April 17, 2024
Household Cooking Appliances Market

The household cooking appliances market is trending with increasing preference for energy efficient products

The household cooking appliances market comprises products which help in cooking and food preparation at home such as cooktops, range hoods, ovens, microwaves etc. These appliances provide convenience in food preparation and help save time and effort for residential users. Household cooking appliances offer various functions such as baking, roasting, grilling, broiling etc. which makes cooking versatile. Increasing nuclear families and dual income households have fueled the demand for these appliances as they offer ease of use. The industry is witnessing increasing popularity of energy star and energy efficient appliances owing to rising environmental concerns and cost benefits.

The Global Household Cooking Appliances Market is estimated to be valued at US$ 100.03 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the Household Cooking Appliances Market Size are China Lesso Group Holdings Limited, Hebei Bosoar Pipe Co. Ltd, Plásticos Ferro S.L., Fujian Aton Advanced Materials Science & Technology Co. Ltd., Pipelife Austria Gmbh & Co KG., Georg Fischer Ltd., Astral Pipes, Aliaxis Group S.A., JM Eagle, Inc., Supreme Industries Ltd., and Vinidex Pty Ltd. The growing demand for energy efficient household appliances along with ease of cooking at home has boosted demand for these appliances globally. The Household Cooking Appliances market players are expanding their global footprint by setting up manufacturing units in developing countries to gain a larger market share.

Market key trends
Consumers in various parts of the world are showing increasing preference for energy star rated cooking appliances owing to benefits like lower energy bills and reducing carbon footprint. Appliance manufacturers are launching new products with advanced features supporting energy efficiency. For example, new generation of induction cooktops, offered by brands like Panasonic and Philips, consume up to 80% lesser energy as compared to traditional gas stoves. Wireless connectivity in microwaves and ovens through Wi-Fi or Bluetooth enable remote operations and monitoring. The connectivity features are gaining traction among consumers.

Porter’s Analysis
Threat of new entrants: New market players will face high initial investment costs to set up manufacturing units and establish brand recognition in the household cooking appliances market.

Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a variety of household cooking appliance brands in the market.

Bargaining power of suppliers: A few large suppliers dominate the market, giving them moderate bargaining power over household cooking appliance manufacturers.

Threat of new substitutes: Substitutes like traditional cookstoves pose little threat as household cooking appliances offer convenience.

Competitive rivalry: Fierce competition exists among established brands to launch innovative products and offer competitive pricing.

Geographical Regions
North America accounts for the largest share of the household cooking appliances market currently, due to high consumer spending power and demand for technologically advanced products.

The Asia Pacific region is expected to be the fastest growing market during the forecast period, driven by rising incomes, urbanization, and sales of household cooking appliances through e-commerce in populous developing countries like India and China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it