The global household cooking appliance market was estimated at USD 240 billion in 2022 and is expected to reach over USD 440.03 billion by 2032, poised to grow at a noteworthy CAGR of 6.30% from 2023 to 2032.
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The Asia Pacific household cooking appliance market was valued at USD 88.80 billion in 2022 and is projected to be worth over USD 161.29 billion by 2032, growing at a CAGR of 6.7% between 2023 to 2032.
Based on region, Asia Pacific region accounted for over 40% of the market share in 2022. This can be attributed to the presence of huge population, huge number of households, rising disposable income of the consumers, rising demand for the home improvement products, and the presence of top electronic manufacturers in the region. The world’s top electronic manufacturers are present in the nations like China, India, and South Korea and the various developmental strategies adopted by them significantly influences the markets across the globe. The availability of cheap factors of production in the region is another factor that makes the region the manufacturing hub of the world.
On the other hand, the Middle East and Africa is expected to be the most opportunistic market during the forecast period, owing to the rising penetration of the home improvement products, rising disposable income, and improving quality of life. The changing spending pattern of the consumers and changing lifestyle are the major drivers of the market in this region.
The rising disposable income, increasing demand for advance cooking appliances, increasing consumer expenditure on home improvement, and rising number of households due to the growth in the number of nuclear families across the globe are the various important macroeconomic factors that contributes towards the growth of the global household cooking appliance market. The increasing demand for the automated appliances to reduce human efforts has propelled the market players to invest in the research and development of the automated and technologically developed appliances. Moreover, the increasing popularity of the energy efficient cooking appliances is boosting the growth of the market across the globe. The changing lifestyle of the consumers and rising middle class has significantly driven the sales of the household cooking appliances. The market is driven by the easy availability of the appliances through various retail channels such as supermarkets, hypermarkets, and online retailers. These retail channels play an exceptional role in the distribution of the household cooking appliances among the end users.
The rising popularity of smart appliances that has features such as voice control, screens, and cameras is expected to drive the market growth during the forecast period. Moreover, technologies such as internet of things (IoT) and wireless connectivity that facilitates remote monitoring are the latest features that are capturing the consumers’ attention. Furthermore, the development of energy efficiency certified products is serving the cost conscious customers.
Household Cooking Appliance Market Share, By Structure, 2022 (%)
|Structure Segment||2022 (%)|
Based on the product type, the cooktops & cooking ranges segment accounted for more than 45% of the market share in 2022. The rising adoption of modular kitchens coupled with availability of cooking appliances in varied sizes, easy to install feature, and easy to uses features are the significant drivers of the cooktops & cooking ranges. These appliances can be operated using gas and electricity. The induction cooktops gained immense traction among the consumers in the past especially in the regions like North America and Europe.
On the other hand, the oven segment is estimated to be the most opportunistic segment during the forecast period. The oven facilitates the households to cook restaurant like dishes. Moreover, the availability of various types of ovens such as microwave and combination ovens is another factor that serves the different needs of the consumers. Technological advancements in the oven segment is expected to boost its adoption among the consumers across the globe.
Based on the structure, the freestanding segment accounted for over 60% of the market share in 2022. This is attributed to the easy availability, availability in different sizes, and easy maintenance of the freestanding cooking appliances. Moreover, the spare parts of the freestanding appliances are easily available. These appliances are require more spaces and are popular among the consumers.
On the other hand, the built-in segment is estimated to be the fastest-growing segment during the forecast period. This segment is gaining popularity as it serves the problem of space limitations of the household. The low and middle-income consumers having small kitchen spaces are increasingly adopting the built-in household cooking appliances and it perfectly serves the modular kitchen spaces. Hence, the segment is expected to grow at a significant rate.
Based on the distribution channel, the offline segment dominated the global household cooking appliance market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. This can be attributed to the increased penetration of the supermarkets, hypermarkets, and specialty stores operating in the electronic household appliances. The huge popularity of these stores among the consumers made the offline segment a popular sales channel for the household cooking appliance across the globe.
On the other hand, the online segment is expected to be the most opportunistic segment during the forecast period. This is due to the rising penetration of internet, increasing adoption of smartphones, and growing number of internet users across the globe. According to the ITU, around 4 billion people were using internet by the end of 2019. Moreover, the rapidly growing online retail platforms such as Amazon, Flipkart, Wal-Mart, and eBay are contributing significantly towards the growth of the online sales channel across the globe.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In August 2020, Samsung introduced Fridge Freezer, which is installed with compressor it automatically adjust is speed on the basis of cooling requirements along with providing energy efficiency.
The various developmental strategies like product launches, acquisitions and mergers fosters market growth and offers lucrative growth opportunities to the market players.
|Market Size In 2023||USD 253.92 Billion|
|Growth Rate From 2023 to 2032||CAGR of 6.30%|
|Revenue Projection By 2032||USD 440.03 Billion|
|Largest Market||Asia Pacific|
|Fastest Growing Market||Middle East and Africa|
|Forecast Period||2023 to 2032|
|Companies Mentioned||Electrolux AB, Haier Group Corporation, Hitachi Appliances Inc., Midea Group, Robert Bosch GmbH, Samsung Group, Whirlpool Corporation, Morphy Richards, Philips, Haier Group, LG Electronics Inc.|
Segments Covered in the Report
By Product Type
By Distribution Channel
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