The global household cooking appliances market is highly competitive and fragmented, thanks to the presence of a large number of multinational and regional players, states a new research study by Transparency Market Research (TMR). Some of the leading players in this market are Samsung Electronics Co. Ltd., Whirlpool Corp., LG Electronics, and Miele Group. These players enjoy a strong brand value and demonstrates a powerful operational profiles. The rivalry between players is intense and they are continuously opting for various types of marketing and advertising strategies for their sustenance in this market. Up till now, they relied upon product innovation and advancements in their current offerings. However, over the coming years, they are likely to shift their focus towards strategic partnerships, mergers, and acquisitions in order to maintain their dominance in the coming years, states the research report.
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According to the estimations of the research report, the global market for household cooking appliances offered an opportunity worth US$42.2 bn in 2015. Researchers expect it to expand at a CAGR of 3.80% during the period from 2016 to 2024, and attain a value of US$58.4 bn by the end of the period of the forecast. In 2015, cooktops and cooking ranges surfaced as the most valued products with the segment acquiring a share of more than 70% in the overall market. Owing to their significance as integral kitchen equipment, these appliances are projected to remain experiencing high demand in the years to come. South America, Asia Pacific, Europe, North America, and the Middle East and Africa have emerged as the key geographical categories of the worldwide market for household cooking appliances. Among these, Europe has acquired the leading position and is projected to remain on the top over the forecast period with the augmenting demand for technically advanced appliances, states the research report.
Swift Urbanization to Support Market’s Growth
“Urbanization is the main factor behind the significant growth of the global market for household cooking appliances,” states the author of the study. Nowadays, a number of people are migrating from rural areas to urban locations across the world, which require setting up a new home, translating into a high demand for cooking appliances. Since heavy workload leaves a little room for cooking, consumers have begun to look for appliances, which not only simplify their work but also save their time.
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Apart from this, the rising pool of working women is also fueling the demand for smart cooking appliances, which consequently, is reflecting positively on the growth of the market for household cooking appliances, globally. Going forward, the increasing number of nuclear families is predicted to add significantly to the demand for household cooking appliances across the world in the years to come, notes the research study.
Rising Number of Unmarried Individuals to Limit Demand
Overall, the future of the global household cooking appliances looks bright. However, on the flip side, the market may face severe challenges from the rising number of single/unmarried individuals, who prefer to dine out than to cook at home, which consequently, may limit the demand for household cooking appliances over the next few years. The extra expense incurred in buying appliance-specific utensils and cookware may also hinder the growth of this market in the near future, states the report.