Based on a new market report which was published by Transparency Market Research, it seems that by 2018 the global household cooking appliances market is going to reach seventy nine point eight billion dollars. The market growth seems to be drive by demand from not only the Asia Pacific, but also from Europe and the consumer demand has increased quite a lot in the last few years. Many people are actually looking not only for better products, but also products which are environmentally friendly.
Just last year the market was worth just fifty six point six billion dollars, but in five years from now, that will reach seventy nine point eight billion dollar. A great part of this growth though seems to be due to the ovens market and even though they are the second biggest segment, it is actually the segment that experienced the fastest growth in demand. The market is presently dominated by the cook top segment which accounts for forty six point one percent of the profits made.
People's desire for using more technologically advanced and environmentally safer products is not the only reason to why the market has increased so much and another reason is because the population is increasing. In Europe it seems that many consumers are opting for these kinds of cooking appliances because they are technologically advanced and environment friendly. That is why in this region electricity operated appliances and induction cooking is more predominant. It seems that the trend for modular kitchens plays a massive role. Any modern household basically has a microwave and an electronic kettle, because these items have become indispensable. It's especially the case for people who live alone. If in the past people would check the price of an appliance before they would buy it, nowadays they are more interested in how effective it is at cooking meals and if it's environment friendly. In Europe and North America for example many people opt for induction based cooking appliances and dual fuel cook tops.
Currently, the global household cooking appliances market is dominated by manufacturers like Philips, Panasonic, Haier Group, Daewoo Electronics, Whirlpool Corporation, LG Electronics, Electrolux and many more. However, there are also niche players which design pretty amazing products that pose a real threat to the already established brands on the market. Not all of the established brands have products that would cater to the needs of everyone and that is why these niche players come up with their own products in order to cover up for the segments which have been overlooked.
With that being said, it seems that the world is shifting its focus on products which won't only allow them to cook delicious foods, but at the same time products that are environment friendly and don't consume too much electricity. Technology is also a major concern for buyers and they only want to purchase items which offer them plenty of options to choose from when they want to cook a delicious meal.
This post has been written by Sandra Melo, SEO consultant for the hardware store Robert Dyas.