Global Household Cooking & Appliance Manufacturing - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Buoyed by rising demand for appliances among developing economies, household cooking and appliance manufacturers have grown over the past five years. Alongside the effects of the pandemic, companies have endured rising competition as brand owners are expected to continue outsourcing manufacturing operations to improve efficiency and achieve a lower cost of production. A strong recovery following earlier disruptions helped cushion industry growth, helping raise manufacturers' sales and profit. Global industry revenue is expected to rise at a CAGR of 0.8% to $594.0 billion through the end of 2024, with forecast growth of 2.2% in the current year.

Trends and Insights

• Global income growth will bolster the industry over the next five years.
• Competition and consolidation will persist as top companies increase their market shares. Expect leading firms to expand aggressively in response to rising incomes. Retailers and wholesalers dominate the appliance market.
• Most household appliance purchases are made through these channels, which remain consumers' primary choice. This trend underscores the significant influence of these intermediaries on consumer decisions. China leads the world in manufacturing establishments.
• Its vast population and thriving export market drive its manufacturing dominance, making China a crucial player in global production and supply chains. Companies compete on price and quality.
• Brand reputation influences consumer choices, pushing firms to improve products. Continuous innovation is critical for competitiveness, ensuring relevance and appeal in the market.

Industry Overview

Industry revenue has grown at a CAGR of 0.8 % over the past five years, to reach an estimated $594.1bn in 2024.

Trends and Insights

Rising GDP of developing countries and growth in advanced economies have driven revenue The Global Household Cooking and Appliance Manufacturing industry has experienced steady growth in recent years, primarily driven by increased household spending and home-building activity.

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

• Improving global economic conditions expected to drive growth
• As global economic performance stabilizes, consumer spending on household appliances will rise, fueling industry growth.