Market for Residential Hobs Affected by COVID-19, Market to Be Dormant in Near Term, Projects FMI 2022 – 2027

In 2021, the Residential Hobs Market is expected to be worth US$17 billion. Through 2027, the market is anticipated to increase at a CAGR of 6.3 percent and reach US$ 24.5 billion.

According to estimates, induction hobs currently hold a 55 percent market share and are expected to increase at a strong CAGR through 2027.

Residential hobs with four burners and induction zones will represent 33 percent of market revenue through 2027.

Leading companies in the global residential hobs market place an emphasis on innovative product features to keep up with technological advancements, which leads to the launching of new products. Additionally, placing a priority on research and development has significantly aided in the expansion of the residential hob market.

Due to an increase in nuclear families, the supply-side players in the residential hob market are following the trend toward miniaturisation, which has resulted in the design of goods that are more small but still as effective as the larger counterparts. Another significant element boosting demand for residential stoves is the rise in the number of smart houses.

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Home automation has been transformed by emerging technologies like IoT, which has allowed consumers to fully benefit from technology breakthroughs. Due to consumer awareness of induction hobs’ superior energy efficiency as a result of their rising popularity across the globe, residential hob demand has significantly increased.

Manufacturers of residential ranges use a variety of strategies to differentiate themselves from the other key players in the industry. The businesses in the residential hobs sector are mainly focused on the general populace. In addition to providing household hobs with their fundamental functions, these businesses are creating goods that are safer and need less labour from consumers.

Induction hobs can now cook more quickly than gas hobs thanks to their innovative characteristics. They also offer more precise temperature setting options and a quicker response time. Additionally, because the surface opposite the burner is constantly cool, they are safer to use. In addition, as soon as the cookware is removed, the burners turn off automatically. Additionally, they use less energy than their rivals do.

Additional advantages of modern residential stoves include child locks to protect children, automatic timers that let the cook concentrate on other aspects of the dish they are preparing rather than worrying about what is on the burner, touch controls that make operations simpler, pan detection features that determine whether a burner is appropriate or not, and auto switch-off features that turn the burner off in case of overheating or if the pan has been removed. The demand for residential hobs has increased as a result of these advantages.

The Asia Pacific Excluding Japan (APEJ) residential hobs market, the North American residential hobs market, the Middle East & Africa residential hobs market, the European residential hobs market, the Japanese residential hobs market, and the Latin American residential hobs market are the regions into which the global residential hobs market is divided. The residential hobs market in Europe is thought to have the biggest value share out of all of these regional markets.

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Key Players in the Residential Hobs Market

A brief analysis of the profiles of companies is also provided in the global residential hobs market report to evaluate the key products offerings, strategies, and recent developments. Some of the key participants profiled in the global residential hobs market report include Capella Home Appliances; Sunflame Enterprises Private Limited; Bosch-Siemens Hausgeraete GmbH; FABER S.p.A; SMEG S.p.A; Amica S.A.; Electron International; Elica S.p.A.; Glen Dimplex Group; IFB Industries Limited; Arcelik A.S.; Panasonic Corporation; Miele & Cie. Kg; Haier Group Corporation; Robert Bosch GmbH.; Siemens AG; Midea Group Co., Ltd.; Samsung Electronics Co. Ltd.; AB Electrolux; and Whirlpool Corporation.

Key Segment Based on product type

  • gas hobs
  • induction hobs

Based on price range

  • low range
  • medium range
  • high range

Based on number of burner/induction zones

  • two
  • three
  • four
  • five or more burners/induction zones

Based on sales channel

  • exclusive stores
  • multi-brand stores
  • online stores
  • independent stores
  • others

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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