Global Electric Stoves Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
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The electric stoves market has witnessed a steady rise in recent years, boasting a size of $22.98 billion in 2023. A compound annual growth rate (CAGR) of 2.8% is anticipated, propelling the market to $23.63 billion in 2024. The surge in the historic period can be attributed to factors such as the electrification of homes, urbanization, mass production, and the electrification of rural areas.
Future Projections and Growth Drivers
- Steady Growth Ahead: Forecasts predict a continued expansion in the electric stoves market, reaching $26.01 billion in 2028 with a CAGR of 2.4%.
- Factors Driving Growth:
- Energy Efficiency and Sustainability
- Smart Home Integration
- Health and Safety
- Compact Living and Urbanization
- Customization and Aesthetics
- Anticipated Trends:
- Induction Cooking
- Built-in and Seamless Designs
- Energy Management and Efficiency Features
- Voice and App Control
- Sustainable Materials
Rising Demand for Electric Stoves with Energy Efficiency
The upsurge in demand for electric stoves is a significant catalyst for market growth. Electric stoves, as kitchen appliances, utilize electricity for cooking and heating food. Notably, around 68% of households in the US use electric appliances for cooking, showcasing the growing preference for electric stoves. This shift is fueled by the consistent and even heating offered by electric stoves, making them suitable for various cooking methods.
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Key Players Shaping the Market Landscape
Major companies contributing to the dynamism of the electric stoves market include Koninklijke Philips N.V., Panasonic Corporation, Haier Group Corporation, and many more. These industry leaders play a pivotal role in driving innovation, setting trends, and meeting the evolving demands of consumers.
Innovative Electric Stove with Sustainable Cooking Solution
- Surya Nutan: A notable innovation in the electric stove realm is the Surya Nutan. Developed by Indian Oil Corporation Limited, this electric stove integrates solar thermal batteries to reduce household fuel bills. Launched in June 2022, Surya Nutan is a solar-electric indoor cooking stove charged with a solar panel. With a ten-year lifespan and requiring no maintenance, it stands as an exemplary sustainable cooking solution.
Segmentation for a Diverse Market
The electric stoves market is segmented based on various criteria, providing a nuanced understanding of its dynamics:
- By Product:
- Built-in
- Free-Standing
- By Material:
- Metal Stove
- Stone Stove
- Ceramic Stove
- Other Materials
- By Application:
- Residential Use
- Commercial Use
- Industrial Use
Dominance in Asia-Pacific
In 2023, Asia-Pacific emerged as the largest region in the electric stoves market. This dominance can be attributed to various factors, including the region’s economic growth, increasing urbanization, and a rising population with a penchant for modern kitchen solutions.
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The Electric Stoves Global Market Report 2024 provides an overview of the electric stoves market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric stoves market forecast analyzes electric stoves market size, electric stoves market share, leading competitor and their market positions.
The Table Of Content For The Electric Stoves Market Include:
1. Electric Stoves Market Executive Summary
2. Electric Stoves Market Segments
3. Electric Stoves Market Size And Electric Stoves Market Growth Rate
4. Key Electric Stoves Market Trends
5. Major Electric Stoves Market Drivers
……
25. Key Mergers And Acquisitions In The Electric Stoves Market
26. Top Electric Stoves Companies
27. Electric Stoves Market Opportunities And Strategies
28. Electric Stoves Market, Conclusions And Recommendations
29. Appendix
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