Press release
Comprehensive Electric Stoves Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Comprehensive Electric Stoves Market Insights
There has been a significant enlargement in the electric stoves market in the last few years. Its size is predicted to escalate from $16.1 billion in 2024 to $17.41 billion in 2025, marking a compound annual growth rate (CAGR) of 8.1%. The expansion in the historic period can be credited to factors like home electrification, urban development, apartment lifestyle, mass production and rural area electrification.
The market size for electric stoves is projected to witness robust expansion in the coming years. The market is forecasted to rise to $22.93 billion in 2029, with a compound annual growth rate (CAGR) of 7.1%. The estimated growth in the forecast period is due to factors such as energy efficiency and sustainability, integration with smart homes, considerations for health and safety, compact urban living, and emphasis on customization and aesthetics. Major trends expected in this period involve induction cooking, integrated and seamless designs, energy management and efficiency, voice and app command functionality, and the use of sustainable materials.
What Is Stimulating Growth in the Electric Stoves Market?
The escalating preference for energy-saving cooking appliances is projected to raise the demand for electric stoves. Compared to gas cooktops, electric stoves have greater cooking efficiency as most of the heat energy isn't transferred during cooking with gas cooktops. The design of electric stoves is such that it uses the least amount of energy and offers straightforward temperature control. For example, due to the advent of energy-efficient appliances, there has been a reduction in energy expenditure by 56% by the US government, which in turn has led to a decrease in emissions.
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Which Key Market Leaders Are Driving Electric Stoves Industry Growth?
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
What Are the Emerging Trends in the Electric Stoves Industry?
Leading businesses in the electric stoves market are prioritizing the creation of innovative products like smart electric cooking stoves. These appliances offer a multifunctional, effective, and chic solution for contemporary kitchens. By connecting to the internet, a smart electric cooking stove allows you to manage cooking operations remotely through smartphone apps or voice commands. It provides features such as preset cooking options, temperature tracking, and recipe suggestions. For example, a Chinese electronics and intelligent manufacturing company, Xiaomi Inc., unveiled the Mijia Electric Ceramic Stove S1, a smart electric cooking stove, in October 2024. This stove, designed for current kitchens, has a 2200W firepower, 10-level temperature control, and a dual-ring fire inside and outside for precise heating regulation. Its excellent energy efficiency and versatility make it perfect for a variety of cooking needs, adding convenience and flair to the kitchen.
What Are the Main Segments in the Electric Stoves Market?
The electric stoves market covered in this report is segmented -
1) By Product: Built In, Free-Standing
2) By Material: Metal Stove, Stone Stove, Ceramic Stove, Other Materials
3) By Application: Residential Use, Commercial Use, Industrial Use
Subsegments:
1) By Built-In: Electric Cooktops, Electric Ovens
2) By Free-Standing: Electric Range (With Oven And Cooktop), Electric Cooker
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Which Geographic Area Leads the Electric Stoves Market?
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
What Is Covered In The Electric Stoves Global Market Report?
- Market Size Analysis: Analyze the Electric Stoves Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Stoves Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Stoves Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Stoves Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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Learn More About The Business Research Company
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
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