Large Cooking Appliance Market Size, Share & Trends Report

Large Cooking Appliance Market Size, Share & Trends Analysis Report By Product (Cooktops, Ovens, Specialized Appliances), By Application (Household, Commercial), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Jun, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-104-7
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 110

Industry Insights

The global large cooking appliance market size was valued at USD 25.67 billion in 2018 and is anticipated to ascend at a CAGR of 6.5% from 2019 to 2025. Increased standard of living and consumer preference for modular kitchens are the significant growth drivers. Large cooking appliances include cooktops, ovens, and specialized equipment such as fryers, steamers, and grillers. With the rapid depletion of natural resources such as LPG, wood, and other petroleum products; specialized and efficient cooking appliances are anticipated to witness a rise in demand.

Food away from home has become integral across the world, due to the rise in working population. This is expected to further stimulate the product demand, especially for the commercial segment. Developing countries such as India, China, and Brazil will offer abundant prospects for growth. These countries have a low penetration rate for cooking appliances, thus creating opportunities for first time purchases. For instance, brands like Miele, Siemens, and Whirlpool are directing their premium offerings for these markets through paid-partnerships with builders and developers to leverage such construction channels to boost their product sales in India.

APAC large cooking appliance market

Growing number of public eateries and restaurants across the globe has led to an increase in advanced cooking equipment to serve the customers better. Hence, the commercial division is expected to expand at a CAGR of 6.6% over the forecast period, making it the fastest as well the largest growing segment of the large cooking appliance market. Companies like Haier and Vulcan specialize in manufacturing cooktops and cooking appliances such as grills, ovens, fryers, and steamers for commercial purposes.

A major restraining factor associated with large cooking appliances includes the reluctance of consumers, especially from the Eastern countries such as India, Sri Lanka, and Indonesia, to accept the new products. Cooktops segment occupied the major market share of 38.34% in 2018. This segment includes products such as hoods, cooking range in gas, and wood and induction, among others. The segment is expected to showcase a slight decline over the forecast period owing to availability of advanced sustainable cooking appliances. For instance, Energy Star manufactures electronic products including ovens and fryers certified to save energy without sacrificing features or main functionality.

Product Insights

Rise in disposable income has spurred the demand for large cooking appliances within different commercial divisions including modular households across developed and developing economies like India and China. Advancements in cooking appliances such as in-built hobs, modular ovens, and charbroilers are anticipated to augment the demand of specialized appliances at a CAGR of 6.7% during the forecast period. This growth can be attributed to the operational efficiency of the products. Additionally, the soaring number of working population in urban cities is anticipated to fuel the demand for high-end products.

Cooktops include gas and electric cooktops, hobs, and cooking range. This segment forms the majority of the large cooking appliance category and is expected to register a CAGR of 6.4% over the forecast period. With the rising trend of takeaways and food joints across the world, several startups have emerged seeking customized cooking equipment from companies like Vulcan, Glen, and Hitachi among others; thereby, driving the product demand.

Application Insights

The market contributes an essential 40% of the global kitchen appliances market. With the profits soaring and the ease of doing business in the hospitality sector, the demand for commercial equipment has been on the rise for quite some time, thus fueling growth of commercial segment. It is anticipated to register a CAGR of 6.6% over the forecast period. For instance, Hitachi provides energy-efficient commercial cooking equipment ranging from cooktops to broilers to hospitals and hotels. Rising technological advancements in smart equipment are driving consumer interest for cooking food, thus boosting the market growth.

Global large cooking appliance market

The household segment held the largest market share in 2018. It includes products offering for modular and advanced facilities suitable for luxury apartments and homes. Increased purchasing power of individuals and number of working women coupled with rising disposable income per household is projected to bode well for segment growth. For instance, Prestige launched its cooking ranges including hobs, in-built ovens, and steamers for the Indian market as the trend for modular kitchen is quite omnipresent in the country.

Regional Insights

In terms of value, Asia Pacific is anticipated to witness substantial CAGR of 7.3% from 2019 to 2025. Rising living standards have made consumers opt for improved kitchen appliances, driving the demand for household cooking appliances. Increasing trend of nuclear families coupled with financial stability encourages consumers to invest in cooking appliances with enhanced technology, thus driving the market.

North America accounted for 32.23% market share in 2018 and is anticipated to register a CAGR of 6.2% over the forecast period on account of increasing penetration of equipment installation in commercial kitchens especially hotels and restaurants and rise in demand for fast food and ready to cook food. As per a report by the National Restaurant Association, U.S. alone has over 380,000 restaurants, creating significant growth prospects for the regional market.

Large Cooking Appliance Market Share Insights

Major players operating in the market are Samsung Electronics Co. Ltd; Morphy Richards; LG Electronics Inc.; Whirlpool Corporation; Hitachi Appliances Inc.; Koninklijke Philips N.V.; AB Electrolux; Haier Group Corporation;GE Appliances; and Robert Bosch GmbH.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Billion & CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Report coverage

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

Country Scope

U.S., Germany, U.K., India, China

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global large cooking appliance market report on the basis of product, application, and region:

  • Product Outlook (Revenue, USD Billion, 2015 - 2025)

    • Cooktops

    • Ovens

    • Specialized Appliances

  • Application Outlook (Revenue, USD Billion, 2015 - 2025)

    • Household

    • Commercial

  • Regional Outlook (Revenue, USD Billion, 2015 - 2025)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • India

      • China

    • Central & South America

    • Middle East & Africa

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