The Asia Pacific Household Cooking Appliance Market would witness market growth of 7.1% CAGR during the forecast period (2021-2027).
The growing desire to eliminate human interaction and automate cooking has resulted in a slew of new improvements in kitchen gadgets. As a result, as part of their attempts to persuade household consumers to substitute their traditional cooking appliances with modern cooking appliances, manufacturers are often maintaining the original mechanisms and merging the latest technology into the modern appliance. The desire for this cooking equipment is also increasing, as many people have taken up cooking as a pastime and are thus buying the most up-to-date appliances.
The rising popularity of the smart home idea bodes well for the market's growth in the next years. Advanced technologies have resulted in the introduction of innovative home cooking products that include touch screens and built-in cameras, as well as voice assistants and connectivity. Smart kitchen appliances that are Internet of Things (IoT) enabled can be monitored and operated remotely via the internet utilizing smartphones.
Because of the region's substantial middle-class population, it would contribute to the demand and growth of the household cooking appliance market. Furthermore, the high demand for innovative refrigerators in countries like India and Japan is propelling the market forward in the region. The manufacturing sector of developing nations like Japan and China is very strong, and companies operating in this region market are increasingly investing in innovating different household cooking appliances. Furthermore, rising consumer preferences in countries like India, Thailand, and China toward the use of higher power rating electronic gadgets for electricity cost minimization purposes are boosting demand for sustainable kitchen gadgets in the region.
The China market dominated the Asia Pacific Household Cooking Appliance Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $44,032.4 million by 2027. The Japan market is anticipated to grow at a CAGR of 6.4% during (2021 - 2027). Additionally, The India market would display a CAGR of 7.7% during (2021 - 2027).
Based on Product, the market is segmented into Cooktops & Cooking Ranges, Ovens, and Specialized Appliances. Based on Cooktops & Cooking Ranges Type, the market is segmented into Gas-based, Electrical-based, and Induction-based. Based on Ovens Type, the market is segmented into Conventional & Convection, Microwave, and Combination. Based on Structure, the market is segmented into Freestanding and Built-in. Based on Distribution Channel, the market is segmented into Brick & Mortar and E-commerce. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Household Cooking Appliance Market is Projected to reach USD 399.3 Billion by 2027, at a CAGR of 6.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Koninklijke Philips N.V., Whirlpool Corporation, Samsung Electronics Co., Ltd. (Samsung Group), LG Electronics, Inc. (LG Corporation), Panasonic Corporation, Robert Bosch GmbH, Haier Smart Home Co., Ltd. (Haier Group Corporation), SMEG S.p.A, Electrolux AB, and WINIA Electronics Co., Ltd.
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