According to a new report published by Allied Market Research, titled, “Electric hobs Market,” The electric hobs market was valued at $665.60 million in 2021, and is estimated to reach $1.0 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031. Increase in health consciousness, changes in consumer lifestyle, and rise in trend of cooking food at homes drive the growth of the global electric hobs market. In addition, adoption of cloud kitchen in the food service industry is anticipated to present new opportunities in the coming years.
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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.
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
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Key Finding
- Region wise, Europe is anticipated to lead the electric hobs market in 2031, growing at a CAGR of 3.3%, from 2022 to 2031.
- By size, the 2 burner segment occupied nearly 39% of the electric hobs market share in 2021.
- By distribution channel, the specialty stores segment dominated the overall market in 2021, and is expected to grow at a CAGR of 4.9% during the forecast period.
- The e-commerce segment is anticipated to grow at the highest CAGR of 5.3%.
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The 2 burner segment to maintain its leadership status throughout the forecast period
Based on size, the 2burner segment held the highest market share in 2021, accounting for nearly two-fifths of the global electric hobs market, and is estimated to maintain its leadership status throughout the forecast period. As 2 burner hobs are highly suitable for compact kitchens, rise in number of nuclear families is one of the major growth factors for the growth of 2 burner electric hobs. However, the 4burner segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031, owing to rise in number of modern kitchens.
The specialty stores segment to maintain its lead position during the forecast period
Based on distribution channel, the specialty stores segment accounted for the largest share in 2021, contributing to more than one-third of the global electric hobs market, and is projected to maintain its lead position during the forecast period. Specialty stores provide options such as discounts as well as the benefit of immediate gratification, which results in growth of the electric hobs market. However, the e-commerce segment is expected to portray the largest CAGR of 5.3% from 2022 to 2031, owing to rise in adoption of mobile phones and rise in penetration of internet.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue 2021, accounting for nearlyone-third of the global electric hobs market. This is due to constant search for innovation and new possible ways to differentiate kitchen appliances, cooking equipment, electric hobs, and other products. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 6.5% from 2022 to 2031. This is attributed to increase in adoption of westernization among consumers and rise in disposable income.
Leading Market Players: –
- AB Electrolux
- Beko Plc,
- BSH Home Appliances
- Cusimax
- Fisher & Paykel
- Haier Inc.
- LG Electronics Inc.
- Siemens AG
- Smeg SpA
- Whirlpool Corporation
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