Published Date : 11 Nov 2022
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
|Market Size In 2022||USD 299.3 Billion|
|Market Size By 2030||USD 505.2 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 6.7%
|Forecast Period||2022 to 2030|
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.
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
By Product Type
By Distribution Channel
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