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The global household cooking appliances market size is anticipated to reach USD 116.82 billion by 2024, according to a new report by Grand View Research, Inc. A blend of numerous aspects such as increasing preference toward nuclear family set-ups, a high proportion of employed women, and induction technology being characterized by a higher degree of energy-efficiency as compared to conventional gas, is expected to drive growth over the forecast period.
Every cooktop has a lifespan beyond which its efficiency deteriorates; they need to be typically replaced after approximately 13-15 years. The constant need for newer replacements and increased demand from the youth for technologically advanced home appliances are anticipated to play a pivotal role in market growth.
The household cooking appliances market is expected to undergo various developments due to the changing consumer lifestyles, socio-economic factors, and macroeconomic factors. Macroeconomic indicators, such as the rising population, consequent increase in disposable income, and rising consumer awareness, are the key factors expected to influence the cooking appliances business favorably.
Further key findings from the report suggest:
Induction cooktops are anticipated to grow at a CAGR of close to 7% over the forecast period, which can be attributed to their high speed, better energy efficiency, enhanced safety, greater degree of control, and easy cleaning & maintenance as compared to their gas and electric counterparts.
Revenue from ovens is expected to reach over USD 40 billion by 2024. In the oven product segment, the revenue share of conventional ovens is expected to fall whereas microwave and combination ovens are expected to gain prominence.
Key participants are emphasizing on product innovation to differentiate themselves from their competitors; for instance, Electrolux AB launched a prototype for an in-oven cam, which is a built-in camera inside the oven to monitor food.
Key players are partnering with the leading food technology innovators to provide inbuilt automated cooking and digital recopies in their appliances; these companies are also partnering with operating system developers to connect their products with smartphones using the IoT technology.Asia Pacific is expected to account for the highest revenue share by 2024 due to the rising disposable income of the population in emerging countries; South America is also anticipated to witness substantial growth.
