A Detailed Analysis of the Residential Hobs Market Based on Rise in Smart Homes, and Deepening Intervention of IoT Across Residential Sector
Industry: Consumer Goods
Published Date: January-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 178
Report ID: PMRREP33645
The global residential hobs market is forecast to expand at a CAGR of 7.4% and thereby increase from a value of US$19.5 Bn in 2023, to US$32.2 Bn by the end of 2030.
|
Attributes |
Key Insights |
|
Residential Hobs Market Size (2023E) |
US$19.5 Bn |
|
Projected Market Value (2030F) |
US$32.2 Bn |
|
Global Market Growth Rate (CAGR 2023 to 2030) |
7.4% |
|
Historical Market Growth Rate (CAGR 2018 to 2022) |
6.3% |
A gas stove is a type of kitchen appliance that uses natural gas as fuel to cook meals. The market has several kinds of gas stoves, including models with two, three, and four burners. An oven, broiler, and four burners are common features in a household gas stove. It has a metal plate with one or more burners for warming up pots and pans placed on top of it. Gas or electricity are the two power sources available for residential hobs. Cooking food in a home kitchen is done with a residential hob. Usually, it is made up of a flat surface with several hotplates-burners-that are either electrically or naturally gas-powered. Add-ons like built-in fryers, grills, and ovens are also possible for residential hobs.
One of the main reasons supporting the market's expansion is the rise in smart houses and the global residential construction industry. Further paving the way for market expansion are the expanding westernization, increasing rate of supply-side downsizing brought on by an increase in nuclear families, and growing demand for energy-efficient induction hobs. But, the hefty price of these home invasions could prevent the market from expanding during the projected term. Furthermore, growth prospects are expected to be generated in the long run by expanding disposable income, growing manufacturing innovation, and increasing awareness of residential burglaries and their benefits.
Rising Demand for Advanced, Sophisticated Kitchen Appliances
A change in customer choices and lifestyles drives the residential hob market's growing desire for contemporary kitchen appliances with cutting-edge features. Convenience and efficiency in daily tasks, including cooking, are becoming increasingly important as people's lives get busier. Sophisticated, modern hobs meet these evolving needs.
Additionally, time-saving features like precise temperature control, rapid cooking options, and faster heating are becoming more and more desirable to consumers. For instance, induction hobs are becoming increasingly popular because of their quick heating and cooling properties, which give consumers more control over the cooking process.
Furthermore, the market for hobs with various cooking settings and cooking zones is driven by the desire for multipurpose equipment. This aligns with the current trend of experimenting with various cuisines at home and using adaptable cooking techniques. An additional component of this trend is the integration of smart technologies. Customers are looking for hobs that can be integrated with other kitchen equipment, have remote control capabilities, and be connected to smart home systems. Consequently, fueling the growth of the residential hob market.
High Price Related to Installation
The residential hobs market may be constrained by price limitations, especially if regulatory authorities enforce stringent or changing criteria. Manufacturers may have to pay hefty prices for their hobs to satisfy the necessary energy efficiency, safety, and environmental regulations. These compliance costs can be part of investing in R&D, testing facilities, and process modifications. Higher production costs could result from these extra expenses, impacting the hobs' final retail price.
Additionally, the capacity of producers to set competitive pricing based on production costs and market demand may be restricted by strict price regulations. The imposition of this constraint could have an impact on customer affordability, particularly if costs associated with compliance are passed through to the final product.
Consumers' Resistance to Adopt New Technologies
One major market constraint may be consumers' unwillingness to accept new technologies or modify their culinary habits. Since many consumers are used to using conventional cooking techniques, they could feel at ease using their current appliances. A preference for the known and a reluctance to climb the learning curve of new features can be the causes of resistance to embracing new technologies.
Furthermore, some customers may be unaware of the advantages of cutting-edge hob technologies. Reluctance to adopt advancements such as smart controls, energy-efficient alternatives, or induction cooking may stem from a lack of knowledge or comprehension of these characteristics. Moreover, more sophisticated hobs can include a lot of settings and capabilities, which some customers might find overwhelming. People may be discouraged from exploring or investing in modern hob solutions if they fear operating complex controls or electronics.
Increased Need for Sustainable and Energy-efficient Solutions
Consumers are searching for more environmentally friendly and energy-efficient solutions as their awareness of environmental issues and the carbon footprint of household appliances grows. The eco-conscious approach is in line with residential hobs that prioritize energy efficiency. Furthermore, producers can produce hobs that meet environmental organizations' and governments' strict energy efficiency guidelines and rules.
A product's standing on the market may improve if it meets or surpasses these regulations. Moreover, using sustainable materials and building techniques results in a cleaner product in the hob production process. This involves designing hobs to be easily disassembled and recycled at the end of their lives and employing recyclable or recycled materials.
