Emerging Trends to Drive Electric Stoves Market Growth at 6.6% CAGR Through 2029

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Electric Stoves Market Size Growth Forecast: What to Expect by 2025?
The steady growth in the market size of electric stoves in recent years was evident. The market is projected to grow from $15.64 billion in 2024 to $16.53 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.7%. Factors such as home electrification, urbanisation, apartment living, mass production, and rural area electrification have largely contributed to the growth during the historic period.

How Will the Electric Stoves Market Size Evolve and Grow by 2029?
The market size for electric stoves is projected to experience robust expansion in the coming years. The market is set to rise to a value of $21.34 billion by 2029, with a compound annual growth rate (CAGR) of 6.6%. The projected growth during the forecast period can be linked to factors like energy efficiency and sustainability, the integration of smart home technology, health and safety considerations, the trend towards compact living and urbanization, and the demand for customization and aesthetics. Key trends anticipated during the forecast period include the popularity of induction cooking, the preference for built-in and seamless designs, the need for energy management and efficiency, the use of voice and app control, and the interest in sustainable materials.

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What Drivers Are Propelling the Growth of Electric Stoves Market Forward?
The rising interest in energy-saving cooking appliances is anticipated to heighten the need for electric stoves. When compared to gas cooktops, electric stoves boast a higher cooking efficiency since a significant portion of heat energy is not transferred during cooking with gas cooktops. Electric stoves are engineered to use minimal energy and facilitate effortless temperature regulation. For example, the launching of these efficient appliances has led the US government to spend 56% less on energy needs, which in turn decreases emissions.

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What Are the Key Trends Driving Electric Stoves Market Growth?
Companies at the forefront of the electric stoves market are focused on creating revolutionary products like smart electric cooking stoves, which offers a dynamic, effective, and fashionable cooking solution for contemporary kitchen settings. These smart electric cooking stoves are high-tech kitchen devices that have internet connectivity, enabling consumers to manage various cooking operations through smartphone applications or voice instructions while offering added functionalities like automatic cooking presets, temperature supervision, and recipe suggestions. For example, in October 2024, Xiaomi Inc., a leading electronics and smart manufacturing firm based in China, introduced the Mijia Electric Ceramic Stove S1, a smart electric stove specifically engineered for modern kitchen usage. The stove provides 2200W firepower, adjustable temperature settings over ten levels, and a dual-ring fire feature for accurate heat distribution. It summates energy efficacy with versatility, fulfilling a range of cooking requirements while augmenting convenience and elegance in the kitchen setting.

What Are the Key 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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Who Are the Key Players Shaping the Electric Stoves Market's 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

What Geographic Markets Are Powering Growth in the Electric Stoves Market?
Asia-Pacific was the largest region in the electric stoves market in 2024. 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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