Published By : 18 Jul 2016 | Published By : QYRESEARCH
The global household cooking appliances market is boosted by steady demand for these products from Asia Pacific and Europe. The rising preference for eco-friendly products is helping the market to grow in Europe, whereas the economic development is favoring the growth of the market in Asia Pacific. The global household cooking appliances market is diversified and has many industry players. However, the focus is mainly on innovation and product differentiation.
According to a research report by Transparency Market Research (TMR), the global household kitchen appliances market, which was valued at US$56.6 bn in 2012 is expected to reach US$79.8 bn by 2018 expanding at a 29.10% CAGR from 2012 to 2018.
Rising Working Women Population Aids Household Cooking Appliances Market
The growing population across the globe and the rising trend of nuclear families are leading to a surge in the demand for household cooking appliances. Further, the growing number of working women is also expected to lead to an increased adoption rate of household cooking appliances. The rising fuel prices is encouraging more users to adopt induction cooking appliances. However, the growth of the household cooking appliances market is expected to be challenged by the preference for ready to eat, convenience foods.
Cook tops Segment Led in Household Cooking Appliances in 2012
The global household cooking appliances market is segmented on the basis of products into cook tops and ovens, of which the cook-tops sector led the market in 2012, accounting for 46.1% of the market. The rising disposable income and the world population are driving the growth of the cook tops segment, ensuring the segment remains in dominance even in the coming years.