Household Cooking Appliance Market Segmented by product, Use, Key Companies, Country and Industry Forecast till 2025.
The global household cooking appliance market size is expected to reach USD 124.8 billion by 2025, according to a new report by Grand View Research, Inc., registering a 6.5% CAGR during the forecast period. The market has witnessed a paradigm shift over the last few years, with advanced connectivity features integrated with kitchen appliances and growing emphasis on use of energy-efficient products to comply with emission norms becoming commonplace worldwide.
There has been rising demand for advanced kitchen electronics that can help reduce cooking time and minimize hassles in the food preparation process. This demand arises from hectic schedules of the urban working-class population across developing and developed countries. The scenario is likely to lead to a notable increase in demand for advanced kitchen appliances and thus boost market growth.
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Smart kitchen devices are being used widely in developed countries such as U.S., Canada, Germany, and Japan. Use of Artificial Intelligence (AI) and IoT to control and access multiple smart kitchen appliances through a remote or mobile device is gaining increased popularity. To benefit from this scenario, a number of companies are introducing smart kitchen equipment in their portfolios. For instance, in August 2018, Electrolux expanded its partnership with Google Inc. in the European market for integrating connected kitchen products with Google Assistant, allowing consumers to control products using voice commands. Such advancements are expected to bolster the global market in the next few years.
Further key findings from the report suggest:
- The cooktop and cooking range product segment accounted for over 46.0% of the revenue in the global market in 2018
- Revenue from the ovens segment is expected to reach approximately USD 50.00 billion by 2025. Within 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 manufacturers are partnering with leading technology providers to integrate AI and IoT technology and develop products that are connected and controlled using smartphones
- Asia Pacific is expected to dominate the global market by 2025 owing to rising urban population and increasing demand for technologically advanced equipment.
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Grand View Research has segmented the global household cooking appliance market on the basis of product and region.