Press release
Electric Stoves Market Report 2024: Strategies And Recent Developments
Electric Stoves Market Growth
The Business Research Company offers in-depth market insights through Electric Stoves Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 in the historic period can be attributed to electrification of homes, urbanization and apartment living, mass production, electrification of rural areas.
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 growth in the forecast period can be attributed to energy efficiency and sustainability, smart home integration, health and safety, compact living and urbanization, customization and aesthetics. Major trends in the forecast period include induction cooking, built-in and seamless designs, energy management and efficiency features, voice and app control, sustainable materials.
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Market Segmentation:
The main products of electric stoves are built-in and free-standing. Built-in stoves are completely self-contained. They fit tightly between cabinets and appear to be a part of the cabinets, but they are not. They have a cooktop with burners above an oven, as well as a drawer at the base. The different materials used are metal stoves, stone stoves, ceramic stoves and others that are used for residential use, commercial use and industrial use.
Major Driver - Rising Demand For Energy-Efficient Cooking Appliances In The Electric Stoves Market
Growing popularity of energy-efficient cooking appliances is expected to increase the demand for electric stoves. Cooking efficiency of electric stoves is high when compared to gas cooktops as majority of the heat energy through gas cooktops is not transferred while cooking. Electric stoves are designed to consume minimum energy and provide easy temperature control. For instance, with the introduction of energy efficient appliances, the US government is spending 56% less on energy requirements thereby reducing emissions.
Competitive Landscape:
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
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Top Trend - Innovative Upgrades In The Electric Stoves Market
Manufacturers of electric stoves are focusing on adding new technological features to cater to the changing needs of customers. Some of the features include automatic temperature regulation, automatic shutdown, and touchscreen control. For example, the GE JP328SKSS 30 stainless steel electric cooktop has advanced features with removable drip bowls that are attached below the coils for easy cleaning of accumulated spillage and leftovers. The graphics are easy to read and control, and the cooktop is provided with a red-light indicator that illuminates to indicate the cooktop is active.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Stoves Market Characteristics
3. Electric Stoves Market Trends And Strategies
4. Electric Stoves Market - Macro Economic Scenario
5. Electric Stoves Market Size And Growth
…..
27. Electric Stoves Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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