by Kitchen appliances provide convenience in cooking and save time. They offer various advantages like ease of cooking, consistent results and energy efficiency.With changing lifestyle and busy schedules, demand for kitchen appliances that offer fast cooking is growing steadily. Products like microwave ovens, pressure cookers, bread makers are becoming increasingly popular as they can prepare meals in lesser time compared to traditional cookware. The global household cooking appliances market offers a diverse range of products from small appliances like kettles and toasters to more advanced appliances like combi ovens, steam ovens and induction stoves.They help make food preparation more convenient without compromising on quality and taste of food.
The global Household Cooking Appliances Market is estimated to be valued at US$ 86.83 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the household cooking appliances market is growing popularity of smart kitchen appliances. Major appliance manufacturers are developing smart, internet-connected appliances that can be operated remotely via mobile apps or voice assistants. Smart appliances are integrated with technologies like artificial intelligence, internet of things that enable automated control and remote monitoring. They offer advanced functions and customized settings as per user needs. R&D towards development of multifunctional appliances that can perform multiple tasks is another key trend. Players are focusing on launching combo appliances equipped with different functionalities to offer convenience of multiple appliances in one. Rising health awareness is also contributing to demand for specialized appliances for cooking particular diets or ingredients.
Porter’s Analysis
Threat of new entrants: Low barriers to entry offers new competitors the opportunity to enter the household cooking appliances market. However, established brands have strong brand recognition and distribution channels.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of various substitute products from different manufacturers. Buyers can also negotiate on price due to increased competition.
Bargaining power of suppliers: A few large players dominate the supply market for components such as heating elements and digital control boards. This gives them bargaining power over appliance manufacturers.
Threat of new substitutes: New cooking technologies and fuels pose a threat. For example, induction emerged as a substitute for gas stoves. New smart cooking appliances integrate with home automation systems.
Competitive rivalry: Intense competition exists between global players. Fast innovation and new product launches have made the market highly dynamic.
Key Takeaways
The Global Household Cooking Appliances Market Size is expected to witness high growth. The global Household Cooking Appliances Market is estimated to be valued at US$ 86.83 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.
Regional analysis comprises Asia Pacific dominates with China, India being the major markets. Product innovations and new product launches catering to emerging trends will aid growth. North America and Europe account for over 30% share aided by growing demand for premium and smart connected appliances. Growing working population and nuclear families increase demand.
Key players operating in the household cooking appliances market are Samsung, LG Electronics, Whirlpool, Morphy Richards, TTK Prestige, Havells and Panasonic. Key players focus on new product development, strategic acquisitions and geographic expansion to increase market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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