New York, United States , July 12, 2023 (GLOBE NEWSWIRE) -- The Global Household Cooking Appliance Market Size is To Grow from USD 237.47 Billion in 2022 to USD 448.98 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.6% during the projected period. The market for advanced kitchen electronic gadgets has grown in recent years, owing to an increased demand for appliances that can reduce cooking time and food preparation problems. Consumers' hectic schedules, particularly among the urban and working classes, are expected to support the global market for household cooking appliances expansion during the projected period.
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Household cooking appliances are the things that are used in every home to make cooking easier for everyone. Cooking is nearly impossible without these cooking appliances. There are a variety of kitchen appliances that can run on either gas or electricity. Before purchasing home kitchen appliances, exercise extreme caution. Never overlook the importance of quality, cost, and energy savings. Numerous advancements in household cooking appliances have resulted from the growing need to automate cooking and reduce human intervention. As a result, manufacturers typically retain the original mechanisms while incorporating the most recent technologies into the modern appliance in order to persuade household consumers to switch from traditional to modern cooking appliances. The demand for these cooking items is also increasing, as some people have taken up cooking as a hobby and are now purchasing the most recent equipment.
Changing nutritional preferences, an increase in nuclear families, and an increase in the percentage of employed women and self-employed individuals all give several prospects for growth. Furthermore, stringent energy efficiency legislation in several countries, simple access to household appliances on e-commerce platforms, and the constant launch of innovative kitchen products are projected to boost market expansion in the future. However, the high launching cost of traditional cooking appliances is expected to stifle industry growth. Modern equipment requires substantial upkeep, limiting the use of specialized culinary tools. This aspect is inhibiting market growth.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on, "Global Household Cooking Appliance Market Size, Share, and COVID-19 Impact Analysis, By Product (Ovens, Cooktops & Cooking Ranges, and Specialized Appliances), By Structure (Built-in, Freestanding), By Distribution Channel (Brick & Mortar, E-commerce), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The cooktops & cooking ranges segment is expected to hold the largest share of the global household cooking appliance market during the forecast period.
The global household cooking appliance market is divided into three product categories: ovens, cooktops & cooking ranges, and specialized appliances. Among these, cooktops & cooking ranges is projected to account for a major share of the global household cooking appliance market throughout the forecast period. The most recent generation of home cooktops and cooking ranges come in a variety of sizes, are easy to install, and have user-friendly features. As a result, they have increased consumer appeal and created new economic opportunities, especially in North America and Europe.
The freestanding segment dominated the global household cooking appliance market in 2022.
The global household cooking appliance market is classified into two types: built-in and freestanding. Among these, the freestanding segment dominated the global household cooking appliance market in 2022 and is expected to maintain its dominance throughout the forecast period. Cleaning and maintaining freestanding household devices are simple, resulting in significant growth for the market during the forecast period.
The E-commerce segment is expected to grow at the highest pace in the global household cooking appliance market during the forecast period.
The global household cooking appliance market is classified into brick and mortar and E-commerce distribution channels. Among these, the global household cooking appliance market's E-commerce segment is projected to expand at the fastest rate throughout the forecast period. Its associated features, which include a faster purchasing process, discounts and offers, easy price and product comparison, stock availability, easy exchange options, and product flexibility, have contributed to its growth.
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Asia Pacific is anticipated to hold the largest share of the global household cooking appliance market over the predicted timeframe.
Asia Pacific is anticipated to dominate the majority of the shares of the global household cooking appliance market. Continued urbanization, changing lifestyles, increased consumer purchasing power, and early adoption of breakthrough technologies are all expected to drive regional market growth.
North America is anticipated to expand at the highest pace in the global household cooking appliance market throughout the forecast period. The household cooking appliance market in the North American region is dominated by the United States and Canada. IoT-enabled appliances are likely to become more popular as high-speed data networks and modular kitchens continue to be deployed.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Household Cooking Appliance Market include Electrolux AB, GE Appliances, Haier Group, Koninklijke Philips N.V., LG Electronics, Robert Bosch GmbH, Samsung, Smeg S.p.A, Whirlpool Corporation, Winiadaewoo Co. Ltd., Panasonic Corporation, Thermador, and Among Others.
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Recent Developments
In February 2023, Prizer-Painter Stove Works, Inc. introduced a 36-inch hob with a 'Power Boost' function. The newly released hob has an improved temperature control capability and approximately twelve cooking settings.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Household Cooking Appliance Market based on the below-mentioned segments:
Global Household Cooking Appliance Market, By Product
- Ovens
- Cooktops & Cooking Ranges
- Specialized Appliances
Global Household Cooking Appliance Market, By Structure
- Built-in
- Freestanding
Global Household Cooking Appliance Market, By Distribution Channel
- Brick & Mortar
- E-commerce
Global Household Cooking Appliance Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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