Press release
2025-2034 Electric Stoves Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Electric Stoves Market
What Is the Expected CAGR for the Electric Stoves Market Through 2025?
The market for electric stoves has seen robust growth lately. Its size is projected to increase from $16.1 billion in 2024 to $17.41 billion in 2025, achieving a compound annual growth rate (CAGR) of 8.1%. The expansion noted in the historic era is linked to the electrification of residential areas, urban development and the popularity of apartment living, large-scale production, and rural area electrification.
What's the Projected Size of the Global Electric Stoves Market by 2029?
The market for electric stoves is forecasted to witness substantial growth in the coming years, reaching a valuation of $22.93 billion by 2029, expanding at a compound annual growth rate (CAGR) of 7.1%. Factors contributing to this growth during the forecast period include energy efficiency and sustainability, integration with smart homes, health and safety considerations, compact living due to urbanisation, customisation and aesthetics. Expected trends during this period include induction cooking, built-in and seamless designs, features for energy management and efficiency, voice and application controls, and the use of sustainable materials.
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Top Growth Drivers in the Electric Stoves Industry: What's Accelerating the Market?
The rising trend towards energy-saving cooking devices is predicted to hike the need for electric stoves. The cooking effectiveness of electric stoves surpasses that of gas cooktops, as they are often unable to transfer the majority of heat energy during cooking. Made to consume the least possible energy and offer simple temperature regulation, electric stoves are a practical choice. For instance, the introduction of energy-efficient appliances, such as these, has resulted in the US government cutting back their energy expenditure by 56%, thus decreasing emissions.
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What Trends Will Shape the Electric Stoves Market Through 2029 and Beyond?
Leading corporations in the electric stoves industry are prioritizing the creation of innovative products such as smart electric stoves, tailored to deliver an adaptable, efficient, and fashionable cooking solution for contemporary kitchens. A smart electric stove is a high-tech kitchen gadget that connects to the web, enabling its users to manage cooking operations remotely through mobile applications or voice instructions while integrating features such as automated cooking preferences, temperature check, and recipe advice. For example, in October 2024, Xiaomi Inc., a Chinese firm specializing in electronics and smart product manufacturing, unveiled the Mijia Electric Ceramic Stove S1, a smart electric stove engineered for today's kitchens. The stove comes with a 2200W output, 10-level heat adjustment, and an internal and external double-ring burner for accurate heat management. It merges energy-efficiency with adaptability making it perfect for a range of cooking requirements, while it adds comfort and elegance 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 Top Companies are Driving Growth in the Electric Stoves Market?
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
Which Regions Will Dominate the Electric Stoves Market Through 2029?
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
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