Electric Hob Trends and Forecast
The future of the global electric hob market looks promising with opportunities in the hypermarket/supermarket, specialty stores, e-commerce markets. The global electric hob market is expected to grow with a CAGR of 4.2% from 2024 to 2030. The major drivers for this market are growing awareness of health and shift in consumer lifestyles, increasing disposable income of consumers, and a rise in the number of food exhibitions and food blogs worldwide, as well as the use of cloud kitchens in the food service sector.
• Lucintel forecasts that, within the size category, the 4 burner will remain the largest segment over the forecast period due to a significant increase in the number of contemporary kitchens and the growing popularity of serving a range of cuisines during meals.
• Within the distribution channel category, the specialty store is expected to witness the highest growth due to savings, instant gratification, and the opportunity to physically compare products in addition to the widespread availability of retail outlets and convenient customer access.
• In terms of region, North America will remain the largest region over the forecast period due to strong technology development and advancement in several nations, including the US and Canada.
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Emerging Trends in the Electric Hob Market
The electric hob market is currently experiencing new developments, including changes in technology, the emergence of consumer sustainability trends, and modifications to product portfolios that affect market configurations.
• Smart Cooking Technology: The deployment of smart features in electric hobs continues to grow as pocket dish is app-connected and voice-driven, appealing to efficiency and precision-seeking high-tech consumers.
• Energy Efficiency: Awareness of environmental issues has increased; hence, developed countries encourage energy-saving products such as electric hobs. Induction hobs are gaining popularity due to their low energy usage, benefiting the environment.
• Aesthetic Designs: There is increasing consumer demand for the aesthetic appeal of kitchen appliances, leading to a rise in the demand for stylish electric hobs. Sleek and modern designs allow for additional modifications, making the entire kitchen more attractive.
• User-Friendly Interfaces: Growing volumes of touch controls and simpler cooking systems are emerging as consumers seek complex devices with intuitive controls. Manufacturers producing more advanced upland controls are addressing this market.
• Multi-Functionality: The increased demand for diverse cooking styles from consumers has led to a trend in electric hobs as multi-functional units that can steam, fry, and perform other cooking functions all within one integrated appliance.
The changing trends are disruptive in the electric hob industry, emphasizing creativity, environmental friendliness, and customer satisfaction.
Recent Developments in the Electric Hob Market
The latest trends in the electric hob market focus on innovations, lifestyle changes, and shifts in competition emerging within the industry in major regions worldwide.
• Advanced Induction Technology: Manufacturers are concentrating on enhancing induction technology, resulting in improved heat-up times and efficiency, thereby satisfying consumers who value performance and eco-friendliness.
• Introduction of Smart Features: New electric hobs are equipped with smart features such as mobile applications that allow for monitoring and controlling cooked foods, appealing to a modern society that seeks such comforts.
• Environmentally Friendly Products: A significant change in materials used to make electric hobs is occurring as manufacturers focus on green designs that promise eco-friendliness to consumers.
• Increase in the Product Line: To meet different customer requirements regarding size and style, companies are expanding the variety of electric hobs they manufacture.
• Advanced Safety: The adoption of new safety measures, such as automatic shut-off and child lock features, is becoming more common, as these features address user concerns about kitchen equipment safety and enhance the appeal of custom-made solutions.
These new improvements are indicative of the electric hob industryÄX%$%Xs trends, enabling new ideas, expanding consumer choices, and supporting green development while adhering to market needs.
Strategic Growth Opportunities for Electric Hob Market
The electric hob market appears to have numerous opportunities for growth across its critical applications due to changing consumer preferences, rapid technological advancements, and an enhanced emphasis on energy savings.
• The Internet of Things: The trend of smart homes offers opportunities for electric hob producers to develop smart hobs that integrate seamlessly into smart home environments, thereby improving functionality.
• Cooking as Well-Being: With growing health awareness among consumers, electric hobs are increasingly expected to produce less oil and steam, promoting healthy cooking. This presents a market opportunity for manufacturers.
• Space-Friendly Electric Hobs: Urbanization is driving the demand for small, multi-purpose electric hobs that require limited space while offering various cooking functions preferred by urban residents.
• Customization Options: Providing customization options in design and functionality allows brands to meet the specific requirements of individual consumers, improving marketability and customer satisfaction in a competitive space.
• Sustainability Initiatives: Highlighting sustainability in product development and marketing will attract consumers who care about the environment, ensuring that brands are well-positioned in a market increasingly leaning toward eco-friendly solutions.
These strategic growth opportunities are defining the evolution and development of the electric hob ecosystem, enhancing innovation and influencing consumer purchasing behavior in technological and ecological resolutions.
Electric Hob Market Driver and Challenges
The electric hob market is influenced by multiple drivers and challenges, including technology, economic factors, and regulatory considerations that will define the future landscape of growth and competition in the market.
