Electric hobs Market to Reach $1.0 Billion, Globally, by 2031 at 4.5% CAGR
Increase in health consciousness, changes in consumer lifestyle, and rise in trend of cooking food at homes drive the growth of the global electric hobs market. In addition, adoption of cloud kitchen in the food service industry is anticipated to present new opportunities in the coming years.
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According to CXOs of leading companies, the global electric hobs market is emerging at a considerable pace, owing to several factors such as increase in compatibility of appliances, enhanced internet penetration, changes in lifestyle patterns, and growth in concerns about energy prices propel growth of the market. Over the years, there has been an increase in women workforce; therefore, families rely on different appliances for comfort. These appliances also help ease chores and save time. Moreover, Asia-Pacific and LAMEA are projected to register a significant growth as compared to saturated markets of Europe and North America, owing to rapid urbanization, increase in penetration of technology even in small cities, growth in disposable income, and improvement in standard of living. In line with increase in environmental concerns, consumers prefer to buy appliances that are eco-friendly and energy efficient. Therefore, manufacturers take steps to improve product efficiency and reduce e-waste.
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%.
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The 2 burner segment to maintain its leadership status throughout the forecast period
Based on size, the 2burner segment held the highest market share in 2021, accounting for nearly two-fifthsof the global electric hobs market, and is estimated to maintain its leadership status throughout the forecast period. As 2 burner hobs are highly suitable for compact kitchens, rise in number of nuclear families is one of the major growth factors for the growth of 2 burner electric hobs. However, the 4burner segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031, owing to rise in number of modern kitchens.
The specialty stores segment to maintain its lead position during the forecast period
Based on distribution channel, the specialty stores segment accounted for the largest share in 2021, contributing to more than one-third of the global electric hobs market, and is projected to maintain its lead position during the forecast period. Specialty stores provide options such as discounts as well as the benefit of immediate gratification, which results in growth of the electric hobs market. However, the e-commerce segment is expected to portray the largest CAGR of 5.3% from 2022 to 2031, owing to rise in adoption of mobile phones and rise in penetration of internet.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue 2021, accounting for nearlyone-third of the global electric hobs market. This is due to constant search for innovation and new possible ways to differentiate kitchen appliances, cooking equipment, electric hobs, and other products. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 6.5% from 2022 to 2031. This is attributed to increase in adoption of westernization among consumers and rise in disposable income.
Leading Market Players: -
BSH Home Appliances
Fisher & Paykel
LG Electronics Inc.
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