According to a new market report published by Transparency Market Research titled Household Cooking Appliances Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2026, the global household cooking appliances market is expected to reach a value of US$ 110.58 Bn by 2026. In terms of value, the market is estimated to expand at a CAGR of 6.1% during the forecast period from 2018 to 2026. Increasing number of working women, and rising purchasing power and disposable income of consumers is expected to drive the market growth of household cooking appliances over the forecast period. Increasing preferences of consumers for energy-efficient alternatives rather than gas and electric devices and rising technological development of smart equipment for cooking food is also projected to boost the market growth in the coming years.
Rising living standards have influenced consumers to opt for better designed and smart appliances in their kitchen which further positively influences the demand for household cooking appliances. Increasing trend of nuclear families and stability in terms of finance encourages consumers to invest in cooking appliances with enhanced technology, thus increasing their demand.
Cooktops and cooking ranges segment is expected to hold the largest market share in terms of revenue and is also projected to grow steadily over the forecast period. This is due to introduction of smart equipment or IoT enabled equipment across the range which can be directly controlled by smartphones.
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In cooktops & cooking ranges, gas cooktops are anticipated to witness enormous growth in coming years due to their ability of regulating temperature instantly. The preference of consumers for energy efficient technology to cook food is expected to influence the increased demand for induction cooktops over the forecast period. Furthermore, increasing awareness about the benefits of induction cooktops such as easy installation and handling, minimal risk, effective management of heat, simplified cleaning process, and cost efficiency are expected to spur the demand for household cooking appliances over the forecast period.
Demand for ovens is also expected to increase in the near future due to the availability of a variety of ovens with high capacity. Ovens are projected to witness a moderate growth rate during the forecast period due to the presence of innovative products equipped with easy control panels and auto program to enhance their usability and to meet the consumer demand. In the foreseeable years, manufacturers of microwave ovens in different parts of the world are likely to boost their use by addressing the changing requirements of food processing and the food service industry.