The residential hobs market is expected to experience significant growth and transformation. Growing per capita income, expanding purchasing power, westernization, and product innovation by market participants are the main drivers of the sector. Increasing the number of smart homes is another important aspect driving the market's expansion. Furthermore, consumer awareness of induction hobs' energy efficiency is growing as a result of the introduction of technologies like Internet of Things (IoT), which is fueling the product's global demand. Moreover, increased demand for the commodity is largely due to technological advancements.
Despite being more expensive than other cooktops, product sales are increasing as more people become aware of the disparity in energy efficiency. Wi-Fi and Bluetooth wireless connections make it simple to connect these hobs to smartphones to operate from anywhere in the house and transmit alarms. In addition, because of social media influence, increased disposable money, and increased digital exposure, countries like the UK, and Germany have very high household appliance purchase volumes. Throughout the projected period, this is anticipated to fuel market expansion.
Supply-side Dynamics
The industry is primarily driven by expanding spending power, westernization, per capita income, and product innovation from market participants. Moreover, continuous R&D initiatives stimulate new product development. To remain competitive in the market, manufacturers invest in creating new features, increasing energy efficiency, and boosting overall performance. In order to stay up with the rapid evolution of technology, manufacturers are also coming up with new goods, which is helping the market.
Furthermore, innovations in hob design, like smart features and energy-efficient models, reflect the changing supply-side situation. Cooperation with suppliers is crucial to guarantee a consistent and affordable supply of components. Furthermore, strategic alliances with retail channels—like multi-brand stores and internet platforms—are essential for efficiently reaching customers.
The United States imports goods from many manufacturers across the globe and is frequently a major user of kitchen appliances, including hobs. American businesses may partner with foreign producers to distribute their goods to American consumers. These partnerships add to the variety of hobs available in the American market. Additionally, producers of domestic hobs have historically controlled exports and production from nations like China, South Korea, Germany, and Italy. These countries are well known for their advanced technological know-how, creative designs, and well-established appliance manufacturing capacities.
What is the Bestselling Hob Category?
Induction Hobs Bestseller, Driven by Residential and Construction Sectors
Induction hobs for homes are a cooking device that heats cookware directly using electromagnetic energy instead of heating the hob itself. The expanding global building industry is driving the need for induction hobs. The increasing need for induction hobs results from the growth in residential and commercial construction as well as the number of eateries and restaurants.
Moreover, the gas hob category is anticipated to grow significantly over the forecast period. The residential gas hob is one cooking device that heats meals using natural gas. Usually located in household kitchens, they have one or more burners with temperature adjustments for different kinds of cooking. In addition to being a rapid and even way to prepare food, gas hobs have several safety measures like automatic shut-off valves and flame failure devices.
What is the Best Performing Price Range?
Low-range Category Dominates
Due to its affordability, a wider spectrum of consumers can purchase hobs in the low-range category. Those seeking more affordable solutions can consider these models, which typically have basic features. Basic temperature control and a straightforward design are characteristic features of low-range hobs. Higher-end models may have more advanced features than these.
Moreover, the medium-range category will grow substantially in the forecast period. Hobs in the middle range of prices combine more functionality with affordability. Without choosing expensive, high-end models, buyers in this category are willing to pay a little extra for enhanced functionality. Compared to low-range choices, medium-range hobs might have a wider selection of features.
Which Segment Tops Based on Burner/Induction Zones?
Two-burner Zones to Surge Ahead
Homes are increasingly utilizing induction and two-burner zones due to its widespread availability as a practical cooking option, two-burner/induction zones dominate the worldwide domestic hob market. Two burners are plenty for everyday cooking in most homes. Their compact design makes them ideal for smaller living areas such as apartments and condos. The development of induction technology has also aided their rising fame.
On the other hand, over the course of the projected period, the three burner segment is expected to increase significantly. A growing number of young, frugal consumers aware of hobs' energy-saving characteristics are placing a high demand for these burners. To top it off, they prefer smaller hobs because they have fewer family members.
Which is the Largest Sales Channel?
Multi-brand Stores Bring in the Maximum Revenue
This category is growing as a result of the rapidly expanding number of these stores throughout the world. Additionally, many customers visit these stores to buy home appliances because they offer many branded goods, and stock-keeping units (SKUs). Buying from multi-brand retailers provides the benefit of instant availability.
Moreover, the online stores category held a significant share of the market. Online retailers offer the ease of perusing and making purchases from home. Those living in rural areas or with hectic schedules would benefit from this accessibility. The ease of doorstep delivery is another important aspect contributing to the growing popularity of online shopping.