The factors driving the electric hob market include:
• Technological Advancements: Continuous improvements in cooking technology, efficiency, safety, and smart capabilities will foster broader market penetration targeting consumers who desire these cooking models.
• Rising Disposable Incomes: Higher disposable incomes in emerging regions enable consumers to purchase modern appliances, creating growth in electric hob sales as customers demand enhanced features.
• Focus on Energy Efficiency: Growing concerns over energy-saving measures lead consumers to seek energy-efficient cooking products, such as induction hobs, which consume less energy and reduce energy bills.
• Urbanization Trends: The growth of urban populations generates demand for compact and multi-use electric hobs, which are essential in smaller kitchens and allow for enhanced creativity in both appearance and function.
• Health and Safety Regulations: Stricter health and safety requirements compel manufacturers to incorporate more safety features in electric hobs, as consumers expect these appliances to provide a safe cooking environment.
Challenges in the electric hob market include:
• High Competition: The electric hob market is saturated with numerous brands, making it challenging for companies to position their products competitively.
• Price Sensitivity: In developed markets, customer price sensitivity can hinder the penetration of electric hobs, prompting brands to find ways to compete on price.
• Rapid Technological Changes: Failure to keep pace with technological advancements and changes in consumer behavior can impede manufacturers, underscoring the need for constant innovation and creativity.
These drivers and challenges cut across the electric hob sector, impacting the strategies of manufacturers and influencing market trends and consumer behavior.
List of Electric Hob Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies electric hob companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the electric hob companies profiled in this report include-
• AB Electrolux
• Haier
• Fisher and Paykel
• Beko
• Whirlpool Corporation
• Smeg
• Siemens
Electric Hob by Segment
The study includes a forecast for the global electric hob by size, distribution channel, and region.
Electric Hob Market by Size [Analysis by Value from 2018 to 2030]:
• 2 Burner
• 4 Burner
• 5 Burner
Electric Hob Market by Distribution Channel [Analysis by Value from 2018 to 2030]:
• Supermarket/Hypermarket
• Specialty Stores
• e-Commerce
• Others
Electric Hob Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Electric Hob Market
The electric hob landscape is evolving globally due to improved technologies, new consumer demands, and concerns about energy efficiency. Regions such as the United States, Chinese, German, Indian, and Japanese markets are reshaping the cooking landscape with enhanced styles and functions, while purchasing behavior increasingly factors in efficiency issues related to energy consumption.
• United States: In the U.S., the electric hob market is undergoing significant transformation, with smart cooking becoming increasingly attractive. Notably, induction hobs are favored for their fast cooking and energy-saving features.
• China: The electric hob market in Chinese is advancing due to urbanization and increased disposable income among the population, with more consumers opting for induction hobs that enhance quick cooking and conserve energy.
• Germany: In Germany, energy efficiency continues to be a priority. Electric hob manufacturers are complying with strict EU requirements regarding energy categories, with induction hobs being preferred by households for their speed and efficiency.
• India: The electric hob market in Indian is developing due to urbanization, with an increase in households. Induction cookers are becoming more popular due to their speed and safety, with a variety of low-cost and premium options available.
• Japan: In Japan, the market is driven by compact and multifunctional appliance designs. Induction cooking hobs are favored for their fast cooking capabilities and space efficiency, making them ideal for smaller kitchens.
Features of the Global Electric Hob Market
Market Size Estimates: Electric hob market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Electric hob market size by size, distribution channel, and region in terms of value ($B).
Regional Analysis: Electric hob market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different size, distribution channel, and regions for the electric hob market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the electric hob market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the growth forecast for electric hob market?
Answer: The global electric hob market is expected to grow with a CAGR of 4.2% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the electric hob market?
Answer: The major drivers for this market are rising health consciousness and an increase in the trend of cooking food at home.
Q3. What are the major segments of electric hob market?
Answer: The future of the electric hob market looks promising with opportunities in the hypermarket/supermarket, specialty stores, e-commerce markets.
Q4. Who are the key electric hob market companies?
Answer: Some of the key electric hob companies are as follows:
• AB Electrolux
• Haier
• Fisher and Paykel
• Beko
• Whirlpool Corporation
• Smeg
• Siemens
Q5. Which electric hob market segment will be the largest in the future?
Answer: Lucintel forecasts that 4 burner will remain the largest segment over the forecast period due to a significant increase in the number of contemporary kitchens and the growing popularity of serving a range of cuisines during meals.
Q6. In the electric hob market, which region is expected to be the largest in the next 5 years?
Answer: North America will remain the largest region over the forecast period due to strong technology development and advancement in several nations, including the US and Canada.
Q.7 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the electric hob market by size (2 burner, 4 burner, and 5 burner), distribution channel (supermarket/hypermarket, specialty stores, e-commerce, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Electric Hob Market, Electric Hob Market Size, Electric Hob Market Growth, Electric Hob Market Analysis, Electric Hob Market Report, Electric Hob Market Share, Electric Hob Market Trends, Electric Hob Market Forecast, Electric Hob Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.