Improving spending power of people from developed and developing nations is boosting the sales growth in the household cooking appliances market
The presence of many household cooking appliances manufacturers in Asia Pacific drives the regional market growth
ALBANY, N.Y., July 21, 2022 /PRNewswire/ — The global household cooking appliances market is estimated to register growth at a CAGR of 6.3% during the forecast period from 2022 to 2031, as per a study by Transparency Market Research (TMR). Hence, the household appliances market share is prognosticated to surpass a valuation of US$ 126.4 Bn by 2031.
The TMR report offers in-depth analysis of key factors impacting the growth curve of the household cooking appliances market. Hence, readers gain access to the assessment of the growth drivers, growth restraints, challenges, top basic kitchen appliances, and R&Ds in the market.
People around the world are inclining toward the use of energy-saving alternatives including small cooking appliances and air frying. This factor is estimated to help in expansion of the small home appliances market size in the forthcoming years. Moreover, leading household cooking appliances manufacturers are focusing on the development of devices with small sizes in order to cater to the current market demands. This factor, in turn, is propelling the household cooking appliances market.
According to the project report for kitchen appliances by TMR, the household cooking appliances market in Asia Pacific is prognosticated to maintain its dominating position during the forecast period owing to factors including the existence of leading market players, presence of huge residential sector in ASEAN, and improving purchasing power of people in the region.
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Household Cooking Appliances Market: Key Findings
The consumer population globally is inclining toward the use of different devices that offer superior quality, next-gen designs, energy efficiency, and cost-effectiveness. Moreover, rise in the technological advancements across the globe has resulted into a surge in the demand for consumer goods, specifically household appliances. These factors are expected to resulting into growth of the kitchen equipment market size during the forecast period. In addition, the market is estimated to be driven by a rise in the trend of utilizing superior quality home cooking utensils in kitchens by people across developed and developing nations, states the home appliances industry analysis by TMR.
People around the world are preferring the use of advanced equipment that can help them in minimizing the cooking time and decrease the level of stress while preparing food. This factor is resulting into business opportunities in the global household cooking appliances market. This aside, the market is being driven by increase in the urban population across many developed and developing nations and rise in the number of working people with busy schedules in urban areas.
Companies operating in the household cooking appliances market are increasing focus on R&Ds in order to launch equipment that offer next-gen features and aesthetic value. Furthermore, several players are using different strategies such as mergers, acquisitions, partnerships, and collaborations in order to stay ahead of the competition.
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Household Cooking Appliances Market: Growth Boosters
Rise in the number of working women and increase in the trend of nuclear families across the globe are boosting the sales growth in the household cooking appliances market
Rise in adoption of technologically advanced and smart kitchen appliances globally is fueling the expansion of the market
Improving spending power of people across major parts of the globe is driving the demand for advanced household cooking appliances
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Household Cooking Appliances Market: Key Players
Some of the key players profiled in the report are:
Haier Group Corporation
Koninklijke Philips N.V.
LG Electronics Inc.
Miele & Cie. KG
Robert Bosch GmbH
Hestan Cue Inc.
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Household Cooking Appliances Market Segmentation
By Distribution Channel
Smart Oven Market – Smart Oven Market is expected to a reach US$ 666.8 Mn by the end of 2031, estimated to grow at a CAGR of 15.7% from 2022 to 2031.
Conveyor Oven Market – Conveyor Oven Market to rise at a CAGR of 3.7% during the forecast period between 2019 and 2027, for the market to become worth US$135.4 Mn by the end of 2027.
Small Domestic Appliances Market – The small domestic appliances market is projected to advance at a favorable CAGR of 6% during the assessment period
Porcelain Tableware Market – Porcelain Tableware Market is expected to reach value of US$ 39.5 Bn by the end of 2031, estimated to grow at a CAGR of 6.3% from 2022 to 2031.
Hobs Market – Hobs Market is expected to cross the value of US$ 33.4 Bn by the end of 2031, expand at a CAGR of 5.8% from 2021 to 2031.
Ceramic Sanitary Ware Market – Ceramic Sanitary Ware Market is expected to surpass the value of US$ 42.91 Bn by the end of 2031, expand at a CAGR of 6.5% from 2021 to 2031
Outdoor TV Market– Outdoor TV Market is set to expand at a decent growth rate during the forecast period
Commercial Refrigeration Equipment Market – The global commercial refrigeration equipment market is expected to reach US$ 75.34 Bn by the end of 2031, grow at a CAGR of 6.7% from 2022 to 2031
About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company that provides global industry analysis reports and business consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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