The global Residential Hobs Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global residential hobs market size is projected to touch USD 19 billion by 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 7.2% through the forecast period of 2019 to 2025.Increasing disposable income, rising number of young consumer groups, and increasing awareness of consumers regarding the energy efficiency of the product are the major factors propelling the growth of this market.
Key Players:
- Electrolux AB
- Elica
- Whirlpool
- LG Electronics
- Bertazzoni
- Bosch Limited
- Faber
- ROBAM Appliance Pvt. Ltd.
- Glen India
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Growth Drivers:
Moreover, the growing demand for smaller and compact components owing to an increase in the number of nuclear families is leading to market growth. An increasing number of smart homes is also one of the major factors driving the growth of this market. Owing to the development of technologies like IoT, consumers are getting to know about the efficiency of induction hobs, which, in turn, positively affecting the market growth.
Product Type Outlook:
- Induction
- Gas
- Mix
The induction product held the largest market share with over 40%, in 2018. This product type is projected to see considerable growth over the forecast period. The use of induction-based cooktops in regions like Europe and North America is considerably high. Countries like the U.S. and Canada are the foremost consumers of household electricity, thereby driving the product demand.
The mix product type is anticipated to be the fastest-growing segment, augmenting at 7.8% CAGR over the forecast period. The Asia Pacific and Middle East Asia have driven the need for the mixed product type due to the inhabitance of a huge consumer base, which still uses LPG for cooking purposes. Consumers shifting their preference towards electricity for cooking owing to the increase in the price of LPG are uplifting the product demand.
Size Outlook:
- 2 burner
- 3 burner
- 4 burner
- 5 burner
The 4 burner hob size held the largest market share of 43% in 2018. It is anticipated to emerge as the fastest growing segment over the forecast period. The high demand of burners for cooking in countries like China and India, where the families are large is propelling the market growth. Trend of preparing a variety of cuisines in one particular meal is also contributing in driving the market growth. Increasing young workforce who have less time to invest in cooking propel the demand of this segment of the product.
Regional Insights:
North America ruled the market with a 30% share in the overall revenue. The region is projected to grow significantly over the forecast period. The U.S. has the highest contribution to market growth regionally. The country was estimated to have a 40% share in the market of North America in the year 2018. Flourishing advancements in technology in several countries of the very region is an important factor driving the growth of the market.
Asia Pacific is anticipated to be the fastest developing regional market, expanding at 8.7% CAGR over the forecast period. Rising disposable income, increasing awareness regarding the product, and the inhabitance of a large consumer base are the major factors driving the market growth in the Asia Pacific. Increasing fuel price used for cooking purposes is also one of the major factors persuading consumers to choose energy-saving electric-based hobs.
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