The value of the global hobs market is projected to be US$ 20.55 billion in 2022 and is expected to rise to US$ 33 billion in 2032. The predicted CAGR for the projection term of 2022 to 2032 is 4.8%. Over the course of the projection period, market development is expected to be significantly influenced by the residential sector’s expansion.
The development of new products made possible by improved technology is driving the global market for kitchen appliances. New items like stovetops end up in stores as a result of this. Most new gas stoves that are integrated into our kitchen worktops are called hobs. They also aid in space conservation.
One of the most essential appliances for cooking is a kitchen hob, which is seen in many contemporary homes nowadays.The clever technology on hobs is a major factor in their growing popularity. This automatically detects the presence of gas leaks and puts out the flames.
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The growing number of smart homes also play a major role in boosting the demand for hobs in the market.
Hobs are so designed that they consume less amount of energy or fuel to the same amount of work that a normal cook-top would take which is a major attraction or the consumers and leads to fuelling the demand for hobs in the market.
Innovation of new products with added safety features such as FFDT technology is driving the Hobs in the market
The key influencer for growth in the demand for hobs is the innovation of new products that are cost-effective and efficient and the rising consumer spending on household products. The global hobs market is driven by the increased availability and reduced prices of these products, owing to the advancement of new technologies.
With advanced features such as variable number of burners or induction tops, zone hobs have become a preferred choice among consumers. Manufacturers of hobs are engaged in research and development to enhance their profit margins and, at the same time, offer efficient products. Growth of the food
Hobs Market: Market Participants
The key market participants identified across the value chain of the hobs market are Whirlpool Corporation, AB Electrolux, Miele & Cie. Kg, Panasonic Corporation, Arcelik A.S. (Beko), IFB Industries Limited, Elica S.p.A., Electron International, FABER S.p.A., Bosch-Siemens Hausgeraete GmbH, Sunflame Enterprises Private Limited, Capella Home Appliances and Daewoo Electronics Corporation, among others.
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Opportunities for Hobs Market participants
The global hobs market has been witnessing significant growth, owing to the increasing penetration of these products in developing countries and growth in the rate of acceptance among consumers. The hobs market is also influenced by the emergence of e-commerce and m-commerce as potential trade platforms.
The supply-side participants of the hobs market are strategizing on new and effective techniques for the marketing of their products to increase product penetration and influence the buying behaviour of consumers in favour of hobs.
The growth in per capita disposable income, coupled with the number of families choosing to live separately in nuclear houses, is also a major reason propelling the growth in the demand for hobs in the market. The hobs market offers promising growth opportunities, which is attracting a large number of players to enter the hobs market.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: regional markets, product type, base material, ignition, burner or induction zone, price range & sales channel.
The study is a source of reliable data on
- Hobs Market segments and sub-segments
- Hobs Market trends and dynamics
- Supply and demand
- Hobs Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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