Global Household Cooking Appliances Market Expected to Reach $79.8 Billion by 2018
ALBANY, NY—According to a new "Household Cooking Appliances Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," published by Transparency Market Research, the global household cooking appliances market is expected to reach $79.8 billion by 2018. The market growth is driven by demand from Europe and Asia Pacific regions which are experiencing shift in consumer demand, with consumers now looking for new, advanced, and environment friendly products.
The global household cooking appliances market was worth $56.6 billion in 2012, and is forecasted to expand by 29.1% from 2012 to 2018. A large part of this growth is contributed by ovens, which, despite being the second largest segment, is the fastest-growing product segment. The global household cooking appliances market is currently dominated by the cook-top segment, which accounts for about 46.1% of the global market revenue.
The household cooking appliances market growth is globally driven by macro-economic indicators such as rising population and consequent rise in number of new households, increase in disposable income, and growing consumer awareness. Across the European region, the household cooking appliances market is primarily driven by shift in consumer preference for environment friendly products and technology, which is energy efficient and clean. As a result, induction cooking and electricity operated appliances are more dominant in the region.