The global household cooking appliances market size is anticipated to value USD 124.8 billion until 2025. It is also expected to register a CAGR of 6.5% over the forecasted years, 2019 to 2025. This growth can be associated with the rising preference over homemade food prevailing among the millennial population coupled with the integration of technologies like IoT in kitchen appliances for enhancing the ease of cooking.
Usage of smart kitchen appliances for household cooking is gaining traction across developed countries like the U.S., Canada, and Germany. Several players are developing appliances that can be accessed remotely with the help of mobile devices. Thus, they can facilitate the cooking process by reducing time and energy consumption. These factors are projected to boost the market growth in the upcoming years.
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In 2018, the cooktops & cooking range product segment held the largest share of around 46.0% across the global market due to surging demand for appliances like electrical and induction cooktops for regular cooking purposes. On the other hand, the segment of specialized appliances is projected to witness 5.5% CAGR from 2019 to 2025 due to their surging usage for the preparation of exotic dishes prevailing among the millennial population.
The Key players are engaged in developing innovative products by integrating technologies like AI and IoT in conventional kitchen appliances. Also, strategies like acquisitions, partnerships, and mergers are being implemented by these players to expand their geographical reach and product portfolio.
Further key findings from the report suggest:
• The cooktops & cooking ranges segment accounted for the largest share across the global market in 2018.
• The product segment of specialized appliances is projected to witness 5.5%CAGR over the forecasted period, 2019 to 2025.
• North America held the largest share exceeding 30.0% across the global household kitchen appliances market in 2018.
COVID-19 Impact Insights
The global household cooking appliances market has been impacted negatively on account of the ongoing COVID-19 pandemic. This can be associated with facts like a disruption in the supply chain, reduced rate of production, and fluctuating prices of raw materials. Also, a majority of the key players operating in this market are located in China, restrictions imposed by several governments to obstruct the international cargo movement is further anticipated to hinder the growth. However, the demand for such appliances is expected to increase in the post-pandemic period on account of rising awareness about the consumption of homemade foods instead of junk food available at hotels and restaurants.
Global Household Cooking Appliances Market: Key Players
Haier Group, AB Electrolux, LG Electronics, Koninklijke Philips NV, and Whirlpool Corporation.
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