Household Cooking Appliances Market is driven by growing population and urbanization
One of the major drivers for the Household Cooking Appliances Market Size has been the rising global population and urbanization. According to estimates, over 68% of the world's population is projected to live in urban areas by 2050 up from 55% currently. As more people migrate to cities, the demand for residential and commercial infrastructure including housing, offices, malls and restaurants increases. This is fueling demand for efficient cooking appliances used across both residential and food service sectors. Increasing disposable incomes especially in developing economies has allowed consumers to spend more on innovative cooking appliances that improve lifestyles and enable time saving. The demand for technologically advanced smart and connected cooking appliances is witnessing rapid growth and acting as a key market driver.
The Asia Pacific region, especially countries like India and Indonesia, presents the most promising prospects for the fastest market growth during the forecast period. Rapid urbanization, increasing disposable incomes, nuclearization of families, and western influence on food habits are some key factors driving the sales of household cooking appliances. China also remains an important emerging market given the country's huge population size and growing focus on hygienic and sophisticated kitchen essentials.
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