Wilmington, Delaware, United States, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global hobs market is estimated to flourish at a CAGR of 5.8% from 2021 to 2031. Transparency Market Research projects that the overall sales revenue for hobs is estimated to reach US$ 33.4 billion by the end of 2031. Increasing consumer awareness about sustainable living drives demand for hobs made from eco-friendly materials, encouraging manufacturers to explore sustainable production methods and recyclable materials.
Urban living and compact kitchen spaces prompt the development of space-saving hobs, such as built-in or multi-functional hobs, catering to small living spaces and modern kitchen layouts. Enhanced safety features beyond traditional mechanisms focus on accident prevention, such as child lock systems, gas leak sensors, and automatic shutdown mechanisms, improving consumer confidence in hob safety.
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Growing consumer desire for personalized kitchen appliances drives the demand for customizable hobs, allowing for color variations, knob designs, and interface personalization to match individual kitchen aesthetics. Innovations incorporating health-oriented features like grease and odor extraction systems, promoting healthier cooking environments and cleanliness within the kitchen.
Hobs Market: Competitive Landscape
The hobs market exhibits a competitive landscape with prominent players like Bosch, Siemens, and Whirlpool dominating. These industry leaders offer a wide array of gas, electric, and induction hobs, emphasizing sleek design, energy efficiency, and advanced cooking technologies. Emerging contenders like Beko and Smeg also contribute with innovative hob designs and enhanced features, intensifying market competition.
Regional brands in Asia-Pacific such as Haier and Panasonic add diversity, catering to local preferences. The market rivalry fuels continuous innovation, introducing smart functionalities and customizable options, providing consumers with a diverse range of high-performance hobs catering to modern kitchen needs globally. Some prominent manufacturers are as follows:
- Whirlpool Corporation
- AB Electrolux
- Miele & Cie. Kg
- Panasonic Corporation
- Arcelik A.S. (Beko)
- IFB Industries Limited
- Elica S.p.A.
- Electron International
- FABER S.p.A.
- Bosch-Siemens Hausgeraete GmbH
- Sunflame Enterprises Private Limited
- Capella Home Appliances
- Daewoo Electronics Corporation
Key Findings of the Market Report
- Induction hobs lead the hobs market due to their increasing popularity, energy efficiency, and sleek design preferences among consumers.
- Electric hobs are leading the market, offering efficiency and versatility, while gas/liquid fuel hobs maintain popularity for traditional cooking methods.
- Automatic ignition type leads the hobs market due to convenience, offering hassle-free ignition compared to manual ignition mechanisms.
Hobs Market Growth Drivers & Trends
- Rising consumer preference for energy-efficient induction hobs drives market growth, reflecting eco-conscious kitchen appliance choices for sustainability.
- Innovation in hob designs, smart functionalities, and precision cooking features cater to evolving consumer needs and lifestyle demands.
- Emphasis on sleek, modern designs and customizable options align with kitchen aesthetics, influencing consumer purchase decisions.
- Shift towards home cooking and diverse culinary interests fuel demand for versatile hobs with enhanced cooking capabilities.
- Increasing integration of smart home technologies in hobs, enabling remote control and personalized cooking experiences, shapes market trends and consumer expectations.
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Global Hobs Market: Regional Profile
- North America presents a burgeoning hob market, led by the United States, characterized by a preference for gas and electric hobs. Brands like KitchenAid and GE Appliances cater to consumers seeking advanced functionalities and modern designs, emphasizing convenience and efficiency in cooking.
- In Europe, particularly in countries like Germany and Italy, induction hobs gain popularity due to their energy efficiency and sleek designs. Brands such as Bosch and Siemens offer high-end, innovative hobs, meeting the region's emphasis on performance and aesthetics in kitchen appliances.
- The Asia Pacific region demonstrates diverse hob preferences. In countries like China and Japan, induction and gas hobs dominate, with brands like Haier and Panasonic focusing on advanced features and space-saving designs tailored to local kitchens.
Product Portfolio
- Whirlpool Corporation offers a diverse product portfolio in home appliances, including refrigerators, washing machines, dishwashers, and cooking appliances. Known for innovation and reliability, their appliances cater to various consumer needs, delivering efficiency, style, and advanced technology for modern households.
- AB Electrolux specializes in home appliances, offering a wide range of products such as refrigerators, vacuum cleaners, ovens, and washers. Their portfolio emphasizes premium quality, innovative design, and sustainability, providing superior solutions for everyday convenience and style in households globally.
- Miele & Cie. Kg provides premium household appliances, including vacuum cleaners, dishwashers, ovens, and coffee systems. Renowned for superior craftsmanship, precision engineering, and cutting-edge technology, their products embody durability, performance, and timeless design for discerning consumers worldwide.
Hobs Market: Key Segments
By Product Type
- Gas Hobs
- Induction Hobs
- Gas on Glass Hobs
- Others (Electric Plate Hobs, Ceramic Hobs, etc.)
By Power Source
- Electric
- Gas/Liquid Fuel
By Ignition Type
- Manual
- Automatic
By Burner
- Two
- Three
- Four
- More than 4
By Price
- Low
- Medium
- High
By End Use
- Residential
- Commercial
By Distribution Channel
- Online
- Company Owned Websites
- E-commerce Websites
- Offline
- Specialty Stores
- Supermarket/ Hypermarket
- Others (Retails Stores, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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