Global Household Cooking Appliance Market Worth USD 510.7 Billion by 2031 | CAGR of 6.8%

Introduction

"Household cooking appliance" refers to electrical and non-electrical kitchen aids. The primary products are electric ranges, microwave ovens, barbecues, grills, and other home culinary appliances. An electric stove or range is a cooktop with an integrated electrical heating element for cooking and baking. Some contemporary ranges include extractor hoods as part of the bundle. Electric stove burners can be controlled using an infinite switch known as a simmer stat and a rotary switch with a finite number of locations that each engage a distinct set of resistances; thus, a different heating power. Some individuals may possess a thermostat. Electricity and cooking gas are the primary resources used by kitchen appliances.

Market Dynamics

Increasing Number of Working Individuals Drives the Global Market

The market for household cooking appliances is estimated to endure several changes due to changing customer lifestyles and preferences and socioeconomic and macroeconomic indicators. It is anticipated that macroeconomic factors, such as rising consumer awareness, a growing population, and rising disposable income, will positively impact the domestic cooking appliance market. Families become more financially secure as the working population increases.

Additionally, as disposable household income rises, families can afford and are transitioning toward technologically advanced cooking appliances that save time. The sales of culinary appliances are growing steadily and consistently in several different nations, illustrating this trend. The demand for induction-powered cooking appliances and cooktops with multiple heated surfaces is anticipated to increase. This is anticipated to positively impact demand during the forecast period.

Technological Advancements Creates Tremendous Opportunities

Companies invest significantly in R&D to produce cutting-edge products incorporating digital technologies such as AI and IoT. Smart appliances, such as smart ovens, can perform various basic and advanced duties and be remotely monitored using a smartphone. These devices perform multiple duties, including automatic temperature control based on the food, remote preheating, and automatic shutoff when the meal is ready to be served, among other features that make cooking less cumbersome.

A few of these devices also feature intelligent heating, which transfers power to the food, where it is required for an efficient cooking experience. Char-Broil LLC, an American manufacturer of grills, smokers and fryers, and cooking accessories, introduced SmartChef, a smart barbecue with a TRU-Infrared cooking system that wirelessly syncs with the Char-Broil gas grill smartphone application. The smartphone can display real-time updates on the heating time, temperature, and gas levels as the meal is prepared. Such technological advances will foster market expansion.

Regional Analysis

Asia-Pacific is the most significant global household cooking appliance market shareholder and is anticipated to exhibit a CAGR of 7.42% during the forecast period. Asia-Pacific is expected to maintain the largest market share for home culinary appliances. This is due to the presence of key regional players and the sizeable residential market in ASEAN. In addition, the region has become a significant manufacturing hub for home kitchen appliances due to the availability of economical consumer goods and low labor costs. Therefore, prominent manufacturers from other regions are expanding their operations in the Asia-Pacific.

Several Asia-Pacific developing countries have increased their adoption of digital technologies in recent years. The Internet of Things substantially affects domestic appliances (IoT). Better Internet infrastructure in the region's countries encourages the purchase of digital household appliances by consumers. In addition, Japan and South Korea have the most Internet users and are home to numerous electronics, household appliances, and sensor manufacturers. The ability of these appliances to reduce operational expenses contributes to the growth of the smart kitchen appliance market in several Asian-Pacific nations.

Key Highlights

• The global household cooking appliance market was valued at USD 281.4 billion in 2022. It is estimated to reach USD 510.7 billion by 2031, growing at a CAGR of 6.8% during the forecast period (2023–2031).
• Based on product type, the global household cooking appliance market is bifurcated into cooktops and cooking ranges, ovens, and other specialized appliances. The cooktops and cooking ranges segment dominates the global market and is projected to exhibit a CAGR of 6.05% over the forecast period.
• Based on structure, the global household cooking appliance market is divided into built-in and freestanding household cooking appliances. The freestanding household cooking appliances segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 5.53% over the forecast period.
• Based on distribution channels, the global household cooking appliance market is divided into brick-and-mortar and e-commerce channels. The brick-and-mortar channel segment is the largest revenue contributor and is expected to exhibit a CAGR of 5.14% over the forecast period.
• Asia-Pacific is the most significant global household cooking appliance market shareholder and is anticipated to exhibit a CAGR of 7.42% during the forecast period.

Competitive Players

Competitive Players

The key players in the global household cooking appliance market are Electrolux AB; GE Appliances; Koninklijke Philips N.V.; Haier Group; LG Electronics; Samsung; Robert Bosch GmbH; Smeg S.p.A; Whirlpool Corporation; Winia Electronics Co. Ltd.; Panasonic Corporation; and Thermador.

Recent Developments

Market News

• In February 2023, With the introduction of its built-in range of appliances in India, Electrolux widened its selection of home appliances. The new assortment includes microwaves, ovens, cooktops, range hoods, dishwashers, and coffee machines. According to the manufacturer, the new line of household appliances features a sleek, contemporary design.
• In May 2023, In India, Philips introduced a new air fryer, expanding its selection of kitchen appliances. In collaboration with Croma, the company has introduced a novel cooking window air fryer with a see-through window. The main feature of the new air fryer from Philips is a see-through window that enables users to monitor the cooking process.

Segmentation

Global Household Cooking Appliance Market: Segmentation

By Product Type

• Cooktops and Cooking Ranges
• Ovens
• Specialized Appliances

By Structure

• Built-In
• Freestanding

By Distribution Channel

• Brick and Mortar
• E-Commerce

By Regions

• North America
• Europe

• Asia-Pacific
• South America
• The Middle East and Africa