April 15, 2024
Household Cooking Appliances Market

Household Cooking Appliances Market is Estimated to Witness High Growth Owing to Advancements in Smart Technology

Household cooking appliances include various essential kitchen appliances such as cooktops & cooking ranges, ovens, microwaves and others. These appliances help in simplifying as well as enhancing the cooking experience. Growing nuclear families, rising disposable incomes and evolving consumer lifestyles have boosted the demand for advanced and easy to use household cooking appliances. Key functions and features offered by modern household cooking appliances include increased energy efficiency, advanced temperature & time controls, automatic cooking programs and integration with smart home technologies. The rising adoption of the Internet of Things (IoT) and other connected technologies have prompted manufacturers to introduce smart cooking appliances that can be remotely monitored and controlled using smartphones and voice assistants.

The Global Household Cooking Appliances Market is estimated to be valued at US$ 100.03 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Household Cooking Appliances are China Lesso Group Holdings Limited, Hebei Bosoar Pipe Co. Ltd, Plásticos Ferro S.L., Fujian Aton Advanced Materials Science & Technology Co. Ltd., Pipelife Austria Gmbh & Co KG., Georg Fischer Ltd., Astral Pipes, Aliaxis Group S.A., JM Eagle, Inc., Supreme Industries Ltd., and Vinidex Pty Ltd.

The key opportunities in the Household Cooking Appliances Market Size includes growing demand for energy efficient and multifunctional appliances from emerging economies and rising popularity of smart kitchen appliances integrated with virtual assistants and smartphone apps.

Technological advancements such as Wi-Fi and Bluetooth connectivity, automated cooking programs, voice command features and integration with virtual kitchen assistants are expected to drive further growth in the global household cooking appliances market.

Market Drivers

The major drivers for the household cooking appliances market includes growing middle class population worldwide, rapid urbanization, increasing spending on luxury and premium kitchen appliances, rising adoption of internet of things technologies among consumers and transition towards smart and connected living. Changing lifestyles and hectic schedules have increased the preference for advanced automatic and energy efficient household cooking appliances that simplify cooking and save time.

Current Challenges in the Household Cooking Appliances Market

The household cooking appliances market is facing challenges due to increasing prices of raw materials and supply chain disruptions caused by the ongoing COVID-19 pandemic. Factors like high dependency on imports for raw materials like steel and other metals have increased input costs for players. There is also a shift in consumer behavior with growing popularity of online shopping, forcing players to strengthen their digital presence and last-mile delivery networks. Rising inflation and fluctuating energy costs have also started impacting consumer spending power in some regions. Addressing these challenges through cost optimization, ramping up local sourcing and enhancing after-sales service will be critical for players.

SWOT Analysis

Strength: Well established players with strong brand presence and distribution networks.

Weakness: Vulnerable to fluctuating costs of raw materials imported from other regions.

Opportunity: Growth in online sales and demand for innovative appliances with advanced features.

Threats: Changing consumer preferences towards greener products and threat from low-cost Chinese manufacturers.

Geographical Regions

In terms of value, the household cooking appliances market in Asia Pacific region currently holds the largest share, estimated at over 35% of global market in 2024. Countries like China, India and Japan account for majority of demand. North America stands as the second largest region supported by high consumer spending power and well- developed infrastructure. Europe is also a major regional market led by countries like Germany, UK and Italy. The Middle East & Africa region is projected to witness the fastest CAGR during the forecast period due to rising income levels and infrastructure development projects spurring demand.

Fastest Growing Region

The household cooking appliances market in the Middle East and Africa region is forecast to post the highest CAGR of around 7.5% during the forecast period from 2024 to 2030. Factors like rapid urbanization, rising nuclear families and improving living standards are driving sales across African countries. Growing focus on infrastructure development projects across West and East Africa is also expected to boost demand. In the Middle East, governments of countries like Saudi Arabia, UAE and Qatar are undertaking initiatives to diversify economies and boost per capita income, thus positively impacting the buying power of consumers in the region. All these macro factors are supporting above-average growth rates for the household cooking appliances market in the MEA region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it