The global household cooking appliance market was valued at USD 238.16 billion in 2022 and is anticipated to reach USD 380.55 billion by 2030, registering a compound annual growth rate (CAGR) of 6.1% from 2023 to 2030. Several factors contribute to the growth potential in this market, including evolving dietary preferences, the ongoing rise of nuclear families, and an increasing proportion of employed women and independent professionals.

 

Additionally, stringent energy efficiency regulations across various regions, easier access to household kitchen equipment via e-commerce platforms, and the continuous introduction of innovative cooking products are expected to further stimulate market growth. The demand for advanced kitchen electronic appliances has surged in recent years, largely due to the need for devices that can reduce cooking time and simplify food preparation. The busy lifestyles of consumers, especially those in urban areas and the working class, are likely to drive the development of the global household cooking appliance market in the coming years.

 

For instance, GE Profile, a brand under GE Appliances, launched the ‘Smart Oven with No Preheat’ in March 2023. This smart oven operates at temperatures up to 500˚F and features zero preheat technology, thereby saving cooking time. Moreover, it can connect to the company’s SmartHQ app and includes 11 preset smart functions such as Warm, Air Fry, Broil, Toast, Pastry, Roast, Cookies, Pizza, Reheat, Bake, and Bagel.

 

Key Market Trends & Insights

  • The Asia Pacific region accounted for nearly 38% of total revenue in 2022, driven by the availability of raw materials at competitive prices and low labor costs. This area has become a crucial hub for manufacturers of household kitchen appliances.
  • The Middle East & Africa market is projected to grow at the highest CAGR of 9.4% from 2023 to 2030. Although still developing, changing consumer spending habits suggest that IoT-enabled appliances will gain popularity as high-speed data networks and modular kitchens become more common.
  • In terms of product type, the cooktops and cooking ranges segment captured over 46% of total market revenue in 2022. This segment includes gas, electrical, and induction cooktops and cooking ranges.
  • Regarding structure, the freestanding category accounted for nearly 61% of total market revenue in 2022. Freestanding appliances are generally more affordable than built-in versions, with readily available spare parts, and offer greater versatility as they can be easily relocated.
  • By distribution channel, the e-commerce segment is expected to experience the highest CAGR of 7.4% from 2023 to 2030. The recent boom in e-commerce can be attributed to its advantages, including quicker purchasing processes, discounts, simple price and product comparisons, convenient return policies, stock availability, and product variety.

 

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Market Size & Forecast

  • 2022 Market Size: USD 238.16 Billion
  • 2030 Projected Market Size: USD 380.55 Billion
  • CAGR (2023-2030): 6.1%
  • Asia Pacific: Largest market in 2022
  • Middle East & Africa: Fastest growing market

 

Key Companies & Market Share Insights

Major players in the household cooking appliance market are focusing on consumer demand for smaller, more efficient, and affordable cooking devices. For example, in March 2023, Butterfly Gandhimathi Appliances merged with Crompton Greaves Consumer Electricals Ltd. (CGCEL) to enhance product innovation and develop effective marketing strategies.

Key market players continue to upgrade their product lines with advanced technologies and invest heavily in research and development to create cutting-edge products, integrating Internet of Things (IoT) and Artificial Intelligence (AI). AI-enabled smart kitchen appliances, such as the Perfect Bake Pro, can connect to consumers’ smartphones via an app for real-time ingredient monitoring.

 

Key Players

  • Electrolux AB
  • GE Appliances
  • Haier Group
  • Koninklijke Philips N.V.
  • LG Electronics
  • Robert Bosch GmbH
  • Samsung
  • Smeg S.p.A
  • Whirlpool Corporation
  • Winiadaewoo Co. Ltd.
  • Panasonic Corporation
  • Thermador

 

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Conclusion

The household cooking appliance market is set for robust growth driven by changing consumer lifestyles, technological advancements, and innovative product offerings. The increasing demand for efficient and convenient cooking solutions highlights the importance of e-commerce and smart technologies in shaping the future of this sector. As manufacturers continue to invest in R&D and adapt to modern consumer needs, the market is likely to witness significant developments in the years ahead.