Electric Stoves Global Market Report 2024

The electric stoves market size has grown steadily in recent years. It will grow from $22.98 billion in 2023 to $23.63 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth observed during the historical period can be attributed to several factors, including the electrification of homes, the trend toward urbanization and apartment living, mass production of electric stoves, and the electrification of rural areas. These factors have played a significant role in driving the historical growth of electric stoves as a convenient and efficient cooking appliance.

The electric stoves market size is expected to see steady growth in the next few years. It will grow to $26.01 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%. The anticipated growth in the forecast period can be attributed to several factors, including a growing emphasis on energy efficiency and sustainability, the integration of electric stoves into smart home systems, the importance of health and safety features, the trend toward compact living in urban areas, and the demand for customization and aesthetics in kitchen appliances. Prominent trends in the forecast period include the adoption of induction cooking technology, the popularity of built-in and seamless designs for electric stoves, the inclusion of energy management and efficiency features, the use of voice and app control for user convenience, and the use of sustainable materials in the construction of electric stoves. These trends are expected to drive growth in the electric stove market.

The increasing preference for energy-efficient cooking appliances is expected to drive the demand for electric stoves. Electric stoves are known for their cooking efficiency, surpassing gas cooktops, which often waste a significant amount of heat energy during cooking. Electric stoves are designed to minimize energy consumption while offering precise temperature control. For example, the introduction of energy-efficient appliances has led the US government to reduce its energy expenditures by 56%, resulting in decreased emissions.

The main product categories for electric stoves include built-in and free-standing models. Built-in stoves are self-contained appliances that fit snugly between cabinets and appear integrated into the kitchen setup. They typically consist of a cooktop with burners above an oven and may include a base drawer for storage. Electric stoves can be made from various materials, such as metal, stone, ceramic, and others, and they find applications in residential, commercial, and industrial settings for cooking and baking purposes.

The electric stoves market research report is one of a series of new reports that provides electric stoves market statistics, including electric stoves industry global market size, regional shares, competitors with a electric stoves market share, detailed electric stoves market segments, market trends and opportunities, and any further data you may need to thrive in the electric stoves industry. These electric stoves market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growing demand for electric stoves is anticipated to fuel the expansion of the electric stove market. Electric stoves, which use electricity as their primary energy source, have gained popularity due to their consistent and even heating, making them suitable for various cooking methods. According to the Energy Information Administration, approximately 68% of households in the US use electric appliances for cooking. In a US census involving 123 million respondents, over half (65 million) rely on electricity for their ovens and stoves. As a result, the increasing demand for electric stoves is a driving force behind the electric stove market's growth.

The lack of compatibility between electric cooktops and certain types of cooking vessels poses a potential limitation. Electric cooktops work well with cooking vessels made of cast iron and steel but are not suitable for those composed of aluminum and copper due to differences in their magnetic and electrical properties. To generate the required heat for cooking, aluminum and copper vessels require much higher frequencies.

Manufacturers of electric stoves are actively incorporating new technological features to meet evolving customer needs. These features may include automatic temperature regulation, automatic shutdown mechanisms, and touchscreen controls. For instance, the GE JP328SKSS 30 stainless steel electric cooktop offers advanced features, including removable drip bowls located beneath the coils for easy cleaning of spills and leftovers. The cooktop features user-friendly graphics and controls, accompanied by a red-light indicator that illuminates when the cooktop is active.

Leading companies in the electric stove market are focused on product innovation, as demonstrated by offerings like the Surya Nutan. The Surya Nutan serves as an electric stove equipped with solar thermal batteries to reduce household fuel expenses. In June 2022, the Indian Oil Corporation Limited introduced the Surya Nutan, a solar-electric indoor cooking stove that harnesses solar panel charging for its thermal batteries. With a ten-year lifespan and minimal maintenance requirements, this stove is used for cooking.

Major companies operating in the electric stoves market include Koninklijke Philips N.V., Panasonic Corporation, Haier Group Corporation, AB Electrolux, Robert Bosch GmbH, Broseley Fires, ESSE Engineering Ltd., Faber S.p.A., Galanz Group, General Electric Company, Whirlpool Corporation, Sunpentown International Inc., LG Electronics Inc., Fisher & Paykel Appliances Ltd., Smeg S.p.A., True Induction, Miele & Cie. KG, Waring Products, MENU SYSTEM, Chinducs Corporation, The Vollrath Company LLC, Fusibo Appliance, Summit Appliance Division Felix Storch Inc., Sub-Zero Inc., Andong Electric Co. Ltd., Samsung Electronics Co. Ltd., KitchenAid Inc., Maytag Corporation, Kenmore Appliances, Amana Corporation, Frigidaire International, Hotpoint Appliances, Jenn-Air Corporation, Viking Range LLC, Wolf Appliance Inc., Thermador, Dacor Inc., Bertazzoni S.p.A., Blomberg Appliances, Hisense Group Co. Ltd., Ilve S.p.A., La Cornue, Liebherr Group, Verona Appliances, Zephyr Corporation

Asia-Pacific was the largest region in the electric stoves market in 2023. Western Europe was the second-largest region in the electric stoves market. The regions covered in the electric stoves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the electric stoves market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The electric stoves market consists of sales of stone stoves, metal stoves, ceramic stoves, and other electric stoves. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.