Large Cooking Appliances Market Size, Share, Growth, Trends and Industry Analysis Report

by Susan Hill Business Consultant

The global large cooking appliance market size is expected to reach USD 39.91 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 6.5% during the forecast period. Growing standards of living and popularity of modular kitchens is anticipated to fuel the growth. Advancements in efficient and specialized equipment are anticipated to further drive the product demand.

Constantly changing household and commercial routines, access to economic electricity, and rising awareness regarding eco-friendly appliances are anticipated to drive the product demand. Expansion of e-commerce distribution channels along with the emergence of Internet of Things (IoT) and other advanced technologies are expected to augment the market growth over the forecast period.

Increasing number of meals consumed away from home due to the rise in working population is projected to further stimulate market growth, particularly in the commercial segment. In this category, developing countries like India and China are expected to offer abundant growth opportunities. For instance, Hitachi and Vulcan direct their premium offerings to leverage construction channels for product sales in India through paid partnerships with builders and developers.

The rise in disposable income has spurred the development of large cooking appliances within various business units including modular households across developed and developing economies like India and China. New advancements such as built-in hobs, modular ovens, and charbroilers have increased the demand for specialized appliances. The segment is anticipated to expand at a CAGR of 6.7 % over the forecast period, due to product efficiency. In addition, rising workforce in urban cities is expected to fuel demand for high-end products. For instance, Hitachi and Haier have emerged as the leading brands in cooktops and cooking range segment especially due to increased demand for modular kitchens in countries from Asia Pacific such as India and Singapore.

The market for cooking appliances is the parent market for all the cooking appliance segments. The large cooking appliances contribute, among other things, an essential 40% of the overall market. With profits rising and the facility to do business in the hospitality sector, demand for commercial equipment has been rising for quite some time. This factor is anticipated to fuel growth of industrial application at a CAGR of 6.6% over the forecast period. For instance, Hitachi provides hospitals and hotels with energy-efficient commercial cooking equipment, ranging from cooktops to broilers, as rising technological advancements in smart equipment are a driving consumer preference for cooking food. Commercial segment is anticipated to emerge as the fastest and the largest growing segment for the large cooking appliances market.

Samsung Electronics Co. Ltd, Morphy Richards, LG Electronics Inc., Whirlpool Corporation, Hitachi Appliances Inc., Koninklijke Philips N.V, AB Electrolux, Haier Group Corporation, GE Appliances, and Robert Bosch GmbH are some of the key market players.

Further key findings from the report suggest:

In terms of regional revenue, North America is projected to have a value of USD 12.64 billion by 2025
Specialized appliances constitute about 28.23% of the total market share in 2018, and are projected to exhibit a significant increase in the next few years
Asia Pacific is anticipated to lead the global large cooking appliances market with a CAGR of 7.3% during the forecast period
Rise in disposable income and working women population, especially in countries like China and India is anticipated to positively influence market growth
The market is highly competitive in nature with the main players including Samsung Electronics Co. Ltd; Morphy Richards; LG Electronics Inc.; Whirlpool Corporation; Hitachi Appliances Inc.; Koninklijke Philips N.V.; AB Electrolux; Haier Group Corporation; GE Appliances; and Robert Bosch GmbH