Albany, NY — (SBWIRE) — 01/23/2017 — The global household cooking appliances market is forecasted to grow to USD 79.80 billion by 2018. The global market, primarily driven by demand from Europe and the Asia Pacific region, is experiencing steady growth across all product segments and regions. The key growth drivers include growing preference for environment friendly products in Europe and economic development in Asia Pacific regions.
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The global market for household cooking appliances is highly diversified and saturated with large number of big and small players. Most of the industry players in the white goods industry have cooking appliances under their product portfolio. They are increasingly focusing on product differentiation and innovation to expand their market share and enter new markets in emerging nations. The global market for strategic analysis can be segmented based on product types and geographic regions. The three major segments can be broken down into – cook-tops and cooking ranges, ovens, and specialized equipments. Microwave, which is one of the fastest growing appliances market segment, is a key growth driver in the Asia Pacific region. However, the market penetration of most of these advanced cooking appliances in Asia Pacific and Rest of World market regions is low, and holds a high potential for growth.
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A significant demographic trend affecting the market growth is rise of single households. In the U.S. alone where more than 30% of population is single living, the segment shows increased preference for dining out than to cook at home. This is a fast growing segment, and can affect the growth of the global household cooking appliances market. However, the impact on microwave may be less, due to dual functionality of the product, where it can also be used as a reheating appliance. With the growing awareness about benefits of induction cooking and environment friendly nature of the appliance, there is a shift in consumers preferring to adopt the device. The trend is currently more prominent in European regions, which have high growth rate.
In the Asia Pacific market, due to ongoing economic development, there is high degree of urbanization, and emergence of large numbers of new households. The trend of nuclear families is further driving the rise in households’ growth rate. This, coupled with rise in disposable family income, due to more number of working couples, is further expected to multiply the demand for cooking appliances.
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With the holistic impact of the above mentioned socio-economic factors, the global market is experiencing a dynamic shift in growth patterns, largely driven by consumer behavior changes. As a result, industry leaders are coming up with new products with novel concepts or advanced features, and product differentiation has become the key principle for market growth.
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