Published By : 23 Nov 2016 | Published By : QYRESEARCH
The demand for household cooking appliances is primarily impacted by the improving technology globally. The enhanced efficiency and improved designs, due to the increasing technological advancements, has positively reflected on the household cooking appliances’ sales in the past few years. The global household cooking appliances market stood at US$42.20 bn in 2015 and is predicted to touch US$58.46 bn by 2024 end, rising at a 3.80% CAGR between 2016 and 2024.
Cooktops and Cooking Ranges Emerged as Top Products in Market
The prime products in the global household cooking appliances market are ovens and cooktops. Of these, cooktops and cooking ranges have emerged as the most highly demanded products. Induction, electrical, and gas cooktops are the chief types of cooktops present in the market. Amongst these, electrical and gas cooktops experience high demand amongst consumers as of now. Electrical cooktops, especially, are poised to experience huge demand in the coming years and hold the highest position in the market by 2024. The growing awareness about the advantages of electrical cooktops such as cost efficiency, effective heat management, simplified cleaning process, and easy handling and installation will propel the electrical cooktops’ demand in forthcoming years.
High Demand for Cutting-Edge Products to Boost Europe Household Cooking Appliances
Geographically, Europe held the top position in the market owing to the increasing demand for cutting-edge products. This region is predicted to maintain its dominance, with sales of these appliances going above US$16.7 bn by 2024 in Europe. This is due to the increasing awareness amongst consumers on new technologies and products and the growing disposable income of people will boost the development of this market in Europe. On the other hand, North America and Asia Pacific are also predicted to exhibit steady development in the market in forthcoming years. The growing trend to replace traditional cooking appliances with more advanced versions is also expected to fuel the growth of the market in North America.
Robert Bosch GmbH, GE Appliances (Haier Group Co. Ltd.), AB Electrolux, Koninklijke Philips N.V., Hitachi Appliances Inc., Miele Group, Midea Group Co. Ltd., Whirlpool Corp., Samsung Electronics Co. Ltd., and LG Electronics, among others, are the key players dominant in the market.