August 05, 2020
According to the research report titled ‘Global Household Cooking Appliance Market Size study with COVID-19 Impact, by Type (Cooktops & cooking ranges, Ovens and Specialized appliances), and Regional Forecasts 2020-2026,’ available with Market Study Report, global household cooking appliance market was worth USD 85.5 billion in 2019 and is expected to grow with a CAGR of 6.5% over 2020-2026.
Increasing number of nuclear families, rising proportion of working women, and availability of induction cooking appliances as an alternative to electric or gas cooktops are the prime factors driving the growth of global household cooking appliance market.
In addition, inclination towards using advanced technologies which allow for easy and quick food preparation coupled with rising disposable income have encouraged the customers to purchase elaborate cooking appliances, thereby contributing towards the market outlook. Technological advancements along with planned alliance among leading players are likely to create lucrative growth prospects for household cooking appliance market.
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On 20th March 2019, for instance, Electrolux AB launched a new kitchen range in Europe by combining human-centric Scandinavian design with various technologies. This newly launched kitchen range includes hoods, dishwaters, freezers, fridges, ovens, and hobs. The simplicity of Scandinavian design provides unified aesthetics with an attention to detail and ergonomics which further allows the products to be user friendly. On the contrary, high cost of these household cooking appliances is projected to hamper the market growth over the analysis period.
The COVID-19 pandemic has a negative impact on global household cooking appliance industry, owing to challenges due to enforcement of temporary shutdown of manufacturing sector and various industries.
From a regional perspective, global household cooking appliance market is segmented into Europe, Latin America, Asia Pacific, North America, and Rest of the World. The report cites that North America holds significant market share owing to high demand for cooking equipment. Meanwhile, Asia Pacific household cooking appliance market is projected to grow substantially over the study duration.
Major contenders in global household cooking appliance market are Smeg S.p.A., Robert Bosch GmbH, Fisher & Paykel Appliances Holdings Ltd., Philips Electronics, Panasonic Corporation, LG Electronics Inc., Haier Group Corporation, Whirlpool Corporation, Winia Daewoo (Dongbu Daewoo Electronics), and Electrolux AB.