Press release
Global Large Cooking Appliance Market: Promising Growth with CAGR of 7.0%, Driven by Urbanization and New Trends
Large Cooking Appliance Market Trends
What Is The Projected Market Size Of The Global Large Cooking Appliance Market And Its Growth Rate?
The global Large Cooking Appliance market foresees promising growth in the forthcoming years:
• Market Size in 2024: $34.4 billion
• Market Size in 2025: $36.8 billion with a CAGR of 7.0%
• Expected Market Size by 2029: $48.91 billion with a CAGR of 7.4%
Factors driving this growth include design aesthetics, consumer health awareness, urbanization, space constraints and product customization.
What Is Driving The Growth In The Large Cooking Appliance Market?
Rapid urbanization plays a significant role in propelling the market growth for large cooking appliances. As more people shift from rural to urban areas, the demand for these appliances increases for various reasons - rise in income, smaller households, and the simple need for these appliances. An exemplary indicator of this growth is the World Bank's report in October 2022, which stated that over half of the global population now lives in urban areas. The urban population is projected to further increase by 1.5 times ideally reaching 6 billion by 2045. The prevalent increase in urbanization contributes significantly to the escalating market growth of large cooking appliances.
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Who Are the Key Players Driving Large Cooking Appliance Market Growth?
Leading companies propelling the growth of the market include:
• Samsung Electronics Co. Ltd.
• Whirlpool Corporation
• Haier Group Corporation
• Robert Bosch GmbH
• AB Electrolux
• GE Appliances, LG Electronics Inc.
• BSH Hausgeräte GmbH
• Fisher & Paykel Appliances Co. Ltd.
• SMEG S.p.A
• Miele & Cie. KG
• KitchenAid
• Thermador Groupe SA
• Dacor LLC
• Wolf Appliance
• La Cornue
• Bertazzoni SPA
• ILVE SPA
• Sub-Zero Inc.
• BlueStar Ltd.
• Capital Cooking Equipment
• Tecnogas Superiore
• American Range
• AGA Rangemaster Ltd.
What Are The Key Trends In The Large Cooking Appliance Market?
The market continually sees new trends, including:
• Smart kitchen integration
• Energy efficiency demands
• Health and wellness trends
• Design aesthetics
• Increased cooking convenience
What Are The Segments Of The Global Large Cooking Appliance Market?
The market breaks down into following segments:
1) By Product: Cooktops, Ovens, Specialized Appliances
2) By Sales Channel: Brick And Mortar, E-Commerce
3) By Application: Household, Commercial
Which Region Leads The Large Cooking Appliance Market?
Asia-Pacific held the largest market share for large cooking appliances in 2024, with other significant regions being Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The Asia-Pacific region's dominance is expected to carry through in the future due to increasing income levels and changes in lifestyle.
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What Is Covered In The Large Cooking Appliance Market Global Market Report?
- Market Size Analysis: Analyze the Large Cooking Appliance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Large Cooking Appliance Market for effective categorization.
- Key Player Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Large Cooking Appliance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Large Cooking Appliance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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