Press release
Cooking Up Success: A Deep Dive into the Booming Large Cooking Appliance Market
Large Cooking Appliance Market
The large cooking appliance market size is expected to see strong growth in the next few years. It will grow to $46.69 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to global economic conditions, enhanced safety features, customizable options, urban living solutions, influence of culinary trends. Major trends in the forecast period include smart kitchen integration, energy efficiency demands, health and wellness trends, design and aesthetics, increased cooking convenience.
Market Overview -
Large cooking appliances refer to cooktops, ovens, and specialty appliances like grills, steamers, and fryers. Large cooking appliances are used to prepare food in huge kitchens.
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Urbanization Fuels The Surge In The Large Cooking Appliances Market
The growth in urbanization is expected to propel the growth of the large cooking appliances market going forward. Urbanization refers to the mass movement of populations from rural areas to urban areas. The total number of large cooking appliances rises because of urbanization, income growth, and smaller households, hence growing urbanization is boosting the large cooking appliances market. For instance, in October 2022, the World Bank, a USA-based international financial institution published an article that said globally, over 50% of the population lives in urban areas in 2022. By 2045, the world's urban population is expected to increase by 1.5 times to 6 billion. Therefore, Therefore, the growth in urbanization is driving the large cooking appliances market.
Competitive Landscape -
Major companies operating in the large cooking appliance market report are Samsung Electronics Co. Ltd., Whirlpool Corporation, Koninklijke Philips N.V., Haier Group Corporation, Robert Bosch GmbH, Morphy Richards, Hitachi Appliances Inc., AB Electrolux, GE Appliances, LG Electronics Inc., BSH Hausgeräte GmbH, Panasonic Corporation, Fisher & Paykel Appliances Co. Ltd., SMEG S.p.A, Miele & Cie. KG, KitchenAid, Thermador Groupe SA, Dacor LLC, Wolf Appliance, Smalterie Metallurgiche Emiliane Guastalla, La Cornue, Bertazzoni SPA, ILVE SPA, Sub-Zero Inc., BlueStar Ltd., Capital Cooking Equipment, Tecnogas Superiore, American Range, Zephyr Ventilation, AGA Rangemaster Ltd.
Samsung's Bespoke Ai Oven Sets The Bar For Innovation In Large Cooking Appliances
Product innovations have emerged as the key trend gaining popularity in the Large Cooking appliance market. Major companies operating in the Large Cooking appliance market are developing innovative products to strengthen their position in the market. For instance, in 2022, Samsung, a Korea-based producer of electronic devices launched Bespoke AI (artificial intelligence) Oven. Bespoke AI Oven's unique characteristics include intelligent elements that improve the enjoyment of wholesome food. Using image-oriented food recognition technology, AI Pro Cooking5, 6 optimizes oven cook settings while keeping an eye on food to avoid meals from becoming overcooked. To make nourishing and delicious steamed dishes, the Bespoke AI Oven has a variety of steam cooking options.
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Key Segments -
The large cooking appliance market covered in this report is segmented -
1) By Product: Cooktops, Ovens, Specialized Appliances
2) By Sales Channel: Brick And Mortar, E-Commerce
3) By Application: Household, Commercial
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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