Many international market players are currently dominating the global household cooking appliances market. Furthermore, many niche industry players operating in their respective regional strongholds are offering tough competition to the international leaders. Niche industry players operating in regional household cooking appliances markets have the advantage over global leaders, as they offer customized and low-cost products that meet the region’s specific cooking needs.
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Market Dynamics: Rising Number of Smaller Households to Drive the Market
According to a market intelligence company, Transparency Market Research (TMR), the global household cooking appliances market will expand at an impressive CAGR of 29.1% during the forecasting horizon of 2012 to 2018. In 2012, the global household cooking appliances market was worth US$ 56.6 billion. TMR predicts that by the end of 2018, the global household cooking appliances market will be worth US$ 79.8 billion.
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The ever-expanding global population and especially the rising proportion of working women in it is expected to drive the global household cooking appliances market. Furthermore, the growing number of smaller households in both developing and developed countries will fuel the global household cooking appliances market. Moreover, escalating fuel prices, in turn, are adding to the popularity of induction or electrically operated appliances.
Top Market Sector: Cooktop Segment to Lead the Global Market
By product type, the global household cooking appliances market is divided into cooktops (hobs) and ovens. The sector of cooktops is further segmented into induction cooktops, electric coil cooktops, gas cooktops, and others. The segment of ovens is further classified into combination, microwave ovens, and conventional/thermal ovens. Currently, the product segment of cooktops is leading the market. This segment is generating around 46.1% of the revenue in the global household cooking appliances market.
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On the basis of geography, the global household cooking appliances market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). In Europe, the household cooking appliances market is driven by the growing consumer awareness about energy-efficient technology. Demand for the same from European consumers has resulted in rising adoption of electrically operated and induction cooking household appliances. This trend is more apparent in the developed nations of North America and Europe. Hence, the demand for products such as induction cooktops and microwave ovens is high in these regions.
Market Opportunities: Demand for Advanced Cooking Appliances
Some of the international players operating in the global household cooking appliances market are LG Electronics, Panasonic, AB Electrolux, Philips, Haier Group, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., and Daewoo Electronics. Players in the global household cooking appliances market are focusing on emerging markets due to the rising urbanization in these regions.
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Urbanization is fueling the demand for modular kitchens in emerging markets. This in turn is creating opportunities for makers of advanced cooking appliances. In addition to this, both multinational and regional companies in the market are projected to benefit from the opportunity of developing novel and improved products. Currently, ovens and cooktops that come with a seamless design and offer a high degree of aesthetic appeal are in demand.
Related Report :
Household Induction Cook-tops Market – http://www.transparencymarketresearch.com/hobs-market.html
Household Vacuum Cleaners Market – http://www.transparencymarketresearch.com/household-vacuum-cleaners-market.html
Specialty Household Cleaners Market – http://www.transparencymarketresearch.com/specialty-household-cleaners-market.html
Refrigerated Display Cases (RDCs) and Chilled Rooms Market – http://www.transparencymarketresearch.com/refrigerated-display-cases-chilled-rooms-market.html
Though the global household cooking appliances market will experience good growth in the foreseeable future, the high initial purchase cost of these cooking appliances is expected to suppress the market. Additionally, the increasing preference for ready-to-eat foods will also hamper the growth of the global household cooking appliances market.
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