Household Cooking Appliance Market Size, Share & Trends Analysis Report By Product (Cooktops & Cooking Ranges, Ovens, Specialized Appliances), By Structure, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Household Cooking Appliance Market Size, Share & Trends Analysis Report By Product (Cooktops & Cooking Ranges, Ovens, Specialized Appliances), By Structure, By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030

Household Cooking Appliance Market Growth & Trends

The global household cooking appliance market size is estimated to reach USD 380.55 billion by 2030, registering a CAGR of 6.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing technological developments, changing consumer preferences, and rising household income of customers are the primary factors fueling market growth. Furthermore, the increasing population and urbanization offer significant growth opportunities to the market for household cooking appliances.

Busy lifestyles have created a need for smart appliances to avoid wasting time and resources. The era of automation has contributed to market advancement by integrating technologies like Artificial Intelligence (AI) and the Internet of Things (IoT), leading to the development of remote-controlled appliances through mobile applications and voice controls.

Major players have identified the need for safer and more comfortable homes and begun offering smart appliances such as smart kettles and smart microwaves to their consumers globally. For instance, in March 2023, GE Profile, a brand of GE Appliances, introduced the ‘Smart Oven with No Preheat’ appliance, which is a smart countertop oven with a temperature range of up to 500?F and zero preheat technology to save cooking time.

Household food preparation can be tedious and chaotic. Smart appliances such as microwaves and cooking tops help save energy by optimizing the cooking time. For instance, interactive induction cooking surfaces that use magnetic components hidden underneath the cooktop to heat pots and pans are a technology that several notable players in the market are adopting rapidly.

The COVID-19 pandemic-induced restrictions and regulations led to the closure of manufacturing facilities for most of 2020. The first wave of the pandemic affected the jobs and income of several individuals. As a result, the buying power of consumers declined. However, the gradual relaxation of these restrictions proved beneficial for the housing cooking appliances market, as a major portion of the population began working remotely and spending more time at their homes. This had a direct impact on product sales through the e-commerce segment as well.

Household Cooking Appliance Market Report Highlights

• In terms of products, cooktops & cooking ranges held the largest revenue share of around 47% in 2022, and this trend is likely to continue throughout the forecast period. The segment is further divided into electrical cooktops & cooking ranges, gas cooktops & cooking ranges, and induction cooktops & cooking ranges. The increasing number of nuclear families is expected to contribute heavily to this market segment
• In terms of structure, the built-in segment is projected to witness a CAGR of 7.1% from 2023 to 2030. The growth is attributed to the availability of a wide range of built-in household cooking appliances and the versatility of placement of the built-in structures
• In terms of the distribution channel, the e-commerce segment is expected to have the most significant CAGR of 7.4% over the forecast period. Changing consumer preferences and buying behavior can be credited to the lifestyle changes brought about by the onset of the pandemic
• In 2022, the Asia Pacific region had the highest revenue share of around 38.0%. The increase in disposable income and high population have positively impacted the regional market growth

Please note The report will be delivered in 3-8 business days upon order notification.