Electric Ranges Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Price Point, by Distribution Channel : Global Opportunity Analysis and Industry Forecast, 2024 - 2033

Key market dynamics

• With rise in awareness of environmental sustainability and increase in energy costs, consumers seek appliances that offer reduced energy consumption. Electric ranges, with their advancements in technology and design, cater to this demand by offering models with higher energy efficiency ratings. These appliances not only align with eco-conscious consumer preferences but also provide cost-saving benefits by lowering utility bills. As a result, the market for electric ranges experiences growth as more consumers prioritize energy efficiency when choosing kitchen appliances.
• Technological advancements and smart features drive the growth of the electric range market by enhancing functionality, convenience, and efficiency. Integration of technologies such as induction cooking, touchscreen controls, and Wi-Fi connectivity offers consumers precise temperature control, programmable settings, and remote operation through smartphone apps. These features cater to the electric ranges market demand of modern consumers seeking innovative kitchen appliances that simplify cooking tasks and fit seamlessly into smart home ecosystems. As a result, the appeal of electric ranges with advanced functionalities continues to rise, stimulating market growth and driving manufacturers to innovate further to meet evolving consumer preferences.
• As homeowners renovate or upgrade their kitchens, there is a natural inclination to replace outdated or malfunctioning appliances, including electric ranges. Moreover, evolving kitchen design trends and technological advancements prompt consumers to seek newer models with enhanced features and aesthetics. Whether driven by wear and tear or the desire for modernization, the consistent need to replace or upgrade electric ranges fuels market demand, particularly in residential settings where kitchens serve as focal points for both functionality and style.

Innovation in Electric Ranges Market

• Refrigerated Ranges: This innovative concept offers a built-in refrigerator compartment in the oven. This allows you to store food in the oven until it is time to cook, and then the oven can automatically switch to cooking mode. This is helpful for meal prepping or for keeping food cold until guests arrive. Panasonic Life Solutions India introduced new range of refrigerators, under Panasonic’s proprietary Prime Convertible series, which comes with higher capacities and upgraded features such as a bottom-mounted freezer where the freezer compartment is situated at the bottom of the refrigerator offering convenient storage and easy access to vegetables and fruits in the fridge compartment.
• Smart Ranges: Many electric ranges now come with smart features, such as Wi-Fi connectivity, which allows you to control the oven remotely, preheat it from your phone, and even monitor the progress of your food. Some smart ranges can also be integrated with other smart home devices. In 2020, LG introduced the industry is first smart ranges with iconic 'knock on' interview technology plus air fry.
• Induction Cooktops: While not entirely new, induction cooktops have been gaining popularity in recent years. They use electromagnetic fields to directly heat the cookware, making them more energy-efficient and precise than traditional electric cooktops.

Value Chain Analysis

Market Segmentation

The electric ranges market is segmented into type, price point, distribution channel, and region. By type, the market is divided into freestanding electric ranges, slide-in electric ranges, and drop-in electric ranges. By price point, the market is segregated into economy, mid-range, and premium. As per distribution channel, the market is classified into hypermarkets and supermarkets, specialty stores, online retail, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, Latin America and Middle East, and Africa.

Regional Market Outlook

The electric ranges market in North America is characterized by steady growth driven by factors such as technological advancements, shift in consumer preferences toward electric appliances, and an increase in emphasis on energy efficiency and sustainability. North America region held the major electric ranges market share in 2023. With the rise in awareness of environmental concerns and the need for energy-efficient solutions, consumers are gravitating toward electric ranges equipped with innovative features such as induction cooking technology which is expected to boost electric ranges market growth. Major players in the industry, including GE Appliances, Whirlpool Corporation, Samsung, and LG Electronics, continue to introduce new products and compete based on factors such as performance, design, and brand reputation. As a result, the electric range market in North America is expected to remain dynamic and competitive, with opportunities for further innovation and market expansion.

Industry Trends

• With the increase in awareness of energy conservation and sustainability, consumers are gravitating towards electric stoves that offer higher energy efficiency ratings. Manufacturers are investing in innovative technologies such as induction cooking, which reduces energy consumption compared to traditional electric coil or gas stoves. Currently, 63% of the households in the U.S. use electricity for cooking, 35% use natural gas, and 5% use LPG. 51% of the UK’s cooking demand is met by gas and 48% is met by electricity.
• The integration of smart features in electric stoves is gaining momentum. Consumers are showing interest in appliances that can be controlled remotely via smartphone apps or voice assistants. Smart stoves offer convenience, flexibility, and advanced functionalities such as temperature control, recipe guidance, and remote monitoring which are expected to propel the growth of the market during the electric ranges market forecast.
• Consumers look for electric stoves that offer versatility and handle a variety of cooking tasks. Multi-cooking zones, flexible heating elements, and combination ovens that integrate baking, grilling, and steaming functions are expected to propel the growth of the electric ranges industry. This trend reflects the desire for appliances that maximize cooking options while minimizing the need for additional kitchen gadgets.

Competitive Landscape

The major players operating in the electric ranges market include Whirlpool Corporation, General Electric, Samsung Electronics, LG Electronics, Electrolux Group, Bosch Home Appliances, Electrolux Group, Viking Range Corporation, Sears Holdings Corporation, BSH Home Appliances Corporation, Miele, Sub-Zero Group, Inc., Smeg, Bertazzoni, Fisher & Paykel Appliances, and Blomberg Appliances.

Recent Key Strategies and Developments

• In February 2024, Whirlpool Corporation and BORA share the belief that the kitchen is the hub of the home and is a space that should be redesigned through a lens that pushes boundaries while merging technology and function. Founded on the mutual passion to question the ordinary, the two companies are collaborating to bring the best induction downdraft technology exclusively to JennAir and KitchenAid brand induction downdraft cooktops in North America in 2025.
• In September 2023, Panasonic Life Solutions India introduced a new range of refrigerators, under Panasonic’s proprietary Prime Convertible series, comes with higher capacities and upgraded features like a bottom-mounted freezer where the freezer compartment is situated at the bottom of the refrigerator offering convenient storage and easy access to vegetables and fruits in the fridge compartment.
• In August 2020, LG Electronics introduced the industry's first line of smart ranges to offer the exclusive InstaView knock on technology plus Air Fry capability. The goal is to help provide meal inspiration and faster, more convenient prep for all those homeowners who are now cooking more at home.
• In April 2018, Whirlpool, the premium appliance manufacturer, partnered with Youreko to help consumers understand the financial benefit of efficient appliances. Youreko is an energy savings tool, installed on the Whirlpool website, which rates products according to their running costs and demonstrates a product’s lifetime electricity financial saving. According to Youreko, 90 per cent of consumers find this information useful to know when purchasing a new appliance.

Key Sources Referred

• Association of Home Appliance Manufacturers (AHAM)
• U.S. Energy Information Administration (EIA)
• National Kitchen & Bath Association (NKBA)
• International Association of Home Inspectors (InterNACHI)
• U.S. Department of Energy (DOE)
• Canadian Appliance Manufacturers Association (CAMA)
• U.S. Environmental Protection Agency (EPA)
• American Council for an Energy-Efficient Economy (ACEEE)
• National Association of Home Builders (NAHB)
• Canadian Home Builders' Association (CHBA)
• International Energy Agency (IEA)
• American Gas Association (AGA)
• Canadian Gas Association (CGA)
• National Fire Protection Association (NFPA)

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric ranges market analysis to identify the prevailing electric ranges 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 ranges 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 ranges market trends, key players, market segments, application areas, and market growth strategies.