Cookers and Ovens Market to Reach $151.21 Billion by 2030, Growing at a 4.70% CAGR
Cookers and Ovens Market Size is valued at 109.64 billion in 2023 and is expected to reach 151.21 billion by the year 2030 at a 4.70 % CAGR during the forecast period for 2024-2030.
Growth Opportunities in the Global Cookers and Ovens Market
The global Cookers and Ovens Market is experiencing significant growth, driven by changing consumer preferences, increased demand for energy-efficient appliances, and a growing focus on smart kitchen technology. This growth can be attributed to the increasing adoption of automated cooking appliances, advancements in cooking technology, and rising demand for premium kitchen products. The market is also witnessing rapid shifts towards sustainability, with consumers becoming more inclined toward energy-efficient and eco-friendly cooking options.
Key Drivers and Trends
- Technological Advancements: The integration of smart features like IoT connectivity, voice control, and touchless operations is propelling the growth of the market.
- Changing Lifestyles: With the rise in demand for convenience-driven cooking solutions, consumers are increasingly opting for advanced cookers and ovens.
- Energy-Efficiency Demand: There is growing awareness and demand for energy-efficient appliances to reduce energy consumption and minimize the carbon footprint.
Vietnam: Growth Opportunities in the Cookers and Ovens Market
The cookers and ovens market in Vietnam is projected to expand steadily, driven by an increase in disposable income and a growing middle-class population. As urbanization accelerates and the demand for modern kitchen appliances rises, key players in the market are focusing on expanding their product offerings in the region.
Key Developments in Vietnam:
- Vietnamese consumers are increasingly shifting toward high-end, multifunctional ovens that offer convenience, such as convection ovens and combination cookers.
- Companies like Electrolux and Samsung have made strategic investments in local manufacturing plants, strengthening their presence in the Vietnamese market.
Thailand: Cookers and Ovens Market Growth Trends
In Thailand, the cookers and ovens market is also on an upward trajectory, with significant growth driven by urbanization and a preference for advanced kitchen appliances. The Thai market is seeing a rise in demand for products with energy-saving features, reflecting a growing awareness of environmental impact.
Key Developments in Thailand:
- Mergers and acquisitions in Thailand’s appliance market have increased, with LG Electronics acquiring local appliance manufacturing units to streamline operations.
- Thai consumers are gravitating toward built-in ovens and cookers due to space constraints in smaller urban homes.
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Japan: Opportunity and Innovation in the Cookers and Ovens Market
Japan remains a leader in technological innovations for cooking appliances, and the cookers and ovens market is benefiting from these advancements. Japanese consumers are known for their demand for high-tech, precision-cooking solutions, creating abundant opportunities for innovation.
Key Developments in Japan:
- Panasonic and Sharp have been expanding their portfolios to include smart, AI-integrated cooking appliances that offer precision cooking features.
- Strategic partnerships between Japanese companies and global players have driven innovation in product design and technology.
South Korea: Consolidation in the Cookers and Ovens Market
The South Korean cookers and ovens market is experiencing consolidation, with major industry players joining forces to strengthen their market position. The increasing demand for premium cooking solutions is fueling this trend.
Key Developments in South Korea:
- Samsung Electronics and LG Electronics have been actively consolidating their market share by acquiring smaller regional competitors and increasing their production capacity in South Korea.
- The growth of the luxury kitchen segment is boosting demand for advanced ovens and cooking solutions in South Korean households.
Singapore: Opportunities for Smart Ovens and Cookers
In Singapore, the market for cookers and ovens is witnessing an increasing shift towards smart, connected appliances. As a technologically advanced nation, Singaporeans are opting for appliances that integrate seamlessly with smart homes and IoT devices.
Key Developments in Singapore:
- The Singaporean market is seeing a rise in demand for smart ovens that can be controlled remotely via mobile apps or voice commands.
- International companies like Bosch and Miele have significantly expanded their operations in Singapore to cater to the affluent market seeking high-end, smart cooking solutions.
United States: Updation of Cooking Appliances
The United States remains one of the largest markets for cookers and ovens, with an emphasis on updating kitchen appliances to accommodate modern consumer needs, including functionality, style, and eco-friendliness.
Key Developments in the US:
- The US market is seeing a surge in demand for multi-functional cooking appliances that combine several cooking functions in one unit, offering convenience and energy efficiency.
- Whirlpool and GE Appliances have been focusing on mergers and acquisitions to diversify their portfolios and incorporate cutting-edge technology into their products.
Europe: Trends and Opportunities in the Cookers and Ovens Market
The European cookers and ovens market is being driven by rising disposable incomes, a trend toward premium kitchen products, and growing interest in energy-efficient and sustainable cooking appliances.
Key Developments in Europe:
- Bosch and Siemens continue to innovate in the built-in ovens and cooking appliances category, with an emphasis on smart features and energy efficiency.
- Energy-efficient cookers are particularly in demand across Northern Europe, where consumers are more focused on reducing household energy consumption.
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market Segmentation
By Type
Cooktops & Cooking range
Ovens
Cookers
By Distribution Channel
Online Channel
Offline Channel
Key Players
Haier Smart Home
Whirlpool
LG Electronics
Midea
Panasonic
Bosch Siemens Home Appliances (BSH)
Electrolux
Samsung Electronics
Miele
Smeg
Gorenje
Groupe SEB
Haier Group
Fissler
Zwilling
Koninklijike Philips N.V
WMF Group
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