North America is poised to experience remarkable growth in the Hobs Market during the forecast period. The USA, in particular, is projected to be a key contributor to the global expansion of this market. The region’s dominance can be attributed to its robust technology infrastructure and advancements present in various countries.
The surging demand for advanced kitchen appliances has played a significant role in bolstering the hobs market. Consumers’ increasing living standards have driven the need for sophisticated kitchen appliances, imparting a modern and stylish appearance to their kitchen setups. A noteworthy example of such progress is Whirlpool Corporation’s introduction of the Smart Countertop oven under the brand name WLabs in 2019. Such initiatives by players in the region are anticipated to fuel market growth in the forecast period.
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In response to growing environmental awareness, manufacturers have also launched eco-friendly products. In 2022, Whirlpool Corporation made an important announcement about achieving Net Zero targets. Such environmentally conscious efforts are expected to further propel the hobs market in North America during the forecast period.
The global hobs market size is estimated to be valued at US$ 20.55 Billion in 2022, and is likely to reach US$ 33 Billion in 2032. The projected CAGR for the 2022-2032 forecast period is 4.8%.
The global kitchen appliances market is driven by the innovation of new products owing to technological advancement leading to the entry of new products such as hobs in the market. Hobs are basically modern gas stoves which are inbuilt in our kitchen slabs and helps in saving a lot of space.
Kitchen hobs is among the most essential equipment needed for cooking and find its place in most of the modern houses. Innovative features such as the incorporation of flame failure detection technology which automatically shuts off when gas leakage is observed and is one of the major reason for the rise in demand of hobs in the market.
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.
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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.
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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