Residential Hobs Market Size, Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Residential Hobs Market


The global Residential Hobs market size is projected to reach US$ 20.23 billion by 2026, from US$ 13.33 billion in 2020, at a CAGR of 7.2% during 2021-2026. Primary factors driving the industry include increasing per capita income, rising spending capacity, westernization, and product innovation by the market players. Manufacturers are innovating different products in order to keep up with the pace of technological advancement, thus driving the market to the positive side.

Furthermore, growing trend of miniaturization on the supply-side owing to an increase in nuclear families has led to the designing of the products that are more compact and have the same efficiency. Increasing smart homes is also one of the prominent factors for the growth of the market. Due to emergence of technologies such as IoT, consumers are getting aware about the energy efficiency of induction hobs, thus driving the overall demand for the product globally.

Technological advancement is playing a vital role in boosting the demand for the product. Although the product costs higher in comparison with the other cooktops, consumers are getting aware of the difference in the energy efficiency between the two and thus propelling the overall demand. These hobs can be easily connected through smartphones via wireless connections such as Wi-Fi and Bluetooth, which send alerts and can be controlled from any part of the house.

However, high price of the product can act as a restraining factor in the market as major population of the consumer group is economical, thus the market can be pulled by other economical cooktops in the coming years. Although, manufacturers are investing heavily in research and development so as to expand their product line and introduce the product in low budget.

This will help them to target the low economical group and thus increase the demand for the product. The purchase volume of household appliances is very high in countries such as U.K. and Germany due to rising disposable income, digital exposure, and social media influence. This is expected to propel the market growth in the forecast period.

Market Segmentation, Outlook & Viewpoint: Global Residential Hobs Market

Product Type Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
Induction
  
Gas
  
Mix

Size Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

  
2 burner
  
3 burner
  
4 burner
  
5 burner

Key Players, Recent Developments & Regional Insights: Global Residential Hobs Market

On the basis of product type, the market is segmented into induction, gas, and mix. The induction segment dominated the market in 2018, accounting for more than 40.0% share of the overall revenue. The segment is expected to witness significant growth in the forecast period. Usage of induction based cooktop is high in regions such as North America and Europe. Canada and U.S are the leading countries in terms of household electric consumption, thus driving the induction segment.

The mix segment is the fastest growing segment, expanding at a CAGR of 7.8% in the forecast period. Asia Pacific and MEA have driven the demand for the mix segment owing to presence of a large consumer base, which still prefers to use LPG for cooking various dishes. Shifting consumer preference for electricity for cooking due to increasing price of LPG is boosting the segment growth. Price of LPG is witnessing a drastic change and is increasing continuously in countries such as India. Thus, consumers are shifting towards electric cooktops and hobs, thereby propelling the demand for the product.

Regional Insights

North America dominated the market and accounted for 30.0% share of the overall revenue. The region is anticipated to witness significant growth in the forecast period. U.S. is the largest contributor to the regional market growth. In 2018, the country accounted for 40.0% share in the North America market. Robust technological advancements in various countries of the region is a prominent factors driving the market.

Asia Pacific is the fastest growing regional market and is expected to expand at a CAGR of 8.7% in the forecast period. Growing awareness about the product, increasing disposable income, and presence of a large consumer base are the prominent factors driving the market in Asia Pacific. Increasing price of the fuel for cooking is also one of the prominent factors compelling the consumers to shift towards energy saving electric based hobs.
Residential Hobs Market Share Insights

Electrolux AB, Elica, Whirlpool, LG Electronics, Bertazzoni, Bosch Limited, Faber, ROBAM Appliances Limited, Glen, and KAFF are some of the market players in the industry. The market presents moderate to high entry barriers for the new entrants as it requires high investment in research and development and high setup cost. The overall market is driven by innovations and mergers and acquisitions of the players. Manufacturers are focusing on various aspects of innovation in order to gain an edge over their competitors and to extend their product line so as to target the low budget group.

Key Insights Covered: Global Residential Hobs Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Residential Hobs industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Residential Hobs industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Residential Hobs industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Residential Hobs industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Residential Hobs industry.

Research Methodology: Global Residential Hobs Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other