Emerging Sub-Segments Transforming the Electric Stoves Market Landscape

The electric stoves market is poised for considerable advancement as we approach 2030. Driven by technological progress and changing consumer preferences, this sector is set to witness dynamic growth. Let's explore the market's projected size, key players, emerging trends, and detailed segment insights to understand its trajectory better.

Forecasted Market Size and Growth of the Electric Stoves Market
The electric stoves market is anticipated to reach a value of $22.82 billion by the year 2030, growing at a healthy compound annual growth rate (CAGR) of 6.8%. Several factors contribute to this expansion, including the rising adoption of electric vehicles, the increasing presence of smart factories, the integration of renewable energy sources, advancements in robotics and artificial intelligence, and a strong focus on energy efficiency and conservation. Key trends shaping the market during this period include predictive maintenance paired with smart diagnostics, the development of energy-efficient motor designs, the introduction of lightweight and compact motor solutions, innovations in thermal management, and the use of high-performance materials in motor construction.

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Prominent Companies Driving the Electric Stoves Industry
The electric stoves market features a diverse range of influential players shaping its direction. Some of the leading companies in this space 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, and Zephyr Corporation.

Important Acquisition in the Market
In September 2025, Bajaj Electricals, an Indian consumer electrical equipment manufacturer, completed the acquisition of the Morphy Richards brand for an undisclosed sum. This move allows Bajaj Electricals to gain full ownership and control over a well-established premium home appliance brand in South Asia, following a 20-year licensing partnership. Morphy Richards, a UK-based company, is known for its range of electrical appliances, including electric stoves such as induction cooktops and radiant cookers.

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Emerging Trends Shaping the Electric Stoves Market
Leading companies in the electric stoves sector are increasingly focused on creating smart electric cooking appliances that combine efficiency, versatility, and modern aesthetics. These smart stoves connect to the internet and enable remote control of cooking functions through smartphone applications or voice assistants. They offer features like automatic cooking modes, temperature regulation, and guided recipes to enhance user convenience.

For example, in October 2024, Xiaomi Inc., a Chinese electronics and smart manufacturing firm, introduced the Mijia Electric Ceramic Stove S1, designed specifically for contemporary kitchens. This model boasts 2200W of power, 10 levels of temperature adjustment, and a dual-ring fire system for precise heat distribution. It is built to be energy-efficient and adaptable, making it a practical and stylish cooking solution.

Detailed Segmentation of the Electric Stoves Market
The electric stoves market is segmented by product type, material, and application. These categories provide a comprehensive view of the market landscape:

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

Further breakdown includes:

- Built-In Products: Electric Cooktops and Electric Ovens
- Free-Standing Products: Electric Ranges (which combine ovens and cooktops) and Electric Cookers

This segmentation helps in understanding distinct market demands and tailoring strategies accordingly.

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This release was published on openPR.