Household Cooking Appliances Market Report

Household Cooking Appliances Market Analysis By Product [Cooktops & Cooking Ranges (Gas, Electrical, Induction); Ovens (Conventional, Microwave, Combination); Specialized Appliances], By Region, And Segment Forecasts, 2014 - 2024

Published: December 2015  |  154 Pages  |  Format: PDF  |  Report ID: 978-1-68038-544-1

Industry Insights

The household cooking appliances market size was valued at USD 68.27 billion in 2015. A combination of several factors, such as the increasing number of working women and nuclear families, induction cooktops and ranges being more energy-efficient alternatives than gas and electric devices, and development of smart equipment to cook food, have boosted the industry growth.

U.S. household cooking appliances market, by product, 2014 - 2024 (USD Billion)

U.S. household cooking appliances market

The transition of devices, for instance from conventional/microwave to combination modes and further to smart equipment with IoT technology, is anticipated to propel the demand for products in the coming years. Companies are investing heavily in research & development to develop high-performance devices with enhanced features. In addition to technological advancements, the improved aesthetic value of these devices is expected to drive the industry growth.

The high price of contemporary devices may pose a barrier to their demand. However, with the increased disposable income of people and rising standard of living, the demand for high-end devices is expected to increase over time. Also, the growing number of single professionals or students who prefer takeaway food rather than setting up their kitchen may pose a barrier. However, the demand for these devices has been robust in the past and is projected to grow further.

The rising demand expected for cooktops and ranges over the next eight years is a key factor driving the market. Enhanced variation in cooktops, such as the gas, electric, or induction cooktops; smooth surface cooktops; and coil cooktops, are expected to drive the industry growth. With enhanced models of ranges and wall ovens enabled with high-end features, their demand is anticipated to grow over the forecast period.

Product Insights

Cooktops and Ranges accounted for over 45% of the revenue share in 2015. This segment is expected to continue having the largest revenue share by 2024. With new variants of products, such as IoT-enabled ranges to cook food, which can be directly controlled with smartphones, the demand for these products is expected to grow steadily over the forecast period.

In the cooktops and cooking ranges segment, gas cooktops and ranges accounted for the highest revenue share in 2015 and are anticipated to contribute to almost 45% of the global revenue by 2024. The ability of gas cooktops to regulate temperature instantly is the primary reason behind their popularity.

Induction cooktops, on the other hand, are expected to witness the fastest growth rate as compared to other cooktops and ranges. Induction is the most energy-efficient technology to cook food. The technique is recent as compared to gas and electricity cooktops and ranges and, hence, its demand is expected to grow steadily over the next eight years.

Global ovens market, by product, 2015 (USD Million)

Global ovens market

The demand for new variants of ovens is projected to increase over the forecast period, on account of their high capacity, increased number of gliding and non-gliding racks, along with other enhanced features. The revenue share from the ovens market is expected to grow by almost 3% over the next eight years. In the ovens segment, combination ovens are projected to be the fastest growing segment, followed by microwave ovens.

Regional Insights

In 2015, the North American region accounted for the highest revenue share for these devices. The Asia Pacific region is anticipated to account for over 35% of the industry share by 2025. This growth may be attributed to the high demand for these products in emerging countries on account of the population’s rising disposable income. Owing to the presence of strong economies, such as Australia, China, Japan, India, and other high performing Asian economies, the region is expected to witness a rampant increase in the demand for products over the forecast period.

The revenue share of the North American region was high in 2015, and the market for these devices is anticipated to grow modestly over the forecast period. The Asia Pacific, South American, and MEA regions are expected to experience a higher growth rate than the global average.

Competitive Insights

Philips Electronics, LG Electronics, Whirlpool Corporation, AB Electrolux, and Haier Group Corporation are the major market players accounting for a majority market share for household cooking appliances. The companies are the first ones to come up with latest technologies in the industry. Recently, LG Electronics launched a microwave oven with combination mode and innovative charcoal filament lighting that enables the preparation of food in lesser time span than before.

In September 2016, Electrolux AB launched its Mastery Range of kitchen products, which includes an oven enabled to take voice commands and a hands-free hood that automatically programs for any food processing activity among other products launched. Other key market players include Dongbu Daewoo Electronics, Panasonic Corporation, Robert Bosh GmbH, Fisher & Paykel Appliances Holdings Ltd., and SMEG.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historical data

2014 - 2015

Forecast period

2016 - 2024

Market representation

Revenue in USD Billion & CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, South America, Middle East and Africa (MEA)

Country scope

U.S., Canada, UK, Germany, Japan, China

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2024. For the purpose of this study, Grand View Research has segmented the household cooking appliances market on the basis of product and region:

  • Product Outlook (Revenue, USD Billion; 2014 - 2024)

    • Cooktops & Cooking Ranges

      • Gas cooktops

      • Electric cooktops

      • Induction cooktops

      • Others

    • Ovens

      • Conventional

      • Microwave

      • Combination

    • Specialized Appliances

  • Regional Outlook (Revenue, USD Billion; 2014 - 2024)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • Japan

      • India

    • South America

      • Brazil

    • Middle East & Africa (MEA)

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