The
global household cooking appliances market is expected to reach USD
79.8 billion by year 2018. The market growth is driven by demand from
Europe and Asia Pacific regions which are experiencing shift in
consumer demand, with consumers now looking for new, advanced, and
environment friendly products.
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The
global household cooking appliances market was worth USD 56.6 billion
in 2012, and is forecasted to expand by 29.1% from 2012 to 2018. A
large part of this growth is contributed by ovens, which despite
being the second largest segment, is the fastest growing product
segment. The global household cooking appliances market is currently
dominated by cook-top segment, which account for about 46.1% of the
global market revenue.
The
household cooking appliances market growth is globally driven by
macro-economic indicators such as rising population and consequent
rise in number of new households, increase in disposable income, and
growing consumer awareness. Across the European region, the household
cooking appliances market is primarily driven by shift in consumer
preference for environment friendly products and technology, which is
energy efficient and clean. As a result, induction cooking and
electricity operated appliances are more dominant in the region.
The
trend for modular kitchen plays a significant role in driving the
demand. Microwave ovens have become an indispensable part of new
households. A major population trend which has opened up a new
segment to cater to is the growing population of singles. Also, rise
in consumer awareness has resulted in consumers becoming more
rationale towards product features than their price. This trend is
more evident in developed markets such as North America and Europe.
As a result, products such as microwaves and induction cook-tops have
become market drivers, and are leading growth contributors in their
segments. The recent trends such as dual fuel cook-tops and induction
cooking based appliances are key focus areas by industry leaders.
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The
global household cooking appliances market is currently dominated by
renowned white goods industry leaders including AB Electrolux, LG
Electronics, Whirlpool Corporation, Daewoo Electronics, Haier Group,
Panasonic, Philips, Fisher & Paykel Appliances Holdings Ltd., and
Robert Bosch Gmbh. Apart from these, there are many niche players
too, who are operating in their regional markets and presenting stiff
competition to global leaders through their low priced quality
products, custom made to regional cooking styles. Many of these
global players are operating in specific segments of cooking
appliances and there are very few who have products in their
portfolio which cover most of the segments.
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