Household Cooking Appliance Market: Middle East And Africa Is Expected To Expand At The Fastest CAGR Of Over 10.0%
Household Cooking Appliance Industry Overview
The global household cooking appliance market size was valued at USD 261.22 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2028. The increasing number of nuclear families, changing food habits, and the growing number of working women and single professionals are expected to drive the growth of the market over the forecast period. Stringent energy efficiency regulations applicable in different parts of the world, easy availability of household kitchen appliances on e-commerce websites, growing preference for home automation, and continued launches of smart cooking products are expected to contribute to the growth.
The rising need to reduce human intervention and automate cooking has triggered several innovations in household cooking appliances. As such, manufacturers are typically retaining the original mechanisms and integrating the latest technologies into the modern appliance as part of the efforts to encourage household consumers to replace their conventional cooking appliances with the modern cooking appliance. The demand for these cooking products is also growing as several individuals have started pursuing cooking as a hobby and are hence purchasing the latest appliances.
Gather more insights about the market drivers, restrains and growth of the Global Household Cooking Appliance market
The growing popularity of the smart home concept bodes well for the growth of the market over the forecast period. Advancements in technology have led to the introduction of innovative household cooking products that support connectivity and voice assistants and feature touch screens and built-in cameras. These Internet of Things (IoT)-enabled, smart cooking products can be monitored and controlled remotely over the internet using smartphones.
However, the high energy consumption levels associated with household cooking appliances have always been a major concern for household consumers. Hence, end-customers have started preferring household cooking appliances with an Energy Star rating. Certified appliances feature state-of-the-art technologies designed to reduce energy consumption. The consumer preference for cooking appliances that can potentially reduce energy consumption and simplify cooking is increasing gradually.
The outbreak of the COVID-19 pandemic took its toll on the market growth in early 2020 as a result of the temporary shutdowns of production plants, shortage of labor, and disrupted logistics operations. The challenges can be attributed to the stringent restrictions, including lockdowns, imposed by various governments worldwide to arrest the spread of the disease. As a result, market players had to confront dwindling sales initially. Nevertheless, as the governments relaxed some of the restrictions, online sales of household appliances particularly gained traction. Apart from e-commerce portals, the brick and mortar stores also resumed operations and the sales of cooking appliances increased as a majority of the people continued to work from home and spend most of their time in their households.
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Household Cooking Appliance Market Segmentation
Grand View Research has segmented the global household cooking appliance market based on product, structure, distribution channel, and region:
Household Cooking Appliance Product Outlook (Revenue, USD Billion, 2016 - 2028)
- Cooktops & Cooking Ranges
- Ovens
- Specialized Appliances
Household Cooking Appliance Structure Outlook (Revenue, USD Billion, 2016 - 2028)
- Built-in
- Freestanding
Household Cooking Appliance Distribution Channel Outlook (Revenue, USD Billion, 2016 - 2028)
- Brick & Mortar
- E-commerce
Household Cooking Appliance Region Outlook (Revenue, USD Billion; 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Household Cooking Appliance market include
- Whirlpool Corporation
- AB Electrolux
- Haier Group
- Samsung
- LG Electronics
- Robert Bosch GmbH
Order a free sample PDF of the Household Cooking Appliance Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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