Wednesday, 20 January 2021

Household Cooking Appliances Market Intelligence and Future Prospects 2026

Home cooking appliances play a major role in the domestic life of an individual and have become an important part of the modern kitchen. Increased demand for consumer goods, specifically for household cooking appliances is expected to be highly influenced by the advancing technology globally. Technology advancements, energy efficiency, quality, enhanced designs, and cost of the products are considered to be major factors influencing consumer preferences and purchasing patterns. Furthermore, utilizing highly advanced household cooking appliances has become one of the major trends in the kitchen.

Several other factors influencing the market demand for household cooking appliances include rising number of nuclear families and working women, introduction of smart cooking equipment, and availability of energy efficient alternatives such as induction cooktops and ranges. Furthermore, the transition of devices, such as from conventional or microwave to combination modes and further to smart equipment with IoT technology is also projected to boost the market for household cooking appliances over the forecast period. Industry players are also investing heavily in R&D to develop high-performances devices with enhanced features and improved aesthetic value which is further anticipated to influence the market growth positively.

The demand for advanced kitchen electronic appliances has rise owing to the augmented need for appliances that could diminish the time of cooking and lessen hassles in the process of food preparation. Hectic schedules of people, especially in the urban areas and with the working class people, is likely to work in favor of the development of the global household cooking appliances market in the years to come.

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Smart kitchen appliances find extensive utilization in many of the developed countries, such as Japan, Canada, the US, and Germany. High demand for use of Internet of Things (IoT) and artificial intelligence (AI) for access to and regulation of several smart kitchen appliances through a mobile or a remote device has gained much traction in the recent years. To reap benefits of these latest technologies, several companies have started integrating them in their smart cooking appliances. These factors are foreseen to come up as growth factors for the global household cooking appliances market in the near future.

There has been a rise in the number of nuclear families together with better standard of living in several developing countries. In addition, growing consumer awareness about energy efficient equipment are likely to result in a notable rise in demand for various advanced household cooking appliances. This factor is likely to make way for rapid growth of the global household cooking appliances market in the forthcoming years.

The outbreak of global pandemic, Covid-19, has generated significant impact on the global household cooking appliances market, which has seen disruptions in the suppliers chain. China being one of the leading suppliers of finished products and raw materials, the market has suffered considerably with lockdowns and strict measures implemented in the country to contain the spread of Covid-19.

The household cooking appliances market has been provided in terms of revenue (in US$ Mn), in terms of volume (in Million Units), as well as the CAGR (%) for the forecast period 2018 to 2026. The household cooking appliances market is a global report studied on the basis of product, application, and region.

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The report also highlights the competitive landscape of the market, thereby positioning all the major players according to their geographic presence and recent key developments. The comprehensive household cooking appliances market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the growth of the household cooking appliances market. Besides, competition matrix and market share analysis have been included under the competitive landscape to understand the top players’ contribution in the market. Each company is studied on the basis of basic information, financial highlights, revenue highlights of regional contribution and segment contribution, and product portfolio. Additionally, the company strategy and recent developments if any are also incorporated under each company profile section.

Some of the major players in the global household cooking appliances market are Electrolux AB, Haier Group Corporation, Hitachi, Ltd., Koninklijke Philips N.V., LG Electronics Inc., Midea Group, Miele & Cie. KG, Robert Bosch GmbH, Samsung Group, and The Whirlpool Corporation.

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