The global cookers and ovens market is valued at USD 109.64 billion in 2023 and is projected to reach USD 151.21 billion by 2030, growing at a steady CAGR of 4.70% during the forecast period from 2024 to 2030. This growth is driven by rising consumer demand for energy-efficient, smart kitchen appliances and the increasing popularity of multifunctional cooking solutions.
Cookers and Ovens Market Overview
The cookers and ovens market is experiencing dynamic growth, driven by shifting consumer preferences for energy-efficient, innovative cooking solutions. In emerging economies such as China and India, the rising demand for portable cooktops and convenient, space-saving ovens is pushing market expansion. In Europe, the growing preference for advanced oven technology, including smart and energy-efficient systems, is fueling further market growth. The demand for freestanding cookers with precise temperature control and pre-set settings is also contributing to the market’s evolution.
Major manufacturers are focused on releasing innovative products such as smart inverter microwave ovens and high-end stainless steel cavity ovens to cater to these trends. Furthermore, investments in reducing the production costs of high-tech cookers and ovens are enabling manufacturers to gain a competitive edge in this rapidly expanding market.
Cookers and Ovens Market Scope
- Market Size in 2023: USD 109.64 billion
- Market Size in 2030: USD 151.21 billion
- CAGR (2024-2030): 4.70%
- Base Year: 2023
- Forecast Period: 2024-2030
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Market Drivers
- Energy-Efficiency Demand: Rising consumer awareness about energy efficiency is significantly driving the demand for energy-efficient cookers and ovens, which help reduce long-term energy costs.
- Smart Appliances: The increasing demand for smart cookers and ovens that offer remote control, automatic cooking functions, and integration with smartphones is propelling market growth.
- Urbanization and Changing Lifestyles: The growing trend of urban living is pushing demand for compact, portable, and multifunctional cooking appliances, especially in apartments and smaller living spaces.
- Rising Disposable Income: As disposable incomes rise, particularly in emerging markets, consumers are increasingly willing to invest in premium cooking appliances that offer advanced features.
Market Trends
- Induction Cooktops: With increasing demand for energy-efficient cooking solutions, induction cooktops are gaining popularity over traditional gas and electric stoves due to their faster cooking times and lower energy consumption.
- Multi-functional Ovens: The trend for ovens that serve multiple purposes, including baking, grilling, roasting, and even steaming, is on the rise.
- Smart Kitchen Appliances: Consumers are increasingly seeking kitchen appliances with smart technology, such as Wi-Fi connectivity and voice control, for greater convenience.
- Modular Kitchens: The rise in modular kitchen designs, which allow for customization and flexibility, is driving demand for adaptable cookers and ovens that fit seamlessly into such setups.
Segmentation
- By Type
- Cooktops & Cooking Ranges
- Ovens
- Cookers
- By Distribution Channel
- Offline Channel
- Online Channel
- By Region
- North America: U.S., Canada, Mexico
- Europe: UK, France, Germany, Italy, Spain, Sweden, Austria, Rest of Europe
- Asia Pacific: China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC
- Middle East & Africa: South Africa, GCC, Egypt, Nigeria, Rest of MEA
- South America: Brazil, Argentina, Rest of South America
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Key Players
- Haier Smart Home
- Whirlpool
- LG Electronics
- Midea
- Panasonic
- Bosch Siemens Home Appliances (BSH)
- Electrolux
- Samsung Electronics
- Miele
- Smeg
- Gorenje
- Groupe SEB
- Fissler
- Zwilling
- Koninklijke Philips N.V
- WMF Group
Regional Analysis
- North America: Dominates the global market with high disposable incomes, a penchant for energy-efficient appliances, and a growing preference for smart ovens and cookers.
- Europe: The second-largest market, driven by consumer demand for multifunctional and smart kitchen appliances, with significant markets in Germany, the UK, and France.
- Asia-Pacific: Expected to witness the highest growth rate, driven by urbanization, rising disposable incomes, and an increasing demand for modern cooking methods in countries like China, India, and Japan.
- South America: Moderate growth is expected, led by increasing population, urbanization, and rising demand for energy-efficient cooking solutions, particularly in Brazil.
- Middle East & Africa: The market here is expected to grow at a slower pace, influenced by lower disposable incomes and a preference for traditional cooking methods, with South Africa being the largest market.
Key Questions Answered
- What are the growth drivers behind the cookers and ovens market?
- What challenges are affecting market growth, and how are manufacturers addressing them?
- Which regions are poised for the highest growth, and what are the underlying reasons for this?
- What are the key market trends shaping consumer preferences in the cookers and ovens market?
- Who are the leading players in the market, and what strategies are they adopting to maintain competitiveness?
For the complete analysis, visit the following link:https://www.stellarmr.com/report/Cookers-and-Ovens-Market/1520
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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