Residential Hobs Market Size, Share & Trends Analysis Report By Size (2 Burner, 3 Burner, 4 Burner, 5 Burner), By Product Type (Induction, Gas, Mix), By Region, And Segment Forecasts, 2019 - 2025

Report Overview

The global residential hobs market size was valued at USD 11.6 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2019 to 2025. Primary factors driving the industry include increasing per capita income, rising spending capacity, westernization, and product innovation by the market players. Manufacturers are innovating different products in order to keep up with the pace of technological advancement, thus driving the market to the positive side.

Furthermore, growing trend of miniaturization on the supply-side owing to an increase in nuclear families has led to the designing of the products that are more compact and have the same efficiency. Increasing smart homes is also one of the prominent factors for the growth of the market. Due to emergence of technologies such as IoT, consumers are getting aware about the energy efficiency of induction hobs, thus driving the overall demand for the product globally.

Technological advancement is playing a vital role in boosting the demand for the product. Although the product costs higher in comparison with the other cooktops, consumers are getting aware of the difference in the energy efficiency between the two and thus propelling the overall demand. These hobs can be easily connected through smartphones via wireless connections such as Wi-Fi and Bluetooth, which send alerts and can be controlled from any part of the house.

However, high price of the product can act as a restraining factor in the market as major population of the consumer group is economical, thus the market can be pulled by other economical cooktops in the coming years. Although, manufacturers are investing heavily in research and development to expand their product line and introduce the product in low budget.

This will help them to target the low economical group and thus increase the demand for the product. The purchase volume of household appliances is very high in countries such as the U.K. and Germany due to rising disposable income, digital exposure, and social media influence. This is expected to propel the market growth in the forecast period.

Size Insights

On the basis of size, the market is segmented into 2 burner, 3 burner, 4 burner, and 5 burner. 4 burner hob dominated the market in 2018 and accounted for 43.0% share of the overall revenue. It is anticipated to emerge as the fastest growing segment in the forecast period. Need for more burners for cooking is high in developing countries such as India and China, wherein the families are large. Moreover, growing trend of having a number of cuisines in the meal is driving the segment.

Young working consumer groups who have less time to cook are the potential buyers of the product with maximum number of burners, thereby boosting the segment growth. The 3 burner segment is witnessing significant growth and expanding at a CAGR of 7.3% in the forecast period. Demand for these burners is high among the economical young consumer groups who are aware of the energy efficient features of hobs. Moreover, they have less number of family members, making them prefer smaller hobs.

Product Type Insights

On the basis of product type, the market is segmented into induction, gas, and mix. The induction segment dominated the market in 2018, accounting for more than 40.0% share of the overall revenue. The segment is expected to witness significant growth in the forecast period. Usage of induction based cooktop is high in regions such as North America and Europe. Canada and the U.S. are the leading countries in terms of household electric consumption, thus driving the induction segment.

The mix segment is the fastest growing segment, expanding at a CAGR of 7.8% in the forecast period. Asia Pacific and MEA have driven the demand for the mix segment owing to presence of a large consumer base, which still prefers to use LPG for cooking various dishes. Shifting consumer preference for electricity for cooking due to increasing price of LPG is boosting the segment growth. Price of LPG is witnessing a drastic change and is increasing continuously in countries such as India. Thus, consumers are shifting towards electric cooktops and hobs, thereby propelling the demand for the product.

Regional Insights

North America dominated the market and accounted for 30.0% share of the overall revenue. The region is anticipated to witness significant growth in the forecast period. U.S. is the largest contributor to the regional market growth. In 2018, the country accounted for 40.0% share in the North America market. Robust technological advancements in various countries of the region is a prominent factors driving the market.

Asia Pacific is the fastest growing regional market and is expected to expand at a CAGR of 8.7% in the forecast period. Growing awareness about the product, increasing disposable income, and presence of a large consumer base are the prominent factors driving the market in Asia Pacific. Increasing price of the fuel for cooking is also one of the prominent factors compelling the consumers to shift towards energy saving electric based hobs.

Key Companies & Market Share Insights

The market presents moderate to high entry barriers for the new entrants as it requires high investment in research and development and high setup cost. The overall market is driven by innovations and mergers and acquisitions of the players. Manufacturers are focusing on various aspects of innovation in order to gain an edge over their competitors and to extend their product line so as to target the low budget group. Some of the prominent players in the residential hobs market include:

• Electrolux AB

• Elica

• Whirlpool

• LG Electronics

• Bertazzoni

• Bosch Limited

• Faber

• ROBAM Appliances Limited

• Glen

• KAFF

Residential Hobs Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global residential hobs market report on the basis of product type, size, and region:

• Product Type Outlook (Revenue, USD Billion, 2015 - 2025)

  • Induction

  • Gas

  • Mix

• Size Outlook (Revenue, USD Billion, 2015 - 2025)

  • 2 burner

  • 3 burner

  • 4 burner

  • 5 burner

• Regional Outlook (Revenue, USD Billion, 2015 - 2025)

  • North America

    • The U.S.

    •  Canada

  • Europe

    • Germany

    •  The U.K.

  • Asia Pacific

    • China

    •  India

  • CSA

    •  Brazil

  • MEA

    • South Africa