Household Cooking Appliances Market is Estimated to Witness High Growth Owing to Opportunity of Increasing Urbanization
Household cooking appliances such as ovens, cooktops, range hoods and microwaves are essential components of modern kitchens across the globe. These appliances aid in food preparation and cooking in an efficient and safe manner. Urban population has rapidly increased due to large-scale rural-urban migration in search of job opportunities and improved standards of living. This has fueled the demand for household cooking appliances as nuclear families prefer technologically advanced appliances for ease of cooking.
The global household cooking appliances market is estimated to be valued at US$ 86.83 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rapid Urbanization: Urbanization has been accelerating globally over the past few decades. According to United Nations data, 55% of the world's population lives in urban areas today. This will increase to 68% by 2050. Rising urban populace has increased demand for new residential and commercial infrastructure that includes modern kitchens equipped with cooking appliances. This has been a major driver for the household cooking appliances market growth.
Increasing disposable income: Economic development and rising standards of living in developing nations have enlarged the middle-income consumer base. This demographic has greater spending power on non-essential goods including premium kitchen appliances to enhance lifestyle. Affordability of technologically advanced cooking appliances has expanded market traction.
SWOT Analysis
Strength: Household cooking appliances such as ovens, microwaves, cooktops and ranges are essential kitchen items for home cooking. Their widespread adoption helps satisfy the rising demand for convenient cooking solutions. Manufacturers offer innovative product features and designs to attract more consumers.
Weakness: Low-income groups may find advanced cooking appliances unaffordable. Rising raw material costs can increase product prices, affecting sales. Traditional cooking methods still have supporters who are reluctant to shift to automated options.
Opportunity: Growth of the smart appliances market presents opportunities for integration of WiFi and voice control features. Rising health consciousness and busy lifestyles support demand for quick cooking options. The expanding middle-class population in developing nations are new potential customers.
Threats: Stringent environment laws threaten non-green appliances. Shift to gas cooking in some regions poses a threat to electric appliances. Economic volatility and recession may reduce discretionary spending on expensive kitchen upgrades. Competition is intense with the presence of numerous global and local brands.
Key Takeaways
The Global Household Cooking Appliances Market Size is expected to witness high growth. It is projected to reach a value of US$ 86.83 billion by 2024 with a CAGR of 5.9% during the forecast period of 2023 to 2030. Growth is driven by increasing disposable incomes, rapid urbanization and changing consumer preferences towards smart kitchen products.
Regional analysis - Asia Pacific currently dominates the global market due to high demand from populous nations like China and India. Rising living standards and sizeable middle-class populations in the region support market expansion. North America is another major regional market assisted by product innovations and demand for energy-efficient appliances.
Key players - Key players operating in the household cooking appliances market are Whirlpool Corporation, LG Electronics, Dongbu Daewoo Electronics, AB Electrolux, Panasonic Corporation, Haier Group, Samsung Electronics, Koninklijke Philips N.V., and General Electric Company. They compete based on features, quality, branding and pricing to increase their market share.
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