What are the Historical Developments and Current Growth Metrics of the Electric Stoves Market?
The electric stoves market has seen considerable growth due to a variety of factors.
• In recent times, the market size of electric stoves has experienced significant growth. Expected to increase from $16.1 billion in 2024 to $17.41 billion in 2025, it boasts a compound annual growth rate (CAGR) of 8.1%.
Factors such as home electrification, urbanization and apartment-style living, large-scale production, and electrification in rural regions have contributed to the growth during the historic period.
What is the Forecasted Market Size and CAGR for the Electric Stoves Market?
The electric stoves market is expected to maintain its strong growth trajectory in upcoming years.
• The market for electric stoves is projected to experience substantial growth in the upcoming years, with the estimated market size to reach $22.93 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 7.1%.
This predicted growth within the forecast period can be linked to energy efficiency and sustainability, integration with smart homes, health and safety considerations, increasingly compact urban living, and the desire for customized aesthetics. Future trends to watch for within this period include induction cooking, integrated and unbroken designs, energy efficiency and management features, voice and app-operated controls, as well as the use of sustainable materials.
What Key Factors and Trends Are Driving The Growth Electric Stoves Market?
The surge in popularity for energy-saving cooking devices is predicted to boost the market demand for electric stoves. When compared to gas stovetops, electric stoves possess a higher cooking efficiency as a significant amount of heat energy from gas stovetops doesn't get transferred during cooking. Electric stoves are engineered for minimal energy consumption and simpler temperature regulation. For example, as a result of launching energy efficient appliances, the US government has cut energy expenditures by 56%, in turn, lowering emissions.
What Are The Market Segments In The Electric Stoves Market?
The electric stoves market covered in this report is segmented –
1) By Product: Built In, Free-Standing
2) By Material: Metal Stove, Stone Stove, Ceramic Stove, Other Materials
3) By Application: Residential Use, Commercial Use, Industrial Use
Subsegments:
1) By Built-In: Electric Cooktops, Electric Ovens
2) By Free-Standing: Electric Range (With Oven And Cooktop), Electric Cooker
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How Are Emerging Trends Reshaping The Dynamics Of The Electric Stoves Market?
Leading firms in the electric stoves market are prioritizing the creation of innovative products such as intelligent electric cooking stoves. These devices provide a flexible, effective, and fashionable cooking solution for contemporary kitchens. A smart electric cooking stove is a sophisticated kitchen gadget that can connect to the internet, enabling users to remotely manage cooking functions via smartphone applications or voice commands. Additionally, it offers features like auto-cooking settings, temperature tracking, and recipe assistance. For example, in October 2024, Xiaomi Inc., a Chinese electronics and intelligent manufacturing firm, introduced the Mijia Electric Ceramic Stove S1. This smart electric stove, designed for modern kitchens, boasts 2200W firepower, a 10-level temperature control feature, and an internal and external double-ring fire for accurate heat regulation. It marries energy efficiency with flexibility, rendering it perfect for various cooking requirements, while raising the bar for convenience and style in the kitchen.
Who Are the Key Players In The Electric Stoves Market?
Major companies operating in the electric stoves market include:
• 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
What Are The Regional Insights Into The Electric Stoves Market?
Asia-Pacific was the largest region in the electric stoves market in 2023. Western Europe was the second-largest region in the electric stoves market. The regions covered in the electric stoves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
