Large Cooking Appliance Market Analysis Report By Product, By Application, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global large cooking appliance market was worth USD 25.67 billion, in 2018. The market is expected to grow with a CAGR of 6.5% over the forecast period, 2019 to 2025. Rising living standards and growing demand for modular kitchens are attributed to the growth of this market. Various equipment such as cooktops, fryers, grillers, and ovens among others are included under large cooking appliances. Owing to the rapid depletion of natural resources, the demand for smart, efficient, and specialized cooking appliances is expected to get a surge.

Owing to the increasing population of working women, food away from home has become a new trend. This trend is further projected to increase product demand in the commercial segment. Developing countries owing to the low penetration of these appliances will attract first-time buyers, which in turn presents a lucrative opportunity for the manufacturers. Key players such as Siemens, Miele, and Whirlpool are focusing on these emerging markets to boost their product sales.

The rise in the number of restaurants and public eateries has resulted in an increasing need for advanced cooking equipment. Advance cooking equipment helps in serving the customer better. Owing to these reasons, the commercial segment is expected to grow with a CAGR of 6.6% over the forecast duration. This segment is also the fastest among all. Leading players such as Vulcan and Haier are manufacturing ovens, grills, and other equipment for their commercial customers.

However, the lack of acceptance of these products from South East Asian countries is restraining the market growth in this region. These countries include India, Indonesia, Sri Lanka, and others. Further, the high energy consumption associated with these devices is hindering their demand in low and middle-income countries.     

Product Insights

The cooktops segment held the largest large cooking appliance market share, in 2018 with 38.34%. It includes various products such as wood, induction, hoods, and others. Despite the segment accounted for the largest market share, it is expected to show a decline over the forecast period owing to the growing demand for advanced sustainable appliances. For example, oven and fryers introduced by a few key players, such as Energy Star manufacturers, are certified and known to reduce less electricity without affecting key features.

Application Insights

The household segment occupied over 30% of the market share, in 2018. This segment includes products for modular and luxurious houses. The rise in per capita income and the introduction of innovative products are leading to the growth of this market. Considering the growing demand for modular kitchens, a key player Prestige introduced a wide range of equipment such as hobs, steamers, and in-built-oven for the Indian market.

The commercial segment held the largest market share, in 2018 and it is expected to remain so over the forecast period. The increasing number of public eateries and restaurants is bolstering the demand for large cooking appliances in the commercial sector. This segment is projected to grow with a CAGR of 6.6% during the forecast years.

Regional Insights

Asia Pacific is anticipated to grow with a CAGR of 7.3%, over the forecast years. Improving living standards in urban and semi-urban areas in emerging countries is driving the growth of this region. Further, nuclear families and the number of women workforce are on the rise, which in turn is supplementing the demand in this region.

North America occupied over 30% of the market share, in 2018 and the region is expected to grow with a CAGR of 6.2% during the forecast period. Increasing demand from the commercial sector is the primary factor leading to the growth of the region. As estimated by the National Restaurant Association, the United States alone has over 6 million restaurants. Thus, the presence of a large number of restaurants offers a huge opportunity for manufacturers to strengthen their market presence.

COVID-19 Impact analysis

The large cooking appliances market has been negatively affected owing to the outbreak of COVID-19. The pandemic has led to the closure of manufacturing units, thereby, the production of the large cooking appliance has been affected significantly. In addition, disruption in the supply chain caused by lockdowns has led to a shortage of raw materials. Following the closure of restaurants and hotels, the commercial application has witnessed a significant decline in demand. However, the household application has witnessed considerable growth due to the changes in people's preferences and reluctance to dine outside. Over the next couple of years, this trend is estimated to continue.

Large Cooking Appliance Market Share Insights

Key players in the market are Morphy Richards, Whirlpool Corporation, Haier Group Corporation, Robert Bosch GmbH, and AB Electrolux among others. Owing to the presence of various established players, there is tough competition in the market. Companies are focusing on mergers & acquisitions and product innovations to expand their business presence and ultimately boost their sales. 

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global large cooking appliance market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Billion, 2015 - 2025)
    • Cooktops
    • Ovens
    • Specialized Appliances

• Application Channel Outlook (Revenue, USD Billion, 2015 - 2025)
    • Household
    • Commercial

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K
    • the Asia Pacific
        • China
        • India
    • Central & South America
    • Middle East & Africa