Household Cooking Appliances: A Global Strategic Business Report
San Jose, CA (Vocus/PRWEB) February 07, 2011
Household cooking appliances market represents a well entrenched and a relatively mature segment of the larger white goods industry. Worldwide demand is expected to gain tremendously from the above-average growth in urban population of Asia/Pacific region, particularly China and India. China, a large producer and consumer of household appliances gained significantly from the favorable exchange rates and inexpensive labor pool, resulting in competitive pricing of Chinese goods in the international market. Growing per capita income and healthy gains in the volume of households is expected to spur above-average growth in Latin America and Africa/Mideast regions. North America will continue to remain a major producer driven by its technical proficiency despite the fact that overall production of appliances are increasingly shifting to Eastern Europe and Asia. Robust economic growth, rising GDP, standards of living, and disposable incomes are helping drive sales in developing markets.
Today, a wide and confusing array of cooking appliances is available in the market with options ranging from pop-out grills, fancy cooktops, separate ovens, combination ovens, to slow-cook crockpots, bread ovens, and high-tech toaster ovens. Growth in the market is led primarily by replacement sales. Market opportunities typically move in sync with economic factors such as level of disposable incomes, employment, standard of living, interest rates on home loans, mortgages, new housing construction, and the general level of consumer confidence. A large chunk of market opportunities also stem from new construction activities. Given, the blistering pace of modern lifestyles, easy-to-cook appliances, which offer hassle free maintenance are expected to score huge gains in the marketplace. Efficient energy-usage, reduced noise level, automatic controls, consumer safety, cooking flexibility and varied colors, styles, and designs are all major product attributes for augmenting sales in developed countries.
The global market for household cooking appliances is expected to be driven in future largely by new and innovative, value added features and functionalities. Continuous product innovation is expected to be crucial in keeping consumer enthusiasm alive, especially in developed markets where quality innovations help generate replacement sales. The growing popularity of outdoor kitchens is expected to translate into increased market opportunities for outdoor grills, hobs, and ranges. The widespread acceptance of the low-carbohydrate, and high protein Atkins diet is leading to a spurt in meat consumption. And the meat heavy diet of consumers is spelling out attractive business opportunities for barbecue grills. Health conscious eating habits is creating a strong demand for health grills, which help reduce fat content in food being cooked. Rising energy prices are leading to increased demand for energy efficient cooking appliances. Benefiting from the trend are induction hobs and cookers, which are expected to score maximum gains in the marketplace in the upcoming years. Low market penetration of microwave ovens in developing countries offers lucrative potential for future growth in sales. The frenzied pace of modern lifestyles is expected to play a large role in popularizing the convenience, faster and ease of cooking benefits offered by microwave ovens.
The impact of the recession during the crucial years 2008-09 on the household cooking appliances was obvious, with consumers cutting down expenditure on new cooking appliances during times of limited finances. The negative impact on the market was far more apparent in the year 2009, when the steady growth rate sustained until 2008 came to a standstill and the industry was forced to register negative growth rate during the year. The heaviest brunt was borne by the mature, developed markets of North America and Europe. Rapidly developing economies such as Asia-Pacific and Latin America on the other hand, pulled through with marginal losses and managed to sustain overall pace.
The global market managed to regain posture to a some extent, and break away from the slump of 2008-09, by registering a positive growth rate. However, the market is not likely to witness its pre-crisis level growth rates anywhere before 2013, mainly because of the relatively slow turnaround process for the developed markets, offsetting the fast growth in emerging nations.
Asia-Pacific, led by immense expansion opportunities from China, India, South Korea and Thailand among other markets dominates the global market, as stated by the new research report on Household Cooking Appliances. The Asian market registered strongest volume sales in 2009, followed by other strong regional contenders such as Europe and US. The Asia-Pacific region spurred by robust growth and favorable Government policies and subsidies is forecast to spear head the overall growth at a healthy 5.0% through 2015. Other developing regions including Latin America and Middle East/Africa also show high propensity for growth in the long-term.
Key participants profiled in the report include AB Electrolux, BSH Bosch Und Siemens Hausgerate GmbH, Bosch USA, Siemens-Electrogeräte GmbH, Cuisinart, Daewoo Electronics Corporation, GE Appliances, Fisher & Paykel Appliances Holdings Limited, Haier Group Company, Kenwood Limited, LG Electronics, Morphy Richards Ltd, Panasonic Corporation of North America, Whirlpool Corporation, Samsung Electronics Co Ltd., SANYO North America Corporation, Sharp Corporation, Videocon Industries Limited, Whirlpool Corporation, among several others.
The research report titled “Household Cooking Appliances: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of the market trends, industry and product overview, product innovations, recent industry activity and profiles of market players worldwide. Analysis and overview is provided for major geographic markets such as United States, Canada, Europe, Asia-Pacific, Latin America and Middle East/ Africa. Market analytics are provided in volume (units) terms. The study also provides historic data for an insight into market evolution over the period 2001 through 2006.
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