Household Cooking Appliance Market Size, Growth, Report 2030

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Table of Content

The global household cooking appliance market size was exhibited at USD 299.3 billion in 2022 and is projected to hit around USD 505.2 billion by 2030, growing at a CAGR of 6.7% during the forecast period 2022 to 2030.

The rising demand for the latest and most advanced cooking appliances among households across the globe is expected to drive market growth in the forthcoming years. The various features introduced by the top manufacturers along with energy efficiency is boosting the growth of the household cooking appliance market. Rising disposable income, changing lifestyles, rising expenditure on home improvement, adoption of modular kitchens, and a growing number of nuclear families across the globe are some of the major factors that drive the demand for the household cooking appliance market. Moreover, the easy availability of cooking appliances through various sales channels coupled with easy payment and refund & replacement offer is significantly driving the sales of household cooking appliances among consumers. The rising popularity of smart appliances that has features such as voice control, screens, and cameras is expected to drive market growth during the forecast period. Moreover, technologies such as the internet of things (IoT) and wireless connectivity that facilitate remote monitoring are the latest features that are capturing consumers’ attention. Furthermore, the development of energy-efficiency-certified products is serving cost-conscious customers.

Household Cooking Appliance Market Report Scope

Report Highlights

• Based on the product type, the cooktops & cooking ranges segment dominated the global household cooking appliance market, garnering a market share of more than 45% in 2020. The increased adoption of cooktops & cooking ranges among consumers in the developed market of North America and Europe is the major driver of the market. The easy maintenance and easy installation of cooktops and cooking ranges have boosted the demand among global consumers.
• Based on the structure, the built-in is estimated to be the fastest-growing segment during the forecast period. This is due to the rising adoption of modular kitchens and the built-in segment boosts sales among consumers having space limitations in household kitchens. Moreover, its low cost and rising affordability of consumers in the developing markets is further boosting the growth of this segment.
• Based on the distribution channel, the online segment is expected to be the most opportunistic segment during the forecast period. The rising number of internet users and rising adoption of smartphones is propelling the market growth. Moreover, the various benefits such as easy payment options, home delivery, easy return and replacement, and 24*7 customer care services offered online are significantly fueling the growth in the sales of household cooking appliances.

Market Dynamics

Driver: Rising demand for sustainable cooking appliances among the households

Rising prices of energy and rising consciousness regarding the environment especially among households in developed nations are expected to drive the demand for energy-efficiency-certified cooking products. Moreover, manufacturers are increasingly focusing on the production of energy-efficient appliances that drives the sales of household cooking appliances across the globe.

Restraints: The rising penetration of online food delivery platforms

The rising number of employment, growing women participation in the labor force, busy and hectic schedules of the consumers, rising disposable income, and increasing penetration of online food delivery platforms like Zomato are the major restraining factors. People nowadays tend to avoid cooking at home and are increasingly preferring to order through online food delivery apps owing to the lack of time. This may prevent the adoption of household cooking appliances and may hinder the market growth.

Opportunities: Introduction of the latest technologies like IoT and AI

The manufacturers are introducing the latest technologies such as wireless connectivity, in-built cameras, screens, AI, and IoT that allows remote operation of household cooking appliances and moving towards the automation of the cooking appliances. These latest technologies are catching the eye of consumers and are expected to drive sales in the forthcoming years.

Challenges: Low affordability and lack of electrification in the underdeveloped regions

The lack of electrification in underdeveloped regions is a major challenge for the market players that restricts their penetration in underdeveloped markets. Moreover, the low affordability of low-income consumers is another challenge for manufacturers to develop affordable appliances.

Regional Snapshots

Asia Pacific dominated the global household cooking appliance market, garnering a significant market share of over 40% in 2020. Asia Pacific is home to some of the top manufacturers owing to the availability of cheap factors of production and a huge customer base. Further, the rising disposable income of the consumer, rising number of nuclear families, rising awareness of the consumers, and rapidly growing urban population in the region are the significant drivers of the household cooking appliance market.

On the other hand, the Middle East and Africa regions are expected to be the most opportunistic market during the forecast period. The rapid growth in the number of employments, rising urban population, and rising awareness regarding home improvement products are expected to boost the market growth in the region.

Key Players in the Report

• 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.

Market Segmentation

By Product Type

• Cooktops & Cooking Ranges
• Specialized Appliances
• Ovens

By Structure

• Freestanding
• Built-in

By Distribution Channel

• Offline
• Online

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