The global built-in large cooking appliances market is projected to amass a revenue of US$ 21.8 billion by 2033, rising from US$ 12.2 billion in 2023. The market is set to record a moderate CAGR of 5.9% from 2023 to 2033.
The target market is motivated by the high level of disposable earnings received by consumers around the world. As the disposable income levels continue to grow, an increasing number of consumers prefer to buy products that are high in advanced and innovative features revenue as great large-built cooking appliances. Secondly, with the availability of smart home appliances and energy efficient product, it will increase the global market sales for built-in large cooking appliances market.
Over the years, 2018 – 2022 witnessed CAGR of 4.5% which is now set restore and grow in a renewed form at 5.9 % during next decade i.e., from 2031 to 2041. This is evidenced by the increased demand, which can be attributed to low-priced high quality goods. Besides, the higher demand for smart kitchen appliances along with better nutritional value and availability of same products at affordable rates continue to increase in tandem; constant technological advancements and growing population generate a substantial demand for kitchen appliances can be considered some other factors that lead to built-in as discussed above.
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Again, marketing strategies adopted by market players including social media marketing will generate new opportunities for the built-in appliances market in the upcoming years.
The market is significantly influenced by the accelerated demand for energy-efficient appliances. Moreover, favorable government policies and initiatives that aim at promoting the adoption of energy-efficient tools will open new avenues of growth for the market players. Increasing demand for smart homes is also expected to strengthen market prospects.
For example, Samsung Electronics announced a sustainable development plan in 2022 that aims at accelerating the development of environmental-friendly home appliances by increasing the use of recycled plastic in home appliances. Furthermore, the changing retail landscape is also aiding the growth of the built-in large cooking appliances market. Modern retail formats like malls and hypermarkets have amplified market sales with an increase in consumer walk-ins. The introduction of state-of-the-art appliances for integrated kitchens also encourages the growth of the built-in large cooking appliances market.
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Key Takeaways:
- Greater consumer awareness of green technology will drive the growth of the built-in large cooking appliances market in the US.
- Rising demand for high-end domestic products due to rising living standards will propel the built-in large cooking appliances market forward in China.
- By product type, built-in cooktops will dominate the global marketplace owing to rapid urbanization and the popularity of western kitchen styles.
- Based on application, the commercial segment will account for a significant portion of the market share.
Competitive Landscape
Robert Bosch GmbH, Samsung Electronics, Morphy Richards, LG Electronics Inc., Whirlpool Corporation, Hitachi Appliances Inc., and Haier Group Corporation, among others, are a few of the eminent participants in the built-in large cooking appliances market profiled in the full version of the report.
In a competitive environment, prominent market players are keen on product development and upgradation. These businesses also focus on launching novel and innovative products. Many of these participants integrate advanced technology into their products and increase their research and development efforts to produce new products that will offer the benefits of Artificial Intelligence and the Internet of Things (IoT). For instance, Robert Bosch GmbH’s Gaggenau luxury home appliances enable consumers to save up to 50 recipes for regularly prepared dishes and also offer smartphone control options.
More Insights Into Built-In Large Cooking Appliances Market
FMI offers an unbiased analysis of the global built-in large cooking appliances market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. Its latest report offers an in-depth study of a ten-year sales prospect, market drivers, challenges, trends, and opportunities. For a better understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, application, sales channel, and region.
According to the report, based on segmentation, the online sales channels will gain traction during the assessment period. This sales channel is highly preferred by consumers in the residential sector owing to the convenience and affordability offered by the segment. In terms of application, the commercial category will dominate the global market owing to the high demand created by restaurant owners. Based on the country, China will emerge as a high-potential market for built-in large cooking appliances.
The target market in this region will reach a significant value by the end of 2033. Increasing demand for high-end products from the domestic sector owing to rising living standards, adoption of advancing technology, and demand for functional but quality products will drive the market in China. The US and India will also present notable growth in the market and thereby contribute significantly to the global growth of the built-in large cooking appliances market.
Built-In Large Cooking Appliances Market By Category
Product Type:
- Built-in Cooktops
- Built-in Ovens
- Others
By Application:
- Commercial
- Residential
By Sales Channel:
- Wholesalers/Distributors
- Multi-Brand Stores
- Specialty Stores
- Hypermarket/Supermarkets
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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