The residential hobs market is expected to grow significantly globally, with a projected value of US$ 19,994 million in 2023. The global residential hobs market is expected to grow at an estimated compound annual growth rate (CAGR) of 6.5% from 2023 to 2033, reaching an amazing US$ 37,531.6 million by that time.
However, residential kitchen hobs are among the number of necessary cooking implements that one can find in most contemporary homes. The residential stove industry has shown diverging regional trends. The rise in demand for residential hobs has been propelled by the emergence of more functionally effective, energy-efficient and compact devices.
Over the years, home appliance markets have become among the most important residential hobs. The current innovations available in the industry are projected to offer big opportunities for growth over the forecast period. It is also predicted that the market will grow by a considerable margin in the coming years due to increasing numbers of smart homes.
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The soaring buying power of the customers is another aspect of increasing the market size in the foreseeable period. Modern hob adoption in the residential and commercial sectors is being fueled by the variety of amenities provided in the contemporary kitchen setup. This is projected to increase market growth over the projection period.
The advent of cutting-edge technologies like flame failure detection technology, which cuts off promptly when a gas leak is detected, is one of the leading causes of the rise in demand for residential hobs in the market. Manufacturers of residential stoves are focusing on improving their usability and energy efficiency.
The integration of remotely controllable smart kitchen appliances and other technological innovations is significantly influencing the market’s rapid expansion. As a growing segment of the population becomes increasingly focused on the aesthetic elements of their culinary spaces in developed countries, there is a notable surge in demand for modern luxurious residential hobs, according to a consumer product analyst at Future Market Insights.
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Key Takeaways from the Residential Hobs Market
- In the North America residential hobs sector, the United States and Canada emerge as leading markets in 2023 with 29.9% and 3.6% market share, respectively.
- In the Europe residential hobs industry of 2023, Germany and France take the lead, capturing significant market shares of 10.6% and 6.9%, respectively.
- In 2023, China and India stand out as the dominant markets in the Asia Pacific residential hobs market, capturing market shares of 6.5% and 4.5%, respectively.
- The two burner/induction zones segment spearheaded the market, commanding 28.1% of the global residential hobs industry in 2023.
- The exclusive stores are the leading segment by sales channel, with a 41.1% share of the global residential hobs industry market in 2023.
Key Players and Strategies for Success in the Residential Hobs Market
Market players are constantly investing in research and development to introduce cutting-edge hob technologies and designs. They aim to stay ahead of market trends and meet evolving consumer preferences. They are also embracing eco-friendly manufacturing processes and materials to appeal to environmentally conscious consumers. In addition, they are maintaining robust distribution networks to reach a wide audience.
Recent Developments in the Residential Hobs Market
- In August 2023, ELBA introduced its up-to-date innovation called the ELBA Induction Hobs. This cutting-edge induction hob is poised to revolutionize how people experience cooking owing to its exquisite attention to detail and Italian artistry.
- In May 2023, The Deluxe range cooker from the appliance company Stoves was introduced. The new appliance line makes use of a zoneless induction hotplate. It allows customers to arrange saucepans anywhere they choose on the surface without being constrained by predetermined cooking circles.
Key Segments of the Residential Hobs Market
By Product Type:
- Gas Hobs
- Induction Hobs
By Price Range:
- Low Range
- Medium Range
- High Range
By Number of Burner/Induction Zones:
- Two
- Three
- Four
- Five or more
By Sales Channel:
- Exclusive stores
- Multi-brand stores
- Online stores
- Independent stores
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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