Published Date: 12-May-22
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According to a new report, published by KBV research, The Global Household Cooking Appliance Market size is expected to reach $399.3 billion by 2027, rising at a market growth of 6.7% CAGR during the forecast period.
The Cooktops & Cooking Ranges segment acquired the maximum revenue share in the Global Household Cooking Appliance Market by Product in 2020, thereby, achieving a market value of $188.0 billion by 2027. Household cooktops & cooking ranges are now available in a variety of sizes, are simple to install, and include user-friendly features. As a result, they've increased in popularity among consumers and created new commercial prospects, particularly in Europe and North America. Cooktops and cooking ranges are divided into three categories: electric, gas, and induction. Digital temperature control panels on induction cooktops help people save time and money by lowering their energy consumption. As a result, induction cooktops are extremely popular among modern households.
The Freestanding segment is leading the Global Household Cooking Appliance Market by Structure in 2020, thereby, achieving a market value of $239.6 billion by 2027. Freestanding household product spare parts are also readily available. However, freestanding household appliances take up additional space in the kitchen, they are chosen since customers may buy the products they want regardless of the amount of space they have. Cleaning and maintaining freestanding household products is also simple.
The E-commerce segment is showcasing a CAGR of 8.4% during (2021 - 2027). E-commerce websites are preferred by buyers of household kitchen appliances due to their convenience of use and reasonable cost. In recent times, it is expected that e-commerce sales would outstrip retail sales, posing a big worry for merchants. As a result, merchants are devising novel tactics to deal with the shifting environment. They're working with e-commerce websites and offering 'buy online, pick up in store' options to boost both the in-store and online sales channels for household appliances. When it comes to e-commerce sales, there are instances when clients are hesitant to buy a culinary appliance-based solely on its appearance on the website.
The Asia Pacific market dominated the Global Household Cooking Appliance Market by Region in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $156.8 billion by 2027. The Europe market is estimated to grow at a CAGR of 6.2% during (2021 - 2027). Additionally, The North America market would experience a CAGR of 6% during (2021 - 2027).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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