How Global Electric Stoves Market Players Should Strategize For 2022-2031

The global electric stoves market size is expected to grow from $20.40 billion in 2021 to $21.04 billion in 2022 at a compound annual growth rate (CAGR) of 3.1%.The growth in the electric stoves market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The electric stove market is expected to reach $21.70 billion in 2026 at a CAGR of 0.8%.

What is the Global Electric Stoves Market?

The electric stove market includes sales of electric stoves that convert electricity to heat and serve as an alternative for gas stoves. Electric stoves contain a thermostat, spiral or coil shaped burners placed on top and heat-producing elements for baking and cooking.

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What drives the Global Electric Stoves Market?

Growing popularity of energy-efficient cooking appliances is expected to increase the demand for electric stoves. Cooking efficiency of electric stoves is high when compared to gas cooktops as majority of the heat energy through gas cooktops is not transferred while cooking. Electric stoves are designed to consume minimum energy and provide easy temperature control. For instance, with the introduction of energy efficient appliances, the US government is spending 56% less on energy requirements thereby reducing emissions.

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Global Electric Stoves Market Segments
The global electric stoves market is segmented:
By Product: Built-In, Free-Standing
By Material: Metal Stove, Stone Stove, Ceramic Stove, Others
By Application: Residential Use, Commercial Use, Industrial Use
By Geography: The regions covered in the electric stoves market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Electric Stoves Global Market Report 2022 provides market size and growth forecasts for the global electric stoves market, global electric stoves market share, electric stoves market segments and geographies, electric stoves market competitive landscape including leading competitors’ revenues, profiles and electric stoves market shares. The electric stoves market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Electric Stoves Industry Playersinclude Philips, Panasonic, Haier Group, AB Electrolux, Bosch, Broseley Fires, Esse, Faber, Galanz, GE, Whirlpool, and Sunpentown. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.