Household cooking appliances Market- Global Industry Analysis, Trends, Forecast 2012-2018

Household Cooking Appliances Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2012 - 2018, a report published by a U.S. based market intelligence organization Transparency Market Research presents a comprehensive account of the current market conditions as well as an analysis of the factors that could propel or restrain the growth of the global household cooking appliances market. The credible forecast provided with the report presents an idea of the future position of this market in the world of consumer appliances.

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According to the report, the global household cooking appliances market, which was valued at an estimated USD 56.6 billion in 2012 could observe a year-on-year growth at a CAGR of 29.1% during the forecast period, 2012 – 2018 and amass a market value worth nearly USD 79.8 billion by 2018.

The growth of this market is driven by a continuous demand for household appliances from the Asia Pacific and European countries. These regions are observing prominent shift in consumer choices with demand rising for technologically advanced, trendy, and environmentally friendly products.

The report mentions that the global household cooking appliances market could experience growth at a CAGR of 29.1% during the forecast period and the majority of this growth could be contributed by the rising popularity of electrical ovens of many varieties. This segment despite being the second largest product segment of the market is also currently the fastest growing one. The product segment that leads the global household cooking appliances market is that of cook-top segment, generating nearly 46.1% of the global market revenues.

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The major factors that drive this industry are macro-economic conditions such as the rising world population, increasing disposable income, constantly rising numbers of new households, and rising demand for trendy and technologically advanced household cooking appliances.

Across the Europe, the household cooking appliances market is driven by rising consumer awareness about power efficient, environmental-friendly and clean technology products. This has resulted in the rising adoption of electricity operated and induction cooking appliances.

The rising trend and adoption of modular kitchens also plays an important role in added demand for new varieties of household cooking appliances, such as microwave ovens. Also, rising consumer awareness about high-end devices and their benefits towards power and energy efficiency is resulting in added demand for high-end household cooking appliances compared to the earlier demand for economic choices.

The trend is more apparent in developed regions such as Europe and North America. As a result, products such as microwave ovens and induction cooktops are in huge demand, so much that these products are largely appearing as market drivers of this industry.

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The global household cooking appliances market is currently dominated by international market players such as LG Electronics, AB Electrolux, Panasonic, Philips, Haier Group, Fisher & Paykel Appliances Holdings Ltd., Robert Bosch Gmbh, and Daewoo Electronics. Other than these industry leaders, many niche industry players also operate in their regional territories and present a tough competition to the global leaders via their custom made, low-quality products that cater especially to the regional cooking styles.

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