Report Description

Forecast Period

2024-2028

Market Size (2022)

USD36.18 billion

CAGR (2023-2028)

5.4%

Fastest Growing Segment

Cooktops

Largest Market

Asia Pacific


Market Overview

Global Large Cooking Appliance Market has valued at USD36.18 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.4% through 2028. The main growth factors are the rising standard of living and the inclination of consumers for modular kitchens. In addition to cooktops, ovens, and specialized appliances like fryers, steamers, and grillers, large cooking appliances also contain ovens. It is expected that demand for specialized and efficient cooking appliances will increase due to the rapid depletion of natural resources including LPG, wood, and other petroleum products.

Large cooking appliances include cooktops, ovens, and other kitchen equipment such as steamers, grillers, and fryers. Rapid exhaustion of natural resources such as wood and LPG has led to the rising demand for efficient and specialized cooking appliances. Large kitchen equipment are now a necessary component of contemporary kitchens and play a vital role in households. The demand for large cooking appliances has increased as a result of an increase in the number of restaurants and cafes open to the general public due to the growing working population. Due to the prevalence of conventional cooking appliances, nations like India, Brazil, and China present a variety of growth chances to manufacturers, consequently enhancing the opportunities for up-and-coming firms and new entrants. For instance, companies like Siemens, Whirlpool, and Miele are providing high-end items to these nations by forming alliances with local developers to broaden the reach of their offerings.

Modern cooking equipment is becoming increasingly necessary as the number of restaurants and public cafes rises. Better customer service is made possible by modern culinary equipment. Due to these factors, a CAGR of 6.6% is predicted for the commercial segment during the forecast period. Among all of them, this one moves along the quickest. For its commercial clients, top manufacturers like Vulcan and Haier produce ovens, grills, and other equipment.

Food consumed away from home has emerged as a new trend as the number of working women increases. The demand for products in the business sector is anticipated to rise more as a result of this trend. Due to the low penetration of these appliances, developing nations will draw in first-time purchasers, creating a lucrative opportunity for the makers. To increase their product sales, major brands like Siemens, Miele, and Whirlpool are concentrating on these developing areas. The market expansion in this region is being constrained, nonetheless, by the low level of adoption of these products from South East Asian nations. India, Indonesia, Sri Lanka, and others are among these nations. The demand for these gadgets is also being hampered in low- and middle-income nations by the high energy consumption of these devices.

Key Market Drivers

Changing Consumer Lifestyles

Consumer lifestyles have evolved considerably in recent years, leading to a shift in cooking habits and appliance preferences. An increasingly fast-paced life, dual-income households, and the desire for convenience have all contributed to the rise in demand for large cooking appliances.

In today's world, consumers seek appliances that save time and simplify the cooking process. Large cooking appliances, such as electric ranges and ovens, offer features like convection cooking, precise temperature control, and pre-programmed cooking modes, making it easier for individuals to prepare meals efficiently. Moreover, the trend towards healthier eating has increased the need for appliances that can handle a variety of cooking techniques, such as roasting, grilling, and baking, all of which are achievable with large cooking appliances.

The pandemic also played a role in changing consumer lifestyles. Lockdowns and social distancing measures led more people to cook at home, encouraging them to invest in high-quality cooking appliances. As a result, manufacturers are constantly innovating to cater to these evolving consumer preferences.

Technological Advancements

Advancements in technology have been a driving force in the large cooking appliances market. Smart appliances equipped with Wi-Fi connectivity, touch-screen interfaces, and mobile app integration have gained popularity. These innovations allow consumers to control their appliances remotely, access recipes, and receive notifications on cooking progress.

Furthermore, technological improvements in heating elements and sensors have enhanced cooking precision and efficiency. Induction cooktops, for instance, have gained traction due to their rapid heating capabilities and precise temperature control. Consumers are increasingly drawn to appliances that offer energy efficiency, helping reduce utility bills and environmental impact. In addition to smart features, the use of materials like stainless steel and tempered glass has improved the durability and aesthetics of large cooking appliances. These materials not only enhance the overall look of the kitchen but also make appliances easier to clean and maintain.

Energy Efficiency and Environmental Concerns

With growing environmental awareness, consumers are increasingly conscious of energy efficiency and the environmental impact of their appliances. This has driven the demand for large cooking appliances that are energy-efficient and eco-friendly. Manufacturers have responded by developing appliances that meet stringent energy efficiency standards and use eco-friendly materials. Energy-efficient ovens and stoves not only save consumers money on their utility bills but also reduce greenhouse gas emissions. The adoption of induction cooking, which is more energy-efficient than traditional gas or electric coil cooking, has been particularly noteworthy in this regard.

Moreover, some large cooking appliances now come with features like self-cleaning functions that use less energy and fewer chemicals compared to traditional cleaning methods. These innovations align with consumers' desires for both convenience and environmental responsibility.

Urbanization and Kitchen Space Constraints

Urbanization trends have had a significant impact on kitchen designs and the choice of large cooking appliances. In densely populated urban areas, space is often limited, and kitchens are smaller. This has led to the demand for compact and space-saving large cooking appliances that still offer high functionality.

Manufacturers have responded with innovative designs, such as slide-in ranges and wall ovens, which fit seamlessly into smaller kitchen spaces. These appliances maximize cooking capacity without occupying excessive floor space. Additionally, the use of modular kitchen layouts allows consumers to customize their cooking areas to meet their specific needs. The trend towards open-concept living spaces has also influenced the design of large cooking appliances. Appliances with sleek and minimalist aesthetics are preferred, as they blend well with the overall interior design of modern homes.

Economic Factors and Housing Market

Economic conditions and the state of the housing market play a pivotal role in the large cooking appliances market. When the economy is robust and the housing market is thriving, consumers are more likely to invest in upgrading their kitchens and purchasing high-end cooking appliances. Conversely, during economic downturns or periods of uncertainty, consumers may delay or scale back on home renovations, impacting the demand for large cooking appliances. Therefore, the health of the economy and the housing market is a major driver of this industry. Government incentives and policies related to housing and energy efficiency can also influence consumer choices. For instance, tax credits for energy-efficient appliance purchases can stimulate demand for large cooking appliances that meet these criteria.