Residential Hobs Market is Expected to Show a Significant Growth During the Forecast Period 2021 – 2025

Posted on 2021-03-22 by researchinsights in Consumer Services // 0 Comments

Felton, Calif., USA, Mar. 22, 2021 — /EPR Network/ —

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.

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.

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In 2018, the induction product type held the largest share of over 40% in the overall revenue. Countries like U.S. and Canada are the foremost consumers of household electricity where there is extensive usage of electric based cooktops for cooking as they are cost and energy efficient. Increasing price of LPG in countries like China and India is persuading the consumers to choose alternative options for cooking.

In 2018, North America dominated the regional market with 30% share in the overall revenue. Countries like U.S. and Canada are the foremost contributors to the regional market growth owing to significant technological advancement and innovation of products by the manufacturers. Asia Pacific is the fastest growing market, proliferating at a CAGR of 8.7% over the forecast period. Increasing price of LPG and rising awareness regarding the benefits of the product are strengthening the residential hobs market growth in this region.

Residential Hobs Product Type Outlook (Revenue, USD Billion, 2015 – 2025)

Induction
Gas
Mix

Residential Hobs Size Outlook (Revenue, USD Billion, 2015 – 2025)

2 burner
3 burner
4 burner
5 burner

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.

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Further key findings from the report suggest:

The segment of induction in product type held the largest market share of over 40% on the basis of revenue
The most preferred size was that of the 4 burner hob having 43% share in the overall revenue in 2018
Asia Pacific region is projected as the fastest growing market, enlarging at 8.7% CAGR over the forecast period owing to rising disposable income and increasing awareness about the product benefits

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