San Jose, California (PRWEB) April 27, 2012
Follow us on LinkedIn Global demand for household cooking appliances is projected to rise at a sizeable pace in the foreseeable future, supported by above-average growth in sales from emerging markets, more specifically from Asia-Pacific. Additionally, significant growth is also expected to stem from other emerging markets such as Middle East & Africa and Latin America, thanks to rising per capita income in these countries and rising household volumes. Meanwhile, demand from developed markets such as the US and Europe is expected to be mainly driven by replacement demand, given the relative maturity of these markets in household cooking appliances when compared to emerging regions. Product wise, value added features, functionalities and other product innovations would drive the global market. Addition and marketing of novel features such as digital, convection, retro designs, which offer more choices to the consumers represent the key factors for product success in the marketplace. Multi-functionality of smaller cooking gadgets appropriate for todays consumers on the lookout for equipments that fit into limited storage and counter space is also one of the driving factors for growth.
Demand for household cooking appliances is aligned with economic factors including the general health of the economy, consumers disposable income, employment, standard of living, new housing construction and related factors, and general consumer confidence levels. For instance, during times of economic recessions, product replacement decisions are often thrown on the back burner. A large chunk of market opportunities also stem from new construction activities. Consequently, the recent global economic downturn cast its spell on the household cooking appliances market, as consumers resorted to culling their expenditure due to limited availability of finances. Although the negative wave continued through 2008 to 2009, the impact was relatively large in the year 2009, as sales declined sizably. Developed markets were most affected with sales in US, Canada and Europe dropping significantly. However, positive growth continued through emerging markets such as Asia-Pacific and the Middle East even during the downturn. Robust economic growth, and rising GDP, standards of living, and disposable incomes are helping drive sales in developing markets. In the developed markets, growth in the future would be driven by expected rebound in new housing starts.
Gas fueled cooking appliances are turning out to be the equipment of choice for customers across the world. Rising costs of electricity and the relatively cheaper availability of gas are together, spurring the usage of gas cooking appliances in developing regions of Eastern Europe, South America, and Asia-Pacific. With the era of convenience throwing the spotlight on easy-to-prepare foods, demand for microwavable foods is on an upward spiral especially in the developed countries. Once widely acknowledged as a luxury gadget, the microwave oven is now an indispensable part of a well-furnished modern kitchen. Encouraged microwave ovens are projected to record the best gains through 2015 driven by the unexploited market opportunities in many nations, especially in the developing nations. Self-cleaning ovens are rising in popularity, given consumers demand for easy to maintain cooking appliances. The meat heavy diet of consumers is spelling out attractive business opportunities for barbecues grills. Rise in the number of outdoor kitchens is leading to a parallel rise in the demand for outdoor gas stoves, barbeque grills, and charcoal grills.
Asia-Pacific represents the largest regional market for Household Cooking Appliances worldwide, as stated by the new market research report on Household Cooking Appliances. China and India, within Asia-Pacific, are expected to offer the highest potential for future growth. Chinese production of cooking appliances has grown more than three-fold during the past decade. The country is presently the worlds leading supplier of microwave ovens. Growth in the global household cooking appliances market is also expected to be driven by Asia-Pacific, which is projected to grow at a compounded annual rate of around 5.8% during the analysis period 2009-2017.
Major players profiled in the report include AB Electrolux, GE Appliances, LG Electronics, Morphy Richards Ltd., Panasonic Corporation of North America, Philips Electronics North America Corporation, Samsung Electronics Co Ltd., Sharp Corporation, Siemens-Electroger
Orignal From: Product Enhancements and Emerging Markets to Fuel Sales in the Global Household Cooking Appliances Market, According to a New Report by Global Industry Analysts, Inc.
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