The
demand for consumer goods, specifically household cooking appliances, is highly
influenced by the advancing technology across the world. The improved designs
and enhanced efficiency, achieved by technological developments, has been
reflecting positively on the sales of household cooking appliances over the
last few years. Going forward, the trend looks enduring and points towards a
rewarding future of this market.
According
to Transparency Market Research (TMR), the opportunity in the worldwide market
for household cooking appliances was US$42.20 bn in 2015. Rising at a CAGR of
3.80% during the period from 2016 to 2024, the market is projected to reach
US$58.46 bn by the end of 2024.
Popularity of Cooktops to Reflect
Positively in Sales
The
key products of the global household cooking appliances market include cooktops
and ovens. Among the two, cooktops and cooking ranges have been registering a
higher demand. Gas cooktops, electrical cooktops, and induction cooktops are
the main types of cooktops available in the global market. Of these, gas and
electrical cooktops enjoy a high popularity among consumers at present.
Electrical cooktops, particularly, is expected to witness a sturdy rise over
the next few years and acquire the leading position in the overall market by
2024.
The
awareness regarding the benefits of electrical cooktops, such as minimal risk,
easy installation and handling, simplified cleaning process, effective
management of heat, and cost efficiency, is likely to boost the demand for
electrical cooktops significantly in the years to come. Apart from this,
induction cooktops are also projected to experience a healthy demand in the
near future.
Get More Information: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=440
Europe to Maintain Dominance on Account of
High Awareness Level
Researchers
consider North America, Asia Pacific, Europe, South America, and the Middle
East and Africa as the main geographical segments of the worldwide market for
household cooking appliances. Thanks to the rising demand for technically
advanced products, the market for household cooking appliances in Europe has
acquired the leading position among all the regional markets. The scenario is
likely to remain same over the forecast period, with sales of these appliances
crossing US$16.7 bn by 2024 in this region.
The
soaring disposable income of consumers and the high level of awareness among
them related to new products and technologies are expected to support the
Europe market for household cooking appliances in the years to come.
Asia
Pacific and North America are also anticipated to report steady growth in the
demand for household cooking appliances over the forthcoming years. The
increasing trend of replacing the conventional cooking appliances with their
newer technically advanced versions is projected to propel the North America
household cooking appliances market, whereas, the advent of e-commerce sector
is emerging as the key driving force behind the progress of the market in Asia
Pacific.
The rise in consumers’ purchasing power is also expected to boost the
Asia Pacific household cooking appliances market in the near future.
Robert
Bosch GmbH, GE Appliances (Haier Group Co. Ltd.), AB Electrolux, Hitachi
Appliances Inc., Koninklijke Philips N.V., Midea Group Co. Ltd., Whirlpool
Corp., Miele Group, LG Electronics, and Samsung Electronics Co. Ltd. are some
of the key manufacturers of household cooking appliances across the world.
No comments:
Post a Comment