades of operations.
Furthermore, technological advancements have improved the functionality of
appliances like ovens, cooking ranges and microwaves.
Weakness: The household cooking appliances industry faces stiff competition
from local and regional players offering lower cost alternatives. Additionally,
continual technology upgrades contribute to higher R&D and production costs
for leading brands.
Opportunity: The rising working population and dual income households continue
to boost the demand for time-saving and convenient kitchen appliances.
Manufacturers can capitalize on this trend by launching multi-functional
appliances with smart connectivity features. Growing consumer preference for
energy efficient models also open new opportunities.
Threats: Strict environment regulations pose challenges for manufacturers in
terms of utilizing green technology and minimizing emissions. Geopolitical
risks and fluctuations in raw material prices can negatively impact production
costs.
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 rapid and changing consumer
lifestyles. . Rising disposable incomes especially in developing nations is
fueling the sales of high-end appliances.
Regional analysis
North America dominates the global household cooking appliances market, holding
over 25% share in 2023. This can be attributed to high consumer spending and
well-established distribution channels for major brands in the US and Canada.
Asia Pacific registers the fastest growth and is projected to lead the overall
market by 2030. China, India and other Southeast Asian countries will drive
significant demand due to growing middle class population.
Key players
Key players operating in the household cooking appliances market include 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.,
Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), and Miele &
Cie. KG. Major players are focused on introducing innovative product range
targeting lifestyle trends like healthy cooking and urbanization.
Read More,
https://www.trendingwebwire.com/household-cooking-appliances-market-size-market-share-analysis/
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