Global Residential Hobs Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
The Residential Hobs Market report has been segmented on the basis of product type, hobs size, and region.
Global Residential Hobs Market: Overview
“The Residential Hobs Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
Residential hobs are the type of modern cooking appliances that consist of hotplates or burners and can be operated through electricity as well as gas. These appliances are available in various sizes or numbers of burners such as two, three, and so on.
Global Residential Hobs Market: Dynamics
The growing population and increasing consumption of food across the globe are major factors expected to drive the growth of the global market. In addition, technological advancements in cooking appliances in terms of design and utility are resulting in high demand for residential hobs globally, which is a factor projected to propel the target market growth.
Escalating prices of LPG, especially in developing countries are influencing the adoption of electric residential hobs which is another factor anticipated to augment the growth of the global market.
Increasing inclination towards modernizing the household and growing demand for energy-efficient appliances are some other factors expected to propel the target market growth over the forecast period.
The key trend observed in the global market is the availability of the IoT-enabled induction cooktops at online channels.
However, the high cost of advanced residential hobs is another factor expected to challenge the growth of the target market over the forecast period.
In addition, some of these hobs require specific or compatible utensils to cook which may result in additional expenses, which may hamper the global market growth to a certain extent.
Global Residential Hobs Market: Segmental Analysis
Among the product type segments, the induction segment is anticipated to register significant growth, which is attributed to the increasing utilization of induction-based cooktops in developed countries.
Among the hobs size segments, the 4 burner segment is expected to contribute to significant shares of the global market, in terms of revenue. This is attributable to the growing demand for 4 burner residential hobs among large families, particularly in developing countries.
Global Residential Hobs Market: Regional Analysis
North America is expected to dominate the residential hobs market and continue its dominance over the forecast period. This is attributed to the quick adoption of new and technologically advanced products or appliances.
In addition, the growing adoption of these hobs due to energy efficiency and inclination towards modernizing the kitchen are some other factors expected to support the revenue growth of the target market in this region.
Asia Pacific residential hobs market is expected to register substantial growth, which can be attributed to the rapidly growing demand for ready-to-live and smart homes coupled with increasing disposable income.
In addition, increasing urbanization in developing countries such as India and China, improved standard of living along with inclination toward technologically advanced appliances are some additional factors expected to propel the growth of the target market.
Furthermore, a strong base population fuels the demand for residential hobs which is another factor anticipated to fuel the target market growth.
Global Residential Hobs Market Segmentation:
Segmentation by Product Type:
Segmentation by Hobs Size:
- 2 burner
- 3 burner
- 4 burner
- 5 burner
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- AB Electrolux (publ),
- Elica S.p.A.
- Whirlpool Corporation
- LG Electronics, Inc.
- Bertazzoni S.p.A.
- Robert Bosch GmbH.
- Faber (Franke Holding AG)
- Hangzhou Robam Appliances Co., Ltd
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