Electric hob is an electronically powered hob, with heating ‘zones whereas traditional burners that would find on a gas hob. They come in a variety of styles to suit any kitchen and represent an alternative to traditional gas method of cooking.
Kitchen appliances such as electric hobs have become an integral part of daily activities. A substantial number of consumers with high disposable income have been spending on these appliances including premium & smart appliances. The overall demand for these kitchen appliances has increased among urban households, owing to rise in awareness regarding modern technologies, willingness to pay for comfort that simplify work, and increase the user experience. Thus, improved standard of living, rise in need to ease daily chores, and growth in disposable income are projected to boost penetration of innovative products in the electric hobs market. This is expected to drive the electric hobs market growth during the forecast period.
The market is segmented on the basis of size, distribution channel, and region. By size, it is segmented into 2-burners, 4-burners, and 5-burners. By distribution channel, it is categorized into hypermarkets/supermarkets, specialty stores, e-commerce, and others. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Spain, Germany, Italy, France, and rest of Europe), Asia-Pacific (China, South Korea, Australia, Japan, India, and rest of Asia-Pacific), and LAMEA (the UAE, South, Africa, Brazil, and rest of LAMEA).
In 2021, the 2 burner segment accounted for the highest share in the electric hobs market, garnering 39% share, owing to the fact that 2 burner hobs are highly suitable for compact kitchens. In addition, increase in number of nuclear families is also one of the major growth factors for rise in two burner electric hobs. In addition, this does not need modern or big kitchen countertops to place or use as it is compact in size.
Electric Hobs Market Share, by Distribution Channel
By distribution channel, the specialty stores segment acquired maximum market share of around 35% in 2021, owing to fact that specialty store business operators maintain considerable depth in the type of product that they specialize in selling, usually at premium prices, in addition to providing higher service quality and expert guidance to shoppers.
Electric Hobs Market Share, by Region
In 2021, Europe dominated the global electric hobs market. However, Asia-Pacific is expected to grow at the significant CAGR of 6.5% throughout the forecast period, owing to Go Electric’ campaign launched by the Bureau of Energy Efficiency (BEE) last February 2021, which is anticipated spread awareness regarding benefits of electric cooking in major developing countries such as India and 100% electrification to rural areas of India is expected to drive the market for electric hobs in this region. Asia-Pacific along with North America contributed for almost 53.2% in the market share. The market in North America is primarily driven by high adoption of advanced products such as smart oven and smart deep fryers and increase in demand for fast food in the region.
Key players operating in the electric hobs market focus on expansion as the prominent strategy to overcome competition and to maintain as well as improve their market share in the global market. Key players profiled in the report include AB Electrolux, Beko plc, BSH Home Appliances, Cusimax, Fisher & Paykel, Haier Inc., LG Electronics Inc., Siemens AG, Smeg SpA, and Whirlpool Corporation.
Kitchen appliances such as electric hobs have become an integral part of daily activities. A substantial number of consumers with high disposable income have been spending on these appliances including premium & smart appliances. The overall demand for these kitchen appliances has increased among urban households, owing to rise in awareness regarding modern technologies, willingness to pay for comfort that simplify work, and increase the user experience. Thus, improved standard of living, rise in need to ease daily chores, and growth in disposable income are projected to boost penetration of innovative products in the electric hobs market. This is expected to drive the electric hobs market growth during the forecast period.
The market is segmented on the basis of size, distribution channel, and region. By size, it is segmented into 2-burners, 4-burners, and 5-burners. By distribution channel, it is categorized into hypermarkets/supermarkets, specialty stores, e-commerce, and others. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Spain, Germany, Italy, France, and rest of Europe), Asia-Pacific (China, South Korea, Australia, Japan, India, and rest of Asia-Pacific), and LAMEA (the UAE, South, Africa, Brazil, and rest of LAMEA).
In 2021, the 2 burner segment accounted for the highest share in the electric hobs market, garnering 39% share, owing to the fact that 2 burner hobs are highly suitable for compact kitchens. In addition, increase in number of nuclear families is also one of the major growth factors for rise in two burner electric hobs. In addition, this does not need modern or big kitchen countertops to place or use as it is compact in size.
Electric Hobs Market Share, by Distribution Channel
By distribution channel, the specialty stores segment acquired maximum market share of around 35% in 2021, owing to fact that specialty store business operators maintain considerable depth in the type of product that they specialize in selling, usually at premium prices, in addition to providing higher service quality and expert guidance to shoppers.
