Residential Hobs Market Size Predicted to Reach USD 32.2 Billion by 2030 | Persistence Market Research Report

The global residential hobs market has seen consistent growth over the years and is poised to continue expanding. Forecasted to grow at a compound annual growth rate (CAGR) of 7.4%, the market is expected to rise from US$19.5 billion in 2023 to US$32.2 billion by 2030. This growth is underpinned by various macroeconomic factors such as increased disposable income, the rise of modern kitchen designs, and technological advancements in cooking appliances. In this article, we will explore the key trends, market drivers, segmentation, and regional insights driving the residential hobs industry.

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Overview of the Residential Hobs Market

The global market for residential hobs is expanding, driven by increasing consumer demand for advanced and efficient kitchen appliances. A hob is typically a flat cooking surface in the kitchen that uses either gas or electricity to heat pots and pans. As smart homes and modern kitchen appliances become more prevalent, the demand for technologically advanced cooking solutions like induction hobs is rising. The market's growth is largely attributed to changing consumer preferences for energy-efficient, convenient, and multifunctional kitchen solutions.

Key Market Statistics and Growth Drivers

In 2023, the global residential hobs market is valued at approximately US$19.5 billion and is expected to grow at a CAGR of 7.4% from 2023 to 2030, reaching a value of US$32.2 billion. The key factors propelling this growth include urbanization, rising disposable incomes, and a shift toward smart homes. Furthermore, the increasing adoption of advanced cooking technologies, such as induction cooking, is reshaping the way consumers approach kitchen appliances. Induction hobs, in particular, are gaining popularity due to their energy efficiency, speed, and safety features.

Among the various product segments, induction hobs are expected to lead the market in the coming years, driven by their high demand in residential settings, particularly in developed markets. Regionally, North America is expected to maintain its dominance due to the high adoption of premium kitchen appliances and a growing trend toward modernizing kitchen designs.

Key Highlights from the Report

➤ The residential hobs market is forecast to reach US$32.2 billion by 2030.
➤ North America is projected to remain the largest market for residential hobs.
➤ Induction hobs are the fastest-growing segment in the market.
➤ Multi-brand stores are the largest sales channel for residential hobs.
➤ The demand for energy-efficient and sustainable hobs is increasing rapidly.
➤ The growing trend of smart homes and connected appliances boosts market growth.

Market Segmentation

Product Type and End-User Segmentation

The residential hobs market can be segmented based on product type, including gas hobs, induction hobs, and hybrid hobs. Among these, induction hobs are leading the market due to their speed, energy efficiency, and user-friendliness. These hobs use electromagnetic energy to heat cookware directly, which eliminates the need for heat loss during the cooking process, making them more energy-efficient than gas or traditional electric hobs.

Gas hobs, on the other hand, continue to be a popular choice for households in many regions, especially where natural gas is readily available and affordable. They offer precise temperature control and an even cooking experience, making them a staple in many kitchens. Hybrid hobs, which combine the features of both gas and induction hobs, are also becoming more popular, providing users with flexibility and efficiency in their cooking.

Price Range and Burner Segmentation

In terms of price range, low-range hobs dominate the market due to their affordability. These products typically cater to price-sensitive consumers who seek basic cooking functionalities. The medium-range category is growing in popularity, as consumers are willing to pay a bit more for added functionality, such as energy efficiency and advanced cooking features. High-end hobs, with premium features like smart connectivity, precise temperature control, and multifunctional cooking zones, are mostly targeted at affluent customers looking for advanced solutions.

Regarding the number of burners, two-burner zones lead the market, driven by their compact size and suitability for smaller households or apartments. However, the three-burner segment is expected to experience substantial growth, as larger households and consumers who prefer more versatile cooking spaces seek these models for increased cooking capacity.

Regional Insights

North America

North America remains the largest market for residential hobs, particularly driven by demand in the United States. The region's strong preference for modern kitchen designs, coupled with a high standard of living and increasing disposable income, has led to a rise in the adoption of advanced kitchen appliances. Smart hobs, in particular, are gaining popularity as part of the larger smart home trend. The US market is also influenced by the growing preference for energy-efficient solutions, which aligns with the rising adoption of induction cooking technologies.

