Albany, New York, Dec. 15, 2014 (GLOBE NEWSWIRE) -- A Recent study by Transparency Market Research (TMR) forecasts that the Global Household Cooking Appliances Market will grow at a healthy CAGR of 29.1% from 2012 to 2018. TMR, a market intelligence firm based in the United States, in its report says that this market was valued at US$56.6 billion in 2012, and will surge to US$79.8 billion by the end of 2018. The report is titled 'Household Cooking Appliances Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012-2018'.
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Market research analysts from TMR note that this promising pace of growth in the global household cooking appliances will be brought about by robust demand in Europe and Asia Pacific, where consumer preferences are witnessing an apparent shift. Consumers here are increasingly opting for environment-friendly household cooking appliances that fit well with advanced cooking techniques.
The current leader in this market is cook-top segment, which constitutes nearly 46.1% of the global revenue of the household cooking appliances market. The ovens segment, which is currently the second-largest within the household cooking appliances market, will show the fastest growth and will be the highest revenue contributor to the market.
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The report addresses all important aspects of the household cooking appliances market that will propel growth. Among these are macro-economic factors that include: growing population, a rising number of households, a greater percentage of disposable income, and heightened consumer awareness. The findings of the report indicate that in the European region, especially, the market is driven by a need for energy-efficient and easy-to-maintain household cooking appliances that are fitted with advanced features. Electric cooking appliances and induction cooking systems fit this needs framework well, which is also why these two segments are conspicuous by their presence in the European sector.
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The increasing popularity of modular kitchens has indirectly fuelled an interest in modern household cooking appliances. Microwave ovens, for instance, have become integral to the functioning of most contemporary kitchens.
The report recommends that players in the global household cooking appliances market need to cater to the unique needs of single-person households that are on the rise. People living alone are more conscious of the features of household cooking appliances than their price. This is a marked trend in the developed markets of North America and Europe, but is yet to catch on in developing countries. This trend will prove most beneficial to products such as induction cook-tops and microwave ovens. Hence, it is not surprising that these two products are contributing the highest to the growth of their respective segments of hobs and ovens.
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Going forward, products such as dual fuel cook-tops and induction cooking appliances will be in the spotlight.
The report also reveals that large name brands in the household cooking appliances market are facing stiff competition from niche local brands that specialize in products adapted to regional cooking styles. Some of the eminent players in the household cooking appliances market that have been profiled in this report are: Whirlpool Corporation, AB Electrolux, Daewoo Electronics, LG Electronics, Haier Group, Philips, and Panasonic.
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