Transparency Market Research
Household Cooking Appliances Market 2012 - 2018
Albany, New York (PRWEB) September 24, 2014
Operating the kitchen smoothly is not an easy task. It requires enormous amount of energy. A kitchen is in fact not complete without the proper assembly of the right kind of cooking appliances. The most common names that come to mind when speaking of cooking appliances include ports, pans, skillets, cooktops and ovens. A whole lot of other devices are also very essential to grant the kitchen a practical base where one can develop the essential gourmet cooking skills and bring the best meals out of it.
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In today’s world of enormous technological development, the number of choices available in cooking appliances is nothing less than overwhelming. One can now easily choose from varieties such as convection, quartz halogen, coils, smoothtop, gas, electric, wall mounted, slide and the dozens of built-in features that one can choose from.
Today’s environmentally aware and fuel conscious generation also has many varieties of cooking appliances to choose from. The conventional cooktops now come combined with electricity operated cooktops to save good amounts of natural gas. Added flexibility is also achieved with such combination devices. Use of microwave ovens for most cooking needs can also save a lot of fuel.
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The global market of household cooking appliances is an enormously rich industry – both revenue-wise and products wise. This multibillion dollar industry is hugely diversified and includes appliance of enormous varieties and sizes. Most of these products are either gas operated or electricity operated. However, certain appliances running on other fuel types such as solar power, liquid gas are also quite common in the global market.
- The global Scenario:
Industry analysts say that the global household cooking appliances market was valued at an estimated USD 56.6 billion in 2012. By observing good growth in the coming years, this market could amass a market value worth nearly USD 79.8 billion by 2018, says a report published by Transparency Market Research.
It is estimated that the most revenues in this industry would be garnered due to rising popularity of electrical ovens of many varieties throughout the world. This market segment represents the second largest product segment and the currently the fastest growing one in the current market. However, the global household cooking appliances market garners the major chunk of its revenues from the cook-top segment, which is currently estimated to have nearly 46.1% of the global market revenues.
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This market has huge growth opportunities in the Asia Pacific and European countries. In fact, the future growth of this market is also said to be driven by a continuous demand for household appliances from these regions. The prominent shift being observed in consumer choices in the world with demands rising for technologically advanced, trendy, and environmentally friendly products is also said to have huge effects on the growth of this market.
The trend is more apparent in developed regions such as Europe and North America. As a result, products such as microwave ovens and induction cooktops are in huge demand, so much that these products are largely appearing as market drivers of this industry.
This market is currently dominated by international market players such as LG Electronics, AB Electrolux, Panasonic, Philips, Haier Group, Fisher & Paykel Appliances Holdings Ltd., Robert Bosch Gmbh, and Daewoo Electronics. Other than these industry leaders, many niche industry players also operate in their regional territories and present a tough competition to the global leaders via their custom made, low-quality products that cater especially to the regional cooking styles.
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