The global large cooking appliance market is projected to expand at a CAGR of 6.4% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing standard of living and rising consumer preference for modular kitchens.
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Large cooking appliances include cooktops, ovens, and other kitchen equipment such as steamers, grillers, and fryers. Rapid exhaustion of natural resources such as wood and LPG has led to the rising demand for efficient and specialized cooking appliances.
Large cooking appliances play a significant role in the households and has become an integral part of modern kitchens. Increasing number of working population has led to rising number of public eateries and restaurants, which in turn, has boosted the demand for large cooking appliances.
Countries such as India, Brazil and China offer various growth opportunities to the manufacturers owing to the presence of conventional cooking appliances, thereby increasing opportunities for emerging players and new entrants. For instance, brands such as Miele, Siemens, and Whirlpool are offering premium products to these countries by engaging in partnerships with local developers to increase their product visibility.
Market Drivers, Restraints, Trends, and Opportunities
· Increasing demand for energy efficient appliances is one of the key factors driving the market growth.
· Increasing number of restaurants and cafes to cater the rise in demand for rising population is expected to drive the product demand during the forecast period.
· Growing number of nuclear families, improved standards of living are anticipated to spur the market growth during the forecast period.
· Availability of advanced sustainable cooking appliances leading to negligence towards recent advancements in the appliances is anticipated to restrain the market growth
· Increasing consumer spending on kitchen appliances that are durable and versatile is expected to create lucrative opportunities in the coming years.
Global Large Cooking Appliance Market Segment Insights
On the basis of products, the market is bifurcated into cooktops, ovens, and specialized appliances. In 2020, the oven segment is anticipated to account for a significant market share owing to rising disposable income across the globe. The introduction of in-built hobs, modular ovens, and char broilers are the recent product innovations driving the segment growth. Additionally, operational efficiency of the product is driving the segment growth.
Based on applications, the market is segmented into households and commercial. The commercial segment is projected to account for 40% of the global cooking appliances market during the forecast period. Increasing demand for cooking appliances from commercial spaces such as restaurants and malls are propelling the segment growth. This segment is anticipated to register a CAGR of 6.5% during the forecast period.
In terms of regions, the market is classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to witness an impressive growth rate owing to rising living standards of consumers in this region. Additionally, consumers are opting for improved kitchen appliances owing to its energy and time efficiency features. Furthermore, rising trend of nuclear families along with rising disposable income is motivating consumers to opt for technologically enhanced cooking appliances, thus propelling the market growth in the region.
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