Electric hobs Market

Electric Hobs Market Research, 2031

The global electric hobs market was valued at $665.60 million in 2021, and is projected to reach $1.0 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031.

COVID-19 has impacted consumer goods industry, As a result of the pandemic crisis, the overall performance of the kitchen appliances industry has dropped. Sales of electric hob declined significantly, owing to the COVID-19 pandemic. One of the major reasons for loss of sales was reduced consumer spending on such kind of appliances during the pandemic, owing to factors such as employment uncertainty and reduced spending power. Furthermore, big companies in the kitchen equipment industry were also limiting their production capacities or were stopping them completely, along with their retail stores.

The electric hobs market is segmented into Size and Distribution Channel.

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.

Electric is one of the classic forms of hob cooking styles. Electric hobs take a minute or two to warm up. Cooking elements on electric hobs are known as cooking rings or zones, which can be between two, four, and six. Electric hobs are favored by many consumers, owing to their cost-effectiveness as they are cheapest of all options. It is run by electricity and its sales may witness decrease as hobs do not omit heat instantly. However, apart from cooking time, it has no effect on quality of meals so many consumers opting for electric hobs choose to save money. Key reasons for growth electric hobs market opportunity include high internet penetration across the globe and increase in number of food shows and food blogging. This, in turn, increases usage of electric hobs. Furthermore, the number of households across the world is constantly increasing. Moreover, increase in health consciousness, along with change in consumer lifestyle; rise in awareness toward health; and rise in trend of cooking food at homes are expected to fuel the electric hobs market growth in the future. In addition, adoption of cloud kitchen in the food service industry is anticipated to create lucrative opportunities for electric hobs industry expansion during the forecast period.

The electric hobs market size is segmented on the basis of size, distribution channel, and region. By size, it is segmented into 2-burners, 4-burners, and 5-burners. By distribution channel, it is categorized into hypermarkets/supermarkets, specialty stores, e-commerce, and others. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Spain, Germany, Italy, France, and rest of Europe), Asia-Pacific (China, South Korea, Australia, Japan, India, and rest of Asia-Pacific), and LAMEA (the UAE, South, Africa, Brazil, and rest of LAMEA).

In 2021, the 2 burner segment accounted for the highest electric hobs market share, garnering 39% share, owing to the fact that 2 burner hobs are highly suitable for compact kitchens. In addition, increase in number of nuclear families is also one of the major growth factors for rise in two burner electric hobs. In addition, this does not need modern or big kitchen countertops to place or use as it is compact in size. Hence, propels the market growth

By distribution channel, the specialty stores segment acquired maximum market share of around 35% in 2021, owing to fact that specialty store business operators maintain considerable depth in the type of product that they specialize in selling, usually at premium prices, in addition to providing higher service quality and expert guidance to shoppers.

In 2021, Europe dominated the global electric hobs market. However, Asia-Pacific is expected to grow at the significant CAGR of 6.5% throughout the forecast period, owing to Go Electric’ campaign launched by the Bureau of Energy Efficiency (BEE) in February 2021, which is anticipated spread awareness regarding benefits of electric cooking in major developing countries such as India and 100% electrification to rural areas of India is expected to drive the electric hobs market demand in this region. Asia-Pacific along with North America contributed for almost 53.2% in the market share. The market in North America is primarily driven by high adoption of advanced products such as smart oven and smart deep fryers and increase in demand for fast food in the region.

Key players operating in the electric hobs market focus on expansion as the prominent strategy to overcome competition and to maintain as well as improve their market share in the global market. Key players profiled in the report include AB Electrolux, Beko plc, BSH Home Appliances, Cusimax, Fisher & Paykel, Haier Inc., LG Electronics Inc., Siemens AG, Smeg SpA, and Whirlpool Corporation.

The report includes the electric hobs market analysis at regional as well as the global level, key players, electric hobs market application areas, market size, and electric hobs market growth.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric hobs market analysis from 2021 to 2031 to identify the prevailing electric hobs market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the electric hobs market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global electric hobs market trends, key players, market segments, application areas, and market growth strategies.

 Electric hobs Market Report Highlights