Cooking Appliances Market to grow at 4.8% annually by 2017.
Dallas, TX (PRWEB) November 06, 2013
This study analyzes the world cooking appliances industry. It presents historical demand data for 2002, 2007, and 2012, and forecasts for 2017 and 2022 by type (e.g., commercial cooking appliances, household cooking appliances, and microwaves), world region, and major country. The study also considers market environment factors, details industry structure, evaluates company market share, and profiles industry players.
World demand to rise 4.8% annually through 2017.
Global demand for cooking appliances is forecast to increase at a 4.8 percent annual rate through 2017 to 249 million units, improving over gains that were recorded during the 2007-2012 period. Growth will be boosted by an improvement in the key US market, with demand stemming in large part by a recovery in the country’s large housing industry. In addition, rising standards of living in many developing areas will contribute to overall sales. Advances in the number of foodservice establishments worldwide, which itself is a byproduct of rising living standards, will provide further impetus for growth.
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China & India to experience robust growth
The US was the world’s largest consumer of cooking appliances in 2012, a result of high saturation rates and a sizable housing stock. While most appliance purchases in the US are for replacement purposes, the swift rebound in new housing units will generate substantial demand through the forecast period. Developing areas will offer the best prospects for growth through 2017, since the penetration rate for cooking appliances is generally smaller, which results in a larger pool of first time purchasers. In addition, these countries typically have a booming housing industry, further contributing to overall demand gains. Developing countries such as China and India will record particularly robust growth through 2017. Low penetration rates in these nations, particularly in rural areas, have historically limited demand opportunities. However, improving standards of living will cause cooking appliance demand to increase at a rapid rate going forward.
Shift toward separate cook tops to boost unit demand
In general, demand for cooking appliances will be stimulated by the global shift towards separate cooktop and oven units. While most developed countries have been transitioning towards separate cooking appliances for quite some time, consumers in a number of developing nations are beginning to opt for separate cooktops and ovens over ranges. Cooktops and ovens offer a more seamless design into a kitchen's cabinetry, providing a greater degree of aesthetic appeal. However, the purchase of separate cooktops and ovens requires some level of affluence, for initial market penetration of cooking appliances is comprised largely of ranges. These appliances are significantly less expensive than cooktops and ovens, and provide the essential functions of preparing meals.
Commercial market to outpace residential
The residential market accounts for the vast majority of demand, since the number of households far surpasses the number of food service establishments worldwide. However, demand for cooking appliances in the much smaller commercial segment will grow at a faster rate than residential demand. The lifestyle of many consumers is increasingly fast-paced, which results in less time available for meal preparation at home. As a result, a larger percentage of meals are eaten away from home, benefiting growth in food-service establishments. Additionally, as a larger share of the world’s population migrates towards urban centers, the number of food service establishments will also rise, as restaurants tend to be concentrated in areas with a high population density. Both of these factors will play a vital role in the future growth of commercial cooking appliances.
Profiles 36 industry competitors worldwide including BSH Bosch und Siemens Hausgeräte, Controladora Mabe, Electrolux, GE, Haier, Indesit, Samsung, LG and Whirlpool
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