Europe

Europe is another key market for residential hobs, with growing demand in countries such as Germany, the UK, and France. In Germany, there is a noticeable shift towards built-in hobs due to their space-saving design and safety features. Urbanization, coupled with the rising trend of health-conscious consumers, has also contributed to the growing popularity of energy-efficient kitchen appliances. Additionally, innovation in product design and technology, such as the development of smart, connected hobs, is playing a crucial role in driving growth in the European market.

Market Drivers

The residential hobs market is driven by several key factors. One of the primary drivers is the rising demand for advanced, sophisticated kitchen appliances. As consumer preferences shift towards convenience and efficiency, hobs that offer features like precise temperature control, quick cooking times, and energy efficiency are becoming increasingly sought after. The increasing popularity of induction hobs is particularly notable, as they offer faster cooking times, better control over temperature, and greater energy savings compared to traditional gas or electric hobs.

Another significant driver is the growing trend of smart homes. Consumers are increasingly looking for kitchen appliances that can be integrated into their broader smart home systems. Features like Wi-Fi connectivity, remote control via smartphones, and compatibility with other smart devices are becoming essential for modern kitchens. As such, manufacturers are developing hobs that can be connected to home automation systems, adding convenience and enhancing the cooking experience.

Market Restraints

Despite its growth, the residential hobs market faces several restraints. One of the main challenges is the high price associated with advanced hobs, particularly induction models. While the technology behind induction hobs offers many benefits, such as energy efficiency and safety, the initial cost of these appliances can be a significant barrier for price-sensitive consumers.

Another restraint is consumer resistance to adopting new cooking technologies. Many consumers are accustomed to using traditional cooking methods, such as gas stoves, and may be reluctant to switch to newer, unfamiliar technologies. Additionally, the complexity of some advanced hobs may deter consumers who find the new features and controls overwhelming.

Market Opportunities

The growing demand for sustainable and energy-efficient cooking solutions presents a significant opportunity for the residential hobs market. As awareness of environmental issues rises, consumers are increasingly seeking appliances that can reduce energy consumption and lower their carbon footprints. Induction hobs, which are known for their energy efficiency, are particularly well-positioned to capitalize on this trend.

Furthermore, manufacturers can explore opportunities in emerging markets where rising disposable income and urbanization are driving demand for modern kitchen appliances. In these regions, consumers are becoming more willing to invest in higher-end kitchen equipment as they adopt more Western-style cooking practices.

Frequently Asked Questions (FAQs)

➔ How Big is the Residential Hobs Market?
➔ Who are the Key Players in the Global Market for Residential Hobs?
➔ What is the Projected Growth Rate of the Residential Hobs Market?
➔ What is the Market Forecast for Residential Hobs in 2032?
➔ Which Region is Estimated to Dominate the Residential Hobs Industry through the Forecast Period?

Company Insights

The residential hobs market is highly competitive, with numerous key players offering a wide range of products. Leading companies in the market include:

✦ Whirlpool Corporation
✦ AB Electrolux
✦ Samsung Electronics Co. Ltd.
✦ Miele & Cie. Kg
✦ Haier Group Corporation
✦ Robert Bosch GmbH

Key Recent Developments

■ In February 2023, Electrolux launched a new series of built-in hobs, including induction, gas, and hybrid cooktops, significantly expanding its product line in the Indian market.
■ In October 2022, Bosch introduced its True Brass Burner Hobs, which cater to advanced cooking habits and offer a 4KW power output, aimed at enhancing consumer cooking experiences.

Conclusion

The residential hobs market is set to witness substantial growth in the coming years, driven by consumer demand for efficient, smart, and sustainable kitchen appliances. While challenges such as high prices and consumer resistance to new technologies exist, the opportunities for growth remain vast, especially as innovation continues to shape the industry. With increasing adoption of induction hobs and the growing trend of smart home integration, the residential hobs market is poised for a bright future.

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