Electric Stoves