Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Electric Stoves Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global marketplace for electric stoves is experiencing a notable ascent, with a forecasted surge from $22.98 billion in 2023 to $26.01 billion by the year 2028, showcasing a steadfast compound annual growth rate (CAGR) of 2.4%.
A newly published research report delineating this sector's key trends, market shares, and potential areas of expansion is now available, providing a granular analysis of this evolving industry. With urbanization, heightened energy efficiency standards, and smart home integration driving the growth curve, the electric stove market is observed to mirror the contemporary shifts towards a more electric-centric culinary lifestyle. Leading companies within this domain are noted to hasten innovations, proposing models that integrate state-of-the-art technologies for enhanced user convenience and energy conservation.
Market Dynamics
The shift towards electric stoves is significantly fueled by the global push for sustainability and energy-saving appliances. These stoves, renowned for their precise temperature control and energy proficiency, are superseding traditional gas cooktops—particularly in settings where reducing heat energy wastage is imperative.
Product Categories and Material Innovations
The market report highlights two main product variants: built-in and free-standing electric stoves, each finding utility across residential, commercial, and industrial domains. Innovations in materials and design are also observed, with manufacturers increasingly adopting sustainable materials to resonate with the eco-conscious consumer base.
Trending Technological Features
- Automatic temperature regulation
- Smart shutdown functions
- Touchscreen user interfaces
These technological advancements are particularly noticeable in high-end models, where ease of cleaning, user-friendly controls, and safety measures are augmented with contemporary cooking methodologies.
Regional Market Insights
The Asia-Pacific region is leading the electric stoves market, attributing its dominance to the robust adoption rates across burgeoning economies. Western Europe follows, with the two regions collectively setting the pace for future market expansions. The research report provides in-depth analysis for a multitude of countries, including strategic players such as the USA, China, and members of the European Union.
Competitive Landscape
The report underscores the competitive strategies employed by key market players. Groundbreaking products, such as indoor cooking stoves boosted by solar thermal technologies, exemplify the innovative strides manufacturers are undertaking to cater to the consumer's evolving needs while addressing environmental concerns. Industry stalwarts are continually engaging in research and development, striving to offer efficient, user-friendly, and safety-enhancing features. Such advancements play a pivotal role in shaping consumer preferences and augmenting market growth.
A selection of companies mentioned in this report includes
- Koninklijke Philips N.V.
- Panasonic Corporation
- Haier Group Corporation
- AB Electrolux
- Robert Bosch GmbH
- Broseley Fires
- ESSE Engineering Ltd.
- Faber S.p.A.
- Galanz Group
- General Electric Company
- Whirlpool Corporation
- Sunpentown International Inc.
- LG Electronics Inc.
- Fisher & Paykel Appliances Ltd.
- Smeg S.p.A.
- True Induction
- Miele & Cie. KG
- Waring Products
- MENU SYSTEM
- Chinducs Corporation
- The Vollrath Company LLC
- Fusibo Appliance
- Summit Appliance Division Felix Storch Inc.
- Sub-Zero Inc.
- Andong Electric Co. Ltd.
- Samsung Electronics Co. Ltd.
- KitchenAid Inc.
- Maytag Corporation
- Kenmore Appliances
- Amana Corporation
- Frigidaire International
- Hotpoint Appliances
- Jenn-Air Corporation
- Viking Range LLC
- Wolf Appliance Inc.
- Thermador
- Dacor Inc.
- Bertazzoni S.p.A.
- Blomberg Appliances
- Hisense Group Co. Ltd.
- Ilve S.p.A.
- La Cornue
- Liebherr Group
- Verona Appliances
- Zephyr Corporation
For more information about this report visit https://www.researchandmarkets.com/r/atyodz
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