North America’s Primacy Prevails, Majorly Fueled by Premium Hob Categories
Over the course of the forecast period, North America is anticipated to maintain its dominant position in the residential hobs market. This is explained by how quickly new, high-tech goods and gadgets have been adopted. Furthermore, other elements anticipated to assist the target market's revenue growth in this region include the increasing propensity towards modernizing kitchens and the growing acceptance of these hobs because of their energy efficiency. Strong technical developments in several region countries are a major element propelling the market.
Moreover, in North America, the US has been a popular destination for homeowners looking to purchase domestic hobs. A penchant for modern kitchen design and increased home cooking trends usually drive this. The increase in home stove sales is driven by the rising demand for upscale indoor appliances in the urban and rural areas of the US.
Additionally, the sophisticated features of appliances that keep up with the rising standards of consumer living make modern kitchen design possible. In August 2022, KENT unveiled a brand-new appliance called the Jewel Induction Cooktop. The invention could provide users with a quick and safe cooking experience.
Europe Witnesses an Upsurge in Demand
It is projected that rising customer demand for new products and intensifying competition will expand the European residential hob market. The goods have undergone technological, performance, features, and design innovation. The European market has witnessed a surge in demand for residential kitchen hobs due to consumers' growing purchasing power, growing disposable income, and changing food appliance fashion trends.
Furthermore, increased urbanization, and hob safety have led to a remarkable increase in hobs use in Germany. In Germany, built-in hobs are becoming increasingly common due to increased safety and urbanization. Additionally, because fast food has become more popular and the working class has expanded, consumers are becoming more health-conscious. In addition, because energy-efficient kitchen equipment is often less expensive and lowers utility expenses, consumers in Germany are choosing it.
The main factor that sets apart the global residential hobs market is the existence of numerous local and foreign companies like AB Electrolux, IFB Industries Limited, Haier Group Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Whirlpool Corporation, etc. To gain an advantage over rivals and expand their product offerings, manufacturers focus on multiple facets of innovation. The market has moderate to high barriers to entry since it requires large investments in R&D and beginning costs. Innovations, acquisitions, and mergers drive the industry as a whole. Manufacturers are concentrating on several innovation-related topics to set themselves apart from the competition and broaden their product offerings to appeal to lower-class consumers.
Moreover, businesses are focusing on developing and innovating new products to grow their clientele. For instance, Bosch Induction Cooktops, which enable users to synchronize their hobs with the wall hood, were introduced by Robert Bosch GmbH, a German corporation. When the cooktop is turned on, it may also be set to deploy automatically. Additionally, to increase their market revenue globally, major corporations are implementing the merger and acquisition strategy. To appeal to lower-income customers, they should set themselves apart from the competitors and broaden their product lines.
New Product Launch
In February 2023, Electrolux expanded its range of appliances with its built-in line launch. Hobs bearing the brand Electrolux UltimateTaste are also available in the new series. The product line consists of 11 different hobs. These consist of induction, gas, and hybrid cooktops.
Market Impact: Electrolux's introduction of built-in hob appliances into the Indian market had a significant effect. With the introduction of eleven distinct hobs—including gas, hybrid, and induction cooktops—the product line has undergone considerable diversity. This offers a wider selection of options to suit consumers' varying culinary tastes and technology tendencies. The launch of a fresh, varied product line further heightens the rivalry in the home hobs market.
(Source: Electrolux Group)
In October 2022, the Bosch True Brass Burner Hobs were introduced by BSH Home Appliances. The new product in their kitchen category was thoughtfully designed to cater to the advanced cooking habits of the average household. Its 4KW total power output and flawless technological design are solid brass, making it suitable for heavy-duty cooking.
Market Impact: The launch of the Bosch True Brass Burner Hobs has the potential to spur innovation among competitors, change customer preferences, and establish new technological benchmarks. This invention might establish a new benchmark for effectiveness and performance, pushing rival producers to improve their line of products in order to stay competitive.
(Source: MediaBrief)
|
Attribute |
Details |
|
Forecast Period |
2023 to 2030 |
|
Historical Data Available for |
2018 to 2022 |
|
Market Analysis |
US$ Million for Value |
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon request |
By Product Type:
By Price Range:
By Number of Burner/Induction Zones:
By Sales Channel:
By Region:
To know more about delivery timeline for this report Contact Sales
The market is anticipated to grow at a CAGR of 7.4% during the projected period.
The residential hobs market was valued at US$19.5 billion in 2023.
The US held the largest market share in 2023.
Some of the prominent players in the market are Whirlpool Corporation, AB Electrolux, Samsung Electronics Co. Ltd., Midea Group Co., Ltd., Siemens AG, Robert Bosch GmbH, and Haier Group Corporation.
Medium range segment is expected to grow at the fastest rate during the forecast period.
