Residential Hobs Market Analysis Report By Size, By Product Type, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global residential hobs market size was accounted for USD 11.6 billion, in 2018 and is anticipated to grow at 7.2% CAGR over the forecast period. Major factors driving the market include the growing trend of westernization, rising consumers’ purchasing power, and product innovation by the industries. Manufacturers are constantly innovating new products to keep up with the momentum of advancement in technology, thus, supplementing the market growth.

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.

The advancement of technology is playing an important role in driving product demand. Though the product price is high when compared to other cooktops, however, consumers are getting to know about the difference in the efficiency which, in turn, is driving the overall product demand. These hobs can be readily connected to smartphones via wireless connections like Bluetooth and Wi-Fi, which can send alerts and can be regulated from anywhere in the house.

However, the high product price may hinder the market growth as the majority of the consumers are economical, thus, the growth of the residential hobs market is expected to be supplemented by other low-priced cooktops in the upcoming years. However, manufacturers are investing in research and development to expand their line of products and come up with a low-budget category of this product. This is going to help them in targeting the low economical group, thereby, increasing the product demand. The intensity of purchasing household appliances is considerably high in countries like Germany and U.K. owing to increasing disposable income, social media influence, and digital exposure. This is anticipated to further drive the growth of the market over the forecast period.

Size Insights

Based on the size, the market is divided into 2-burner, 3-burner, 4-burner, and 5-burner. The 4-burner hob was the largest market with a 43% share, in 2018. This segment is expected to register the highest CAGR over the forecast duration. Demand for burners for cooking is rising in growing economies like China and India, where there are a significant number of combined families. Furthermore, the growing preference for having a good number of delicacies in the meal is also promoting the market growth.

The young workforce, who has very little time to cook, is the probable buyer of products with more burners, thus, driving the need for this very product segment. The 3-burner segment is anticipated to expand at 7.3% CAGR and notice considerable growth over the forecast period. The popularity of these burners is gaining traction amongst the economically young group of consumers because of the energy-efficient features of the hobs.

Product Type Insights

By product type, the residential hobs market is divided into gas, induction, and 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. The price of LPG is drastically changing and continuously increasing in countries like India. Hence, consumers prefer electric hobs and cooktops, thereby driving the product demand.

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.

Residential Hobs Market Share Insights

Some of the major players of the market are Electrolux AB, Whirlpool, Bertazzoni, LG Electronics, Bosch Limited, ROBAM Appliances Limited, Faber, Glen, KAFF, and Elica. The market exhibits medium to high barriers to entry of new entrants as it involves high setup costs and huge investment in research and development. The market on a whole is driven by innovation and acquisition and mergers amongst the players. Manufacturers are mainly focusing on several phases of innovation for gaining an edge over competitors and extending their line of products for targeting the groups with low budgets.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global Residential hobs market report based on product type, size, and region:

• Product Type Outlook (Revenue, USD Billion, 2015 - 2025)
    • Induction
    • Gas
    • Mix

• Size Outlook (Revenue, USD Billion, 2015 - 2025)
    • 2 burner
    • 3 burner
    • 4 burner
    • 5 burner

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)
    • North America
        • U.S.
        • Canada
    • Europe
        • U.K.
        • Germany
    • the Asia Pacific
        • China
        • India
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa