Increasing population, disposable income and consumer awareness are pinpointed as the key contributors to a growth in sales.
By 2024, the global household cooking appliances market will be worth $116.82 billion, according to Grand View Research, Inc, thanks largely to consumer behavior and lifestyle, and current trends, including a higher percentage of employed women and nuclear family setups, and demand for energy-efficient options such as induction cookers. Increasing population, disposable income and consumer awareness are also key factors affecting this growth.
The report also notes that ovens will have achieved $40 billion over the forecasted period, with microwave and combination units more preferred over conventional ones. The CAGR for induction cookers is also expected to rise to seven percent, contributed by their low maintenance, performance and environment-friendliness.
Key players are focusing on innovation and incorporating the latest food and IoT technologies to make their units stand out from international competitors. For instance, Whirlpool announced scan-to-cook microwave ovens while GE's subsidiary FirstBuild has built a Bluetooth-enabled cooking system, which is currently up for backing on Indiegogo. Other companies have also produced smart home appliances, including LG, which unveiled its prototypes that adopt deep learning technology.
In the US, the Association of Home Appliance Manufacturers, or AHAM, stated that home appliances shipments have increased by 14.3 percent by December 2016, and enjoyed a rise of 5.6 percent for the whole year. On the other hand, for the forecasted period of 2014 to 2024, the highest revenue is predicted to hail from the Asia Pacific and South America.