Electric Hobs Market Share, by Region
In 2021, Europe dominated the global electric hobs market. However, Asia-Pacific is expected to grow at the significant CAGR of 6.5% throughout the forecast period, owing to Go Electric’ campaign launched by the Bureau of Energy Efficiency (BEE) last February 2021, which is anticipated spread awareness regarding benefits of electric cooking in major developing countries such as India and 100% electrification to rural areas of India is expected to drive the market for electric hobs in this region. Asia-Pacific along with North America contributed for almost 53.2% in the market share. The market in North America is primarily driven by high adoption of advanced products such as smart oven and smart deep fryers and increase in demand for fast food in the region.
Key players operating in the electric hobs market focus on expansion as the prominent strategy to overcome competition and to maintain as well as improve their market share in the global market. Key players profiled in the report include AB Electrolux, Beko plc, BSH Home Appliances, Cusimax, Fisher & Paykel, Haier Inc., LG Electronics Inc., Siemens AG, Smeg SpA, and Whirlpool Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric hobs market analysis from 2021 to 2031 to identify the prevailing electric hobs market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric hobs market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric hobs market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Size
- 2 Burner
- 4 Burner
- 5 Burner
By Distribution Channel
- Supermarket Hypermarket
- Specialty Stores
- E commerce
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Spain
- Germany
- Italy
- France
- Rest of Europe
- Asia-Pacific
- China
- South Korea
- Australia
- Japan
- India
- Rest of Asia-Pacific
- LAMEA
- UAE
- South Africa
- Brazil
- Rest of LAMEA
Key Market Players
- Whirlpool Corporation
- AB Electrolux
- Beko plc
- Cusimax
- BSH Home Appliances
- Fisher and Paykel
- Siemens AG
- LG Electronics Inc.
- Haier Inc.
- Smeg SpA
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTRIC HOBS MARKET, BY SIZE
CHAPTER 5: ELECTRIC HOBS MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 6: ELECTRIC HOBS MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Electric hobs Market,' the electric hobs market was valued at $665.60 million in 2021, and is estimated to reach $1.0 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.Cooking is a decade long activity, which one performs out of necessity or has a personal interest, or rather takes it up as a profession, as food is the basic necessity for human survival. Traditionally, wood energy or gas cooktops were used to cook food. However, evolution of human beings and development of economies & technology has led to rise in production of modern hobs, products, and techniques. The electric hobs market size is expected to grow, owing to increase in number of chefs, growth in popularity of cooking shows, inclination of both men and women in cooking practices, engagement of children in cooking to try out new dishes, rise in popularity of international level cooking competitions, and advent of new dishes are expected to drive demand for electric hobs industry.
In almost every industry, health & fitness and usage of eco-friendly products have become an ongoing trend. The kitchen appliances industry is observing a similar trend, where demand for green or sustainable products that cause no harm to the surroundings is on the rise.
Product innovation is further driving the electric hobs market growth and enticing consumers toward electric hobs. For instance, Samsung Electronics Co. launched a cooktop with IoT (internet of things) features in 2018, which provides safer and more convenient cooking experiences to users. Thus, innovations in kitchen appliances and preferences toward ease of kitchen operations are few of the factors that support the market trends.
According to the electric hobs market analysis, by size, the 2 burner segment accounted for the highest share in the electric hobs market, garnering 39% share, owing to the fact that 2 burner hobs are highly suitable for compact kitchens. In addition, rise in number of nuclear families is one of the major growth factors for two burner electric hobs. This segment is also estimated to witness a healthy growth and expected to drive the electric hobs market demand.
By region, Asia-Pacific is expected to witness highest growth of 6.5% during the electric hobs market forecast period, owing to increase in adoption of westernization among consumers and rise in disposable income.
Key findings of the Study
- Region wise, Europe is anticipated to lead the electric hobs market in 2031, growing at a CAGR of 3.3%, from 2022 to 2031.
- By size, the 2 burner segment occupied nearly 39% of the electric hobs market share in 2021.
- By distribution channel, the specialty stores segment dominated the overall market in 2021, and is expected to grow at a CAGR of 4.9% during the forecast period.
- The e-commerce segment is anticipated to grow at the highest CAGR of 5.3%.
Companies Mentioned
- Whirlpool Corporation
- AB Electrolux
- Beko plc
- Cusimax
- BSH Home Appliances
- Fisher and Paykel
- Siemens AG
- LG Electronics Inc.
- Haier Inc.
- Smeg SpA
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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