Global Electric hobs Market Size, Share & Industry Trends Analysis Report By Distribution Channel (Specialty Stores, Supermarket/Hypermarket, E-commerce), By Size (2 Burner, 4 Burner, and 5 Burner), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Electric hobs Market
Market Report Description
The Global Electric hobs Market size is expected to reach $816.2 million by 2028, rising at a market growth of 4.6 % CAGR during the forecast period.
Cooking is a decade-long activity that one engages in out of necessity, personal interest, or as a vocation, as food is the most basic requirement for human survival. Traditionally, food was cooked using wood fire or gas cooktops. Human evolution, as well as economic and technological growth, has increased in the manufacture of modern hobs, products, and procedures.
One of the most common types of stovetop cooking is electric. Warming up an electric hob takes a minute or two. The cooking parts of electric hobs are cooking rings or zones, which can be two, four, or six in number. Electric hobs are popular among consumers since they are the most cost-effective of all the possibilities. It is powered by electricity, and sales may suffer as a result of the fact that hobs do not emit heat immediately.
However, other than cooking time, it has little effect on meal quality, thus many people use electric hobs to save money. High internet penetration around the world, as well as an increase in the number of food exhibitions and food blogging, are driving the electric hobs market opportunity. As a result, the use of electric hobs rises. Furthermore, the global population of households is growing at an exponential rate.
Furthermore, rising health consciousness, as well as changes in consumer lifestyles, increased health awareness, and an increase in the trend of preparing food at home, are projected to drive the electrical hobs market forward in the future. In addition, throughout the projection period, the use of cloud kitchens in the food service industry is expected to provide attractive prospects for the electric hobs business.
COVID-19 Impact Analysis
The consumer goods business has been influenced by COVID-19. The performance overall of the kitchen appliances business has suffered as a result of the pandemic issue. The COVID-19 outbreak caused a huge drop in electric hob sales. Decreased consumer spending on such equipment during the pandemic, owing to issues such as job insecurity and lower spending power, was one of the key causes of sales losses. Furthermore, large corporations in the kitchen equipment market were reducing or eliminating their production facilities, as well as their retail stores.
Market Growth Factors
Temperature control that is precise and safe
When utilizing an induction hob, there are no exposed flames. No gas is discharged into the air, and the hot element is never exposed. Flare-ups and injuries are less likely as a result of this. One of the reasons why induction hobs are regarded as an ideal alternative for families with kids is the high level of safety they provide. In addition, Hafele induction hobs have even more sophisticated safety features. While the auto-pan detection feature guarantees that the heat is turned off as soon as the cookware is removed from the hob surface, the small object detection process guarantees that the hob is not triggered if a teaspoon or other small object is dropped on it by accident.
Electric hobs are energy-saving and quick
The electric hobs cooktop's quickness is one of its most appealing features. Simply put, cooking takes less time since the pan gets hot faster. Since an electric hob’s cooktop creates heat directly in the pan, unlike a gas or electric cooktop, which both need a middleman to transfer heat to the pan flames and an electric burner, respectively. The cooktop's electromagnetic activity causes electromagnetic activity in the pan, which causes the pan to heat up to check electric hobs Cooktops Work for more on this process. The pan serves as the source of heat. Since there are fewer steps in heating the cookware, it requires less time for the heat to reach the food on average, 25% to 50% less time.
Marketing Restraining Factor:
Cooking tools and rare cookpot are expensive to install
Induction cooktops are more expensive to purchase than regular electric or gas cooktops. However, must consider the technology involved in their creation. Consumer must also examine how much faster can prepare any food, no matter how difficult. When include in the money customer save on energy bills, original investment will likely pay for itself. Cookware is an issue encounter frequently, and many individuals believe they would need to purchase a completely new set of pots and pans. The problem is that not everyone realizes that all must do is make sure cookware's base is magnetic. There will be times, though, when it will need to replace some products.
Distribution Channel Outlook
Based on Distribution channel, the electric hobs market is divided into Supermarket/Hypermarket, Specialty Stores, E-commerce, and others. The E-commerce segment procured a substantial revenue share in the Electric hobs market in 2021. It is due to the purchasing and marketing of products and services, as well as the transmission of payments and information, over an electronic network, most commonly the internet. Business-to-business (B2B), business-to-consumer (B2C), consumer-to-consumer, and consumer-to-business transactions are all possible.
On the basis of Size, the electric hobs market is bifurcated into 2 burner, 4 burner and 5 burners. The 2-burner segment acquired the highest revenue share in the Electric hobs market in 2021. Because two-burner stoves are ideal for small kitchens. Furthermore, one of the primary growth causes for two-burner electric hobs is the increase in the number of nuclear households. Furthermore, because it is little in size, it does not require modern or large kitchen counters to place or use. As a result, the market expansion is accelerated.
|Market size value in 2021||USD 599.3 Million|
|Market size forecast in 2028||USD 816.2 Million|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 4.6% from 2022 to 2028|
|Number of Pages||155|
|Number of Tables||269|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling|
|Segments covered||Size, Distribution Channel, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region wise, the electric hobs market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia pacific region garnered the highest revenue share in the Electric hobs market in 2021. Due to the Bureau of Energy Efficiency's (BEE) Go Electric campaign, which is expected to raise awareness of the benefits of electric food preparation in major Asian economies such as India and provide 100 percent electrification to rural areas of India.
Free Valuable Insights: Global Electric hobs Market size to reach USD 816.2 Million by 2028
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH (BSH Home Appliances Corporation), LG Electronics, Inc. (LG Corporation), Siemens AG, Whirlpool Corporation, Haier Smart Home Co., Ltd. (Haier Group Corporation), Beko plc (Arçelik A.?.), Cusimax, SMEG S.p.A. and Electrolux AB
Scope of the Study
Market Segments Covered in the Report:
By Distribution Channel
- Specialty Stores
- 2 Burner
- 4 Burner
- 5 Burner
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Robert Bosch GmbH (BSH Home Appliances Corporation)
- LG Electronics, Inc. (LG Corporation)
- Siemens AG
- Whirlpool Corporation
- Haier Smart Home Co., Ltd. (Haier Group Corporation)
- Beko plc (Arçelik A.?.)
- SMEG S.p.A.
- Electrolux AB
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North America Electric hobs Market Report 2022-2028
Europe Electric hobs Market Report 2022-2028
Asia Pacific Electric hobs Market Report 2022-2028
How valuable will the electric hobs market be in the future?
The global electric hobs market size is expected to reach $816.2 million by 2028.
What are the key driving factors and challenges in the electric hobs market?
Temperature control that is precise and safe are driving the market in coming years, however, Cooking tools and rare cookpot are expensive to install limited the growth of the market.
What are the major top companies in the competitive landscape?
Robert Bosch GmbH (BSH Home Appliances Corporation), LG Electronics, Inc. (LG Corporation), Siemens AG, Whirlpool Corporation, Haier Smart Home Co., Ltd. (Haier Group Corporation), Beko plc (Arçelik A.?.), Cusimax, SMEG S.p.A. and Electrolux AB.
At what CAGR is the electric hobs market estimate to grow in the forecast period?
The expected CAGR of the electric hobs market is 4.6 % from 2022 to 2028.
Which segment shows a high revenue share of the electric hobs market in 2021?
The Specialty Stores market acquired the maximum revenue share of the Global Electric Hobs Market by Distribution Channel in 2021, thereby, achieving a market value of $276.4 Million by 2028.
Which region is fastest growing region in the market?
Europe is the fastest growing region in the Global Electric Hobs Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $280.7 Million by 2028.