The South Korean large cooking appliances market declined by 1% in retail volume terms through 2012, to reach 2.2 million units.
Most large cooking appliances showed negative growth in 2012, except for built-in hobs and cookers. Built-in hobs especially showed the sharpest increase in volume terms. Built-in hobs is the most widely used and common source of cooking in the Korean diet. As a number of households expand, this growth helps to increase demand for built-in hobs.
Korean consumers do not heavily rely on cookers as a main cooking appliance which is due to limited space in the kitchen area; they prefer to have a separate oven and hob in order to maximise the efficient use of the space.
Gas is the most popular format in built-in hobs with 83% volume share. Consumers find gas has better heating properties. As for cookers, gas held 99% volume share in 2012. To support such a need in appliances that use gas, most residences including apartments, row houses and tenant housing provide gas supply to each home.
Haatz Co Ltd led large cooking appliances with 35% volume share in 2012, which is almost double that of its nearest competitor Ntec Co Ltd with 19% volume share. Haatz's share was mostly due to high sales in cooker hoods at 50% volume share. Cooker hoods hold a 66% volume share of total large cooking appliances.
As the South Korean large cooking appliances market is already considered to be a mature industry, there are no significant products or function developments expected through to 2017. Due to the long replacement cycle of large cooking appliances and the economic depression, consumers will not easily spend on large cooking appliances or replace the ones they already have.
In order to boost the saturated category, manufacturers should make efforts in new product releases with attractive functions included.
For more information on the South Korean large cooking appliances market, see the latest research: South Korean Large Cooking Appliances Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.