Large Cooking Appliances Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
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
Access
full research report on global large cooking appliances market:
www.grandviewresearch.com/industry-analysis/large-cooking-appliance-market
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Created on Dec 27th 2019 04:41. Viewed 338 times.