Allied Market Research published a report, titled, “Electric hobs Market by Size (2 Burner, 4 Burner, 5 Burner), by Distribution Channel (Supermarket Hypermarket, Specialty Stores, E commerce, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global electric hobs industry generated $665.6 million in 2021, and is anticipated to generate $1.0 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031.
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Cooking is a decade long activity, which one performs out of necessity or has a personal interest, or rather takes it up as a profession, as food is the basic necessity for human survival. Traditionally, wood energy or gas cooktops were used to cook food. However, evolution of human beings and development of economies & technology has led to rise in production of modern hobs, products, and techniques. The electric hobs market size is expected to grow, owing to increase in number of chefs, growth in popularity of cooking shows, inclination of both men and women in cooking practices, engagement of children in cooking to try out new dishes, rise in popularity of international level cooking competitions, and advent of new dishes are expected to drive demand for electric hobs industry.
In almost every industry, health & fitness and usage of eco-friendly products have become an ongoing trend. The kitchen appliances industry is observing a similar trend, where demand for green or sustainable products that cause no harm to the surroundings is on the rise.
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According to CXOs of leading companies, the global electric hobs market is emerging at a considerable pace, owing to several factors such as increase in compatibility of appliances, enhanced internet penetration, changes in lifestyle patterns, and growth in concerns about energy prices propel growth of the market. Over the years, there has been an increase in women workforce; therefore, families rely on different appliances for comfort. These appliances also help ease chores and save time. Moreover, Asia-Pacific and LAMEA are projected to register a significant growth as compared to saturated markets of Europe and North America, owing to rapid urbanization, increase in penetration of technology even in small cities, growth in disposable income, and improvement in standard of living. In line with increase in environmental concerns, consumers prefer to buy appliances that are eco-friendly and energy efficient. Therefore, manufacturers take steps to improve product efficiency and reduce e-waste.
Key Take Away
- The 2 Burner segment occupied the largest market share.
- The Specialty Stores segment occupied the largest market share.
- The Europe region occupied the largest market share.
- The e-commerce segment is anticipated to grow at the highest CAGR of 5.3%.
Product innovation is further driving the electric hobs market growth and enticing consumers toward electric hobs. For instance, Samsung Electronics Co. launched a cooktop with IoT (internet of things) features in 2018, which provides safer and more convenient cooking experiences to users. Thus, innovations in kitchen appliances and preferences toward ease of kitchen operations are few of the factors that support the market trends.
According to the electric hobs market analysis, by size, the 2 burner segment accounted for the highest share in the electric hobs market, garnering 39% share, owing to the fact that 2 burner hobs are highly suitable for compact kitchens. In addition, rise in number of nuclear families is one of the major growth factors for two burner electric hobs. This segment is also estimated to witness a healthy growth and expected to drive the electric hobs market demand.
By region, Asia-Pacific is expected to witness highest growth of 6.5% during the electric hobs market forecast period, owing to increase in adoption of westernization among consumers and rise in disposable income.
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