Cooking Hob Market to Witness Robust Growth, Reaching USD 86.7 Billion by 2034 with a CAGR of 5.7% | TMR Study

The global cooking hob market has witnessed substantial growth over the past few years, driven by consumer preferences for efficient, safe, and aesthetically appealing cooking appliances. As we look ahead to 2034, this trend is expected to continue, with the market projected to expand significantly. The global cooking hob industry was valued at US$ 47.5 billion in 2023 and is estimated to grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2034, reaching US$ 86.7 billion by the end of the forecast period. This growth is attributed to factors such as technological advancements, shifts in consumer behavior, and the rising popularity of energy-efficient solutions in modern kitchens.

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Market Introduction

A cooking hob is a surface that heats up to enable cooking by preheating pots and pans. It can be integrated into a kitchen work surface or used as a standalone appliance. The market offers a variety of hobs, including electric, gas, and hybrid models, giving consumers a range of options based on their specific needs and preferences.

Induction hobs, in particular, are gaining traction due to their safety features, such as reducing the risk of burns, and their ability to improve indoor air quality by eliminating the need for gas combustion. Additionally, induction hobs are known for their efficiency in cooking, providing consistent heat and faster cooking times. These advantages are expected to drive rapid growth in the global cooking hob market during the forecast period.

Key Drivers of Market Growth

Rise in Preference for Modular Kitchens

The demand for modular kitchens has surged in recent years, largely due to their space-saving design and the modern, aesthetic appeal they offer. Modular kitchens often feature integrated appliances, including sleek and space-efficient cooking hobs. Induction hobs, which complement the practical design of these kitchens, are becoming increasingly popular as they provide both functionality and style.

The rise of smart kitchen solutions is also a major factor driving demand for modern cooking hobs. Wi-Fi-enabled induction hobs, which allow users to remotely control and monitor their cooktops, are one example of how technology is transforming the kitchen space. Manufacturers are responding to these needs by introducing new products such as Fisher & Paykel's Primary Modular Induction Cooktop, which boasts precision induction technology and a touchscreen interface for ease of use.

Surge in the Number of Commercial Food Spaces

Another significant driver of the cooking hob market is the rise in commercial food spaces, such as restaurants, cafes, and eateries. The growing demand for fast food, casual dining, and home delivery options has led to an increase in the number of food establishments worldwide. As these businesses require efficient cooking solutions, the demand for high-performance cooking hobs is rising.

The global tourism industry is also contributing to the expansion of commercial food spaces. Countries with popular tourist destinations, such as France, Spain, and Italy, are seeing increased demand for food services, which further boosts the need for advanced cooking appliances in the commercial sector.

High Demand for Electric Hobs

Electric hobs, particularly induction hobs, are leading the market due to their numerous advantages. Induction hobs are known for their energy efficiency, as they use electromagnetic energy to heat cookware directly, which is significantly more efficient than traditional gas hobs. Additionally, induction cooking hobs provide a safer and cleaner cooking environment, as they do not produce harmful gases like gas hobs.

As cooking fuel prices continue to rise, more consumers are making the switch to electric hobs. Moreover, the aesthetic appeal and advanced features of electric hobs, such as touch controls and temperature precision, make them a popular choice for both residential and commercial kitchens.

Regional Outlook

Asia Pacific Leads the Market

As of 2023, the Asia Pacific region holds the largest share of the global cooking hob market. This is largely due to the growing demand for energy-efficient cooking solutions and advancements in cooking technology, particularly in countries like China, Japan, and India. Governments in these countries are also promoting energy conservation, which positively impacts the demand for induction cooktops and other energy-efficient cooking appliances.

The rapid growth in construction and real estate development in the region is expected to further boost the demand for cooking hobs. As more residential and commercial spaces are built, the need for modern, energy-efficient kitchen appliances, including cooking hobs, will continue to rise.

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Key Players in the Market

Several prominent players dominate the cooking hob market, with a strong focus on product innovation and expansion. These companies include:

• BORA Vertriebs GmbH & Co. KG
• BSH Home Appliances Group
• Electrolux Group
• Elica S.p.A.
• FABER S.p.A.
• Fisher & Paykel Appliances Holdings Ltd
• Miele & Cie. KG
• Samsung Electronics Co., Ltd
• SMEG S.p.A.
• Whirlpool Corporation

These companies are investing heavily in expanding their product portfolios and increasing their market presence through new product launches, strategic partnerships, and acquisitions. For example, Fisher & Paykel is set to launch the Primary Modular Induction Cooktop, a cutting-edge product designed to meet the evolving needs of modern kitchens.

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