The global large cooking appliance market is anticipated to reach USD 39.91 billion by 2025, according to new a report released by Million Insights. The market is expected to grow with a CAGR of 6.5% over the forecast period. Improving living standards, rapid urbanization, the increasing popularity of modular kitchen are driving this demand. Further, the introduction of technically advanced products and specialized products with improved design are also aiding to market growth.
Changing consumers’ lifestyles and increasing the trend of nuclear families are projected to drive the demand for these appliances. Moreover, e-commerce sales of these products are gaining traction, largely because of multi-channel retailing, which in turn, will help in boosting the sales of these products through channels.
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The rise in the number of people preferring to eat away from home is also a stimulating factor in large cooking appliances market growth for the commercial segment. Emerging countries such as China and India are set to proliferate the demand for these appliances, which in turn offers a huge opportunity for players. Leading companies such as Vulcan and Hitachi have increased their focus on these emerging regions to strengthen their overall market dominance.
The introduction of technically advanced products with features such as built-in hobs, charbroilers and modular ovens will drive the demand for specialized appliances. This segment is projected to grow with a CAGR of 6.7% over the forecast years. On the other hand, cooktops occupied the largest share in 2018. However, its popularity is expected to decline over the forecast period owing to the introduction of various specialized kitchen appliances.
Some of the key players in the market are Whirlpool Corporation, GE Appliances, Koninklijke Philips N.V, Samsung Electronics Co. Ltd, Hitachi Appliances Inc., AB Electrolux, Morphy Richards and Haier Group Corporation among others.
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Further key findings from the report suggest:
• North America is anticipated to reach USD 12.64 billion by the end of forecast year, 2025.
• Among different products, specialized appliances are expected to grow with the highest CAGR over the forecast period.
• Asia Pacific is projected to grow with a CAGR of 7.3% over the forecast years.
• Commercial segment held the largest market share in 2018 and it is expected to grow with the highest CAGR over the forecast period.
Million Insights has segmented the global large cooking appliances market on the basis of product, application, and region:
Large Cooking Appliance Product Outlook (Revenue, USD Billion, 2015 – 2025)
• Specialized Appliances
Large Cooking Appliance Application Outlook (Revenue, USD Billion, 2015 – 2025)
Large Cooking Appliances Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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