The global cooking hob market, valued at US$ 47.5 billion in 2023, is set to experience robust growth over the next decade. It is projected to grow at a CAGR of 5.7% from 2024 to 2034, reaching a market value of US$ 86.7 billion by the end of the forecast period. This growth trajectory is fueled by several key factors, including the increasing preference for space-saving modular kitchens and the rising demand for smart, energy-efficient cooking appliances.
Get Sample PDF Research Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=86001
Analysts’ Viewpoint
Analysts point to the surge in consumer interest in modular kitchens as a significant driver of market growth. Modular kitchens offer flexibility, space optimization, and a contemporary look, making them highly appealing to modern homeowners. The integration of smart cooking appliances, including cooking hobs, into these kitchens is becoming increasingly popular as lifestyles change and awareness of sustainability grows. Energy-efficient hobs, particularly induction hobs, are in high demand due to their ease of cleaning, ability to create a cooler kitchen atmosphere, and improved safety features.
One of the latest trends in the cooking hob market is the incorporation of Wi-Fi technology, allowing users to control and monitor their cooktops remotely. Additionally, cooking hobs made of glass are gaining popularity due to their sleek design and aesthetic appeal, which can enhance the sophistication of any kitchen. Key players in the market are focusing on launching high-performance cooking hobs and expanding their business operations to increase market share.
Market Introduction
A cooking hob is an appliance used to preheat pots and pans, either on top of a burner or integrated into a work surface. The market offers a variety of cooking hobs, including electric hobs, gas hobs, and hybrid hobs, providing consumers with ample choices to meet their specific requirements. Induction hobs are particularly favored due to their safety features, such as reducing the risk of burns and improving indoor air quality. These hobs also offer consistent and efficient cooking.
The global cooking hob market is expected to experience rapid growth during the forecast period, driven by the advantages of improved performance and safety.
Market Drivers
Rise in Preference for Modular Kitchens
The demand for modular kitchens is on the rise, driven by the need for flexibility, space optimization, and contemporary design. Modern cooking hobs, such as smart hobs, complement the practicality and style of modular kitchen setups. Inductive kitchen hobs, in particular, are highly appealing to consumers seeking elegant and practical kitchen solutions. The rapid pace of urban life has also increased the demand for kitchen solutions that save time and energy. Wi-Fi-enabled induction hobs, which allow for easy remote monitoring and precise temperature control, are becoming increasingly popular.
Key players in the market are introducing innovative hobs to meet consumer requirements. For instance, Fisher & Paykel Appliances Holdings Ltd is set to launch the Primary Modular Induction Cooktop, featuring a 6" touchscreen and precision induction technology for smooth control and flawless outcomes. Such product launches, coupled with the growing inclination of consumers towards kitchen design and aesthetics, are expected to drive market growth.
Surge in Number of Commercial Food Spaces
The rise in global population has led to increased demand for food, propelling the growth of commercial food spaces such as restaurants and cafes. Factors such as the popularity of fast food, casual outdoor dining, diverse menus, and new technologies like self-service kiosks and apps are driving the expansion of the food industry. The mutually beneficial relationship between the food business and the expanding middle class has contributed to the industry's continued growth.
Tourism also plays a significant role in boosting the market. Tourists are drawn to major destinations like France, Spain, and Italy for their rich culture, history, and beautiful beaches. The expanding tourism sector offers ample opportunities for commercial food spaces, which in turn drives the demand for cooking hobs.
High Demand for Electric Hobs
The cooking hob market is segmented based on product type into electric hobs, gas hobs, and hybrid hobs. In 2023, electric hobs held the largest market share. Rising cooking fuel prices are prompting consumers to switch to electric cooktops, which are more efficient and cost-effective. Induction appliances, in particular, are up to three times more efficient than gas stoves and offer a safer, more pleasant indoor cooking environment. The growing rate of residential and commercial construction also supports the demand for electric cooking hobs due to their aesthetic appeal and advanced features.
Regional Outlook
The Asia Pacific region held the largest market share in 2023 and is expected to maintain its leading position during the forecast period. The demand for energy-efficient and advanced cooking appliances, including induction cooktops, is driving market growth in the region. Government initiatives promoting energy conservation further boost the market. Additionally, increased investments in the construction sector are creating lucrative opportunities for market players.
Key Players and Market Developments
Key players in the cooking hob market include BORA Vertriebs GmbH & Co KG, BSH Home Appliances Group, Electrolux Group, Elica S.p.A., FABER S.p.A., Fisher & Paykel Appliances Holdings Ltd, Miele & Cie. KG, Samsung Electronics Co., Ltd, SMEG S.p.A., and Whirlpool Corporation. These companies are focusing on expanding their presence globally through product launches and strategic collaborations.
About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Contact:
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian