The global Large Cooking Appliance Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global large cooking appliance market is anticipated to reach USD 39.91 billion by 2025, according to new a report released by Million Insights. The market is expected to grow with a CAGR of 6.5% over the forecast period. Improving living standards, rapid urbanization, the increasing popularity of modular kitchen are driving this demand. Further, the introduction of technically advanced products and specialized products with improved design are also aiding to market growth.
Key Players:
- Samsung Electronics Co. Ltd.
- LG Electronics Inc.
- Morphy Richards
- Whirpool Corporation
- Hitachi Appliances Inc.
- AB Electrolux
- Haeir Group Corporation
- Robert Bosch GmbH
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Growth Drivers:
Owing to the increasing population of working women, food away from home has become a new trend. This trend is further projected to increase product demand in the commercial segment. Developing countries owing to the low penetration of these appliances will attract first time buyers, which in turn presents a lucrative opportunity for the manufacturers. Key players such as Siemens, Miele and Whirlpool are focusing on these emerging markets to boost their product sales.
The rise in the number of restaurants and public eateries has resulted in an increasing need for advanced cooking equipment. Advance cooking equipment helps in serving the customer better. Owing to this reasons, the commercial segment is expected to grow with a CAGR of 6.6% over the forecast duration. This segment is also the fastest among all. Leading players such as Vulcan and Haier are manufacturing ovens, grills and other equipment for their commercial customers.
However, the lack of acceptance of these products from South East Asian countries is restraining the market growth in this region. These countries include India, Indonesia, Sri Lanka and others. Further, high-energy consumption associated with these devices is hindering their demand in low and middle-income countries.
Product Outlook:
- Cooktops
- Ovens
- Specialized Appliances
Application Outlook:
- Household
- Commercial
Regional Outlook:
Asia Pacific is anticipated to grow with a CAGR of 7.3%, over the forecast years. Improving living standards in urban and semi-urban areas in emerging countries is driving the growth of this region. Further, nuclear families and the number of women workforce are on the rise, which in turn is supplementing the demand in this region.
North America occupied over 30% of the market share, in 2018 and the region is expected to grow with a CAGR of 6.2% during the forecast period. Increasing demand from the commercial sector is the primary factor leading to the growth of the region. As estimated by the National Restaurant Association, the United States alone has over 6 million restaurants. Thus, the presence of a large number of restaurants offer a huge opportunity for manufacturers to strengthen their market presence.
COVID-19 Impact analysis:
The large cooking appliances market has been negatively affected owing to the outbreak of COVID-19. The pandemic has led to the closure of manufacturing units, thereby, the production of the large cooking appliance has been affected significantly. In addition, disruption in the supply chain caused by lockdowns has led to a shortage of raw materials. Following the closure of restaurants and hotels, the commercial application has witnessed a significant decline in the demand. However, the household application has witnessed considerable growth due to the changes in people preferences and reluctant to dine outside. Over the next couple of years, this trend is estimated to continue.
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