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Tech to Play Key Role in Growth of Smart Cooking Appliances Market

Increase in disposable incomes, particularly due to an increase in number of women in workforce, is set to push the market on to a higher growth trajectory from 2018 to 2026.

The global household cooking appliances market is growing at a steady pace and this is an outcome of multiple trends and drivers that are marking its landscape. From 2018 to 2026, the market will record a growth rate of 6.1%, compounded annually. It is quite interesting to note here that this will lead the market to a notable worth of USD 110.58 billion by the end of the forecast period.

As per Transparency Market Research, “One of the biggest factors of growth in the global household cooking appliances market is growth in dual-income families – where both adults of a family work for a living. This is particularly true of nuclear family set-ups, which are seeing an increase world over, even in countries where joint families were the norm.”

Key Findings of Global Household Cooking Appliances Market Study:

  • Cooktops and cooking ranges to contribute significantly to growth in the market owing to technological advancement
  • Induction cooktops to chart notable CAGR over the next few years; gas cooktops to hold sizeable revenue share in the period
  • Asia Pacific to grow at a sturdy rate over the forecast period

Key Drivers of Growth in Global Household Cooking Appliances Market:

Transparency Market Research notes that a number of factors are helping the global household cooking appliances market grow over the stated forecast period. A synopsis of some of the prominent trends and drivers is provided below:

  • Number of women in the workforce is increasing every year at a notable pace and this is leading to increased demand for products that can ease work in the kitchen
  • Increase in nuclear families, coupled with dual income set-ups is paving way for a higher growth in the future
  • Disposable incomes are high in developed countries and increasing steadily in developing regions such as nations in the Asia Pacific – promising new opportunities in the market
  • Demand for smart and energy efficient products is growing, leading players to focus upon innovation, propelling market forward over the forecast period
  • Technology and innovation would be the cornerstone of growth for individual players as well as the market at large, as demand for better product grows

Regional Analysis of Global Household Cooking Appliances Market:

  • A major contribution towards revenue growth in the market would come from Asia Pacific (APAC) region
  • Increasing disposable income – a product of robust economic growth – is leading to higher demand for these products in this region
  • Europe to follow APAC in terms of revenue share in the global market owing to high disposable income and growing adoption of technology into everyday life

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