Increase in health consciousness, change in consumer lifestyle, and rise in trend of cooking food at homes drive the growth of the global electric hobs market.
PORTLAND, Ore., June 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric hobs Market by Size (2 Burner, 4 Burner, 5 Burner), by Distribution Channel (Supermarket Hypermarket, Specialty Stores, E commerce, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global electric hobs industry generated $665.6 million in 2021, and is anticipated to generate $1.0 billion by 2031, witnessing a CAGR of 4.5% from 2022 to 2031.
Prime determinants of growth
Increase in health consciousness, changes in consumer lifestyle, and rise in trend of cooking food at homes drive the growth of the global electric hobs market. In addition, adoption of cloud kitchen in the food service industry is anticipated to present new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global electric hobs market, owing to decline in sales of electric hobs. Factors such as employment uncertainty and reduction in spending capacity were the main reasons that hampered the overall growth of the kitchen appliance industry.
- Also, as manufacturing facilities were temporarily closed, the production activities of electric hobs were limited. Disruptions in the supply chain, raw material unavailability, and low labor force created several challenges.
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The 2 burner segment to maintain its leadership status throughout the forecast period
Based on size, the 2burner segment held the highest market share in 2021, accounting for nearly two-fifthsof the global electric hobs market, and is estimated to maintain its leadership status throughout the forecast period. As 2 burner hobs are highly suitable for compact kitchens, rise in number of nuclear families is one of the major growth factors for the growth of 2 burner electric hobs. However, the 4burner segment is projected to manifest the highest CAGR of 5.1% from 2022 to 2031, owing to rise in number of modern kitchens.
The specialty stores segment to maintain its lead position during the forecast period
Based on distribution channel, the specialty stores segment accounted for the largest share in 2021, contributing to more than one-third of the global electric hobs market, and is projected to maintain its lead position during the forecast period. Specialty stores provide options such as discounts as well as the benefit of immediate gratification, which results in growth of the electric hobs market. However, the e-commerce segment is expected to portray the largest CAGR of 5.3% from 2022 to 2031, owing to rise in adoption of mobile phones and rise in penetration of internet.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue 2021, accounting for nearlyone-third of the global electric hobs market. This is due to constant search for innovation and new possible ways to differentiate kitchen appliances, cooking equipment, electric hobs, and other products. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 6.5% from 2022 to 2031. This is attributed to increase in adoption of westernization among consumers and rise in disposable income.
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Leading Market Players: -
- AB Electrolux
- Beko Plc,
- BSH Home Appliances
- Cusimax
- Fisher & Paykel
- Haier Inc.
- LG Electronics Inc.
- Siemens AG
- Smeg SpA
- Whirlpool Corporation
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