The global large cooking appliance market is projected to expand at a CAGR of 6.4% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing standard of living and rising consumer preference for modular kitchens.
Large cooking appliances include cooktops, ovens, and other kitchen equipment such as steamers, grillers, and fryers. Rapid exhaustion of natural resources such as wood and LPG has led to the rising demand for efficient and specialized cooking appliances.
Large cooking appliances play a significant role in the households and has become an integral part of modern kitchens. Increasing number of working population has led to rising number of public eateries and restaurants, which in turn, has boosted the demand for large cooking appliances.
Countries such as India, Brazil and China offer various growth opportunities to the manufacturers owing to the presence of conventional cooking appliances, thereby increasing opportunities for emerging players and new entrants. For instance, brands such as Miele, Siemens, and Whirlpool are offering premium products to these countries by engaging in partnerships with local developers to increase their product visibility.
The report on the global large cooking appliance market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|Report Title||Large Cooking Appliance Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast|
|Segmentation||Products (Cooktops, Ovens, and Specialized Appliances), Applications (Households and Commercial)|
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered||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|
Oven segment anticipated to account for a significant market share.
On the basis of products, the market is bifurcated into cooktops, ovens, and specialized appliances. In 2020, the oven segment is anticipated to account for a significant market share owing to rising disposable income across the globe. The introduction of in-built hobs, modular ovens, and char broilers are the recent product innovations driving the segment growth. Additionally, operational efficiency of the product is driving the segment growth.
The cooktops segment is anticipated to register a CAGR of 6.3% during the forecast period. Cooktops consist of gas and electric cooktops and hobs. Emerging food startups are indulging in customization of cooking equipment from companies such as Vulcan, Hitachi and Glen, which is spurring the segment growth.
Commercial segment projected to account for a considerable market share.
Based on applications, the market is segmented into households and commercial. The commercial segment is projected to account for 40% of the global cooking appliances market during the forecast period. Increasing demand for cooking appliances from commercial spaces such as restaurants and malls are propelling the segment growth. This segment is anticipated to register a CAGR of 6.5% during the forecast period.
The introduction of advanced technology in kitchen equipment are driving the consumer preference for smart and innovative appliances, thereby, fueling the growth of the households segment. Additionally, increasing number of working women along with rising disposable income per household is anticipated to spur the growth of the segment. For instance, in the year 2018, Prestige announced the launch of its cooking range that comprises hobs, in-built ovens, and steamers for the Indian markets owing to the increasing trend of modular kitchens in the country
Asia Pacific anticipated to witness an impressive growth rate
In terms of regions, the market is classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to witness an impressive growth rate owing to rising living standards of consumers in this region. Additionally, consumers are opting for improved kitchen appliances owing to its energy and time efficiency features. Furthermore, rising trend of nuclear families along with rising disposable income is motivating consumers to opt for technologically enhanced cooking appliances, thus propelling the market growth in the region.
North America is anticipated to expand at a CAGR of 6.1% during the forecast period. Increasing demand for fast food and ready to cook food has led to the growing penetration of equipment installation in commercial kitchens such as hotels and restaurants, thus driving the market growth in this region. For instance, National Restaurant Association stated that the US alone accounts for over 380,000 restaurants, creating considerable growth opportunities for the market in the region.
Segments Covered in the Report
The global large cooking appliance market has been segmented on the basis of
Some of the key manufacturers in the global large cooking appliances 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.
Key players are indulging in mergers and acquisitions to increase their market share. Additionally, they are focusing on development of innovative products to improve their product offerings. Furthermore, leading manufacturers are partnering with various distribution channels to increase their product visibility and acquire a large customer base.
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