Household Cooking Appliances Market | Key Growth Factors and Forecast up to 2024

According to a report by Transparency Market Research (TMR), The Global Household Cooking Appliances Market is highly fragmented and is dominated by a large number of multinational and regional players. Samsung Electronics Co. Ltd, LG Electronics, Whirlpool Corp., and Miele Group are some of leading manufacturers of household cooking appliances across the world, which enjoy high brand equity and display strong operational profiles.

The competition in this market is intense and players are adopting different marketing and advertising strategies for sustenance. Hitherto, they were relying upon product innovation and advancements in current offerings. However, mergers, acquisitions, and partnerships is expected to emerge as the most favored strategy among them in the coming years.

As per TMR’s estimations, the global market for household cooking appliances presented an opportunity of US$42.2 bn in 2015. Increasing at a CAGR of 3.80% between 2016 and 2024, the market is expected to reach a value of US$58.4 bn by the end of the forecast period. Cooktops and cooking ranges emerged as the most valued products in 2015 with a share of nearly 72% in the overall market. Thanks to their importance as integral kitchen requirements, these appliances are likely to remain leading the demand over the next few years, states the research report.

Europe to Continue its Leading Streak

In this study, researchers have also presented a geographical assessment of the global market for household cleaning appliances. According to them, the market is stretched across Asia Pacific, North America, Europe, South America, and the Middle East and Africa. Among these, Europe has surfaced as the leading contributor to this market, holding a share of 29.6% in 2015. With the increasing demand for technically advanced appliances, this regional market is likely to remain dominant throughout the forecast period.

North America, on account of the rising trend of replacing old cooking appliances with new and advanced versions, is likely to remain at the second position over the next few years. Asia Pacific, on the other hand, is projected to offer an opportunity-rich market to participants, owing to the emergence of e-commerce and the escalating disposable income of consumers in this region, notes the research study.

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Increasing Count of Working Women to Boost Market Growth

Of late, the people from rural areas has been increasingly migrating to urban locations, worldwide. As a result, consumers are demanding for cooking appliances, which not only facilitate their work but also help them in saving time. “The increasing number of working women has fueled the demand for smart cooking appliances significantly, which eventually, is leading to a remarkable growth of the global market for household cooking appliances,” says an analyst at TMR.

Apart from this, the rising count of nuclear homes is also expected to add to the demand for household cooking appliances considerably across the world in the coming years, states the research report.

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Growing Pool of Unmarried/Single Individuals to Limit Demand

On the other hand, the growing pool of unmarried/single individuals, who prefer eating out than to cook at home, may curtail the demand for household cooking appliances in the near future. The additional expenses incurred in purchasing appliance-specific utensils and cookware are also projected to hamper the growth of this market in the years to come, reports the research study.

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This release was published on openPR.