Market Overview:
Household cooking appliances include ovens, cooktops, range hoods, microwaves, and small appliances like coffee makers that are used for cooking and food preparation purposes in residential settings. These appliances facilitate preparing meals effortlessly and save time in kitchen activities. Growth in urbanization and rise in dual income households have augmented the demand for convenient and easy-to-use cooking appliances.
Market key trends:
One of the key trends witnessed in the Household Cooking Appliances Market Share is increased popularity of multipurpose appliances. Manufacturers are focusing on developing multi-functional appliances that can perform tasks of multiple devices. For instance, combination microwave ovens that can grill, bake and roast in addition to microwave cooking. Built-in steam cooking in ovens is another emerging trend. Leading players like AB Electrolux dominate market shares due to its vast product portfolio and strong global presence across regions. Rise of e-commerce and online sales channels have also accelerated the penetration of household cooking appliances.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high initial investments required for R&D, manufacturing facilities and brand development in the household cooking appliances market.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of a large number of existing players providing a variety of product options at competitive prices in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are multiple component manufacturers and suppliers in the market.
Threat of new substitutes: The threat of substitutes is low as household cooking appliances have no close substitutes.
Competitive rivalry: High due to presence of numerous global and regional players competing on the basis of product features, pricing and branding.
Key Takeaways
The global household cooking appliances market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period of 2023-2030, due to increasing urbanization and rising disposable income.
Regionally, North America captured the largest share in 2022 owing to the rise in single person households and dual income nuclear families in countries like US and Canada. Asia Pacific is anticipated to witness fastest growth during the forecast period driven by growing middle class population and their increasing spending on home appliances in countries like China and India.
Key players operating in the household cooking appliances market are AB Electrolux, Daewoo Electronics Corporation, Whirlpool Corporation, Haier Group Company, LG Electronics, Panasonic, Philips Electronics, Videocon Industries Limited, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), and Miele & Cie. KG. Major players are focusing on new product launches and mergers & acquisitions to strengthen their market position.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it