U.S. Range Cooker Market Is Registering A CAGR Of 7.7% Over The Forecast Period
U.S. Range Cooker Industry Overview
The U.S. range cooker market size is anticipated to reach USD 2.66 billion by 2028, registering a CAGR of 7.7% over the forecast period, according to a new report by Grand View Research, Inc. The deployment of stylish and functional appliances in kitchens with multi-functionality features is an ongoing trend in the residential sector. This, combined with the trend of remodeling homes to build and accommodate modular kitchens, is resulting in fast-paced product adoption in the country.
Consumers’ focus on attracting a higher resale value from remodeling projects has also driven the prominence of range cookers in homes. For instance, minor kitchen remodeling can lead to an average of 81.1% of the reoccupied cost, whereas major kitchen remodeling can lead to a 59.0% return on the cost. Thus, consumers are loosening their purse strings and building high-end kitchens for their homes by installing advanced cooking appliances.
The growing trend of food away from home is resulting in the increasing number of restaurants, hotels, resorts, food stations, and other commercial eateries across the country. Consumers seek quality and tasty food with minimum waiting time, compelling owners of food joints to invest in modern and integrated cooking appliances. These outlets need high-capacity and efficient kitchen appliances to be able to serve large masses in a short time while also focusing on the quality of the food they serve. Range cookers are ideal for such commercial applications. Thus, product adoption in restaurants and eateries is projected to grow in the coming years.
U.S. Range Cooker Market Segmentation
Grand View Research has segmented the U.S. range cooker market on the basis of size, price range, application, and distribution channel:
Based on the Size Insights, the market is segmented into 20”, 24”, 30”, and Above 30”.
- The above 30” segment dominated the market with a share of more than 60% in 2020. This segment is projected to expand further at a steady CAGR over the forecast period. Range cookers, which are sized above 30” are generally used in commercial kitchens, such as restaurants and hotels.
- The 30” size segment is projected to register the maximum CAGR of more than 8% from 2021 to 2028. 30” range cookers are much more versatile than a regular cooker as they offer more settings, functions, and cooking options. Many even feature a separate grill so that one can grill and roast food at the same time.
Based on the Price Range Insights, the market is segmented into USD 1,000 & Below, USD 1,001 - USD 3,000, USD 3,001 - USD 5,000, and Above USD 5,000.
- The above USD 5,000 price range segment led the market in 2020 by accounting for a revenue share of over 48%. A large number of manufacturers offer high-end range cookers in the country, some of which are Viking, KitchenAid, Thermador, Dacor Monogram, and Bertazzoni.
- The USD 3,001 - USD 5,000 price range segment is projected to register the fastest CAGR over the forecast period. Manufacturers offering range cookers priced between USD 3,001 to 5,000 include GE, Fisher & Paykel, Bosch, Café, KitchenAid, and ZLINE.
Based on the Application Insights, the market is segmented into Residential, and Commercial.
- The residential application led the market with a revenue share of more than 80% in 2020. Manufacturers offer an impressive array of products for residential consumers. These are either all-electric, all-gas or dual fuel-where they combine two sources, usually gas and electricity.
- The commercial application segment is projected to have a significant growth rate over the forecast period. Hotels, restaurants, and other eateries can be seen preparing meals in minutes. Similar instances can be seen in most reality cooking shows.
Based on the Distribution Channel Insights, the market is segmented into Online, and Offline.
- The offline segment dominated the market in 2020 accounting for a revenue share of more than 95%. The segment is estimated to retain the dominant position throughout the forecast period as it is the most preferred distribution channel owing to the provision of detailed instructions about product features and installation services by specialists.
- The online segment is projected to register the fastest CAGR over the forecast period on account of the growing familiarity and dependence of millennials, generation X, and generation Z on e-commerce and the Internet. Value-added services, including cash-on-delivery, discounted prices, and paybacks offered by e-retailers, are expected to drive the growth of e-commerce in the coming years.
Key Companies & Market Share Insights
The market is characterized by the presence of a few well-established players. Major companies in the market have been implementing various expansion strategies, such as partnerships and new product launches, to stay ahead in the market. An increasing number of players in the industry are turning their focus toward the introduction of innovative products. For instance, in March 2020, Whirlpool Corporation announced the official opening of its new state-of-the-art Factory Distribution Center (FDC) adjacent to its existing manufacturing plant in Tulsa, Oklahoma. The existing plant produces freestanding and slide-in ranges under the Whirlpool, Amana, Maytag, KitchenAid, and JennAir brands.
Recent Development
In February 2022, GE Appliances (GEA), announced a new lineup of GE ProfileTM laundry and kitchen innovations related to technological advances that create innovative solutions for modern lifestyles. Through voice, AI, and smart upgrades enable high convenience in consumer lives.
Some of the key companies in the U.S. range cooker market are:
- Amana
- GE Appliances
- Samsung
- Premier
- Monogram
- LG KitchenAid
- Frigidaire
- Viking
- Thermador
- Dacor
- Whirlpool
Order a free sample PDF of the U.S. Range Cooker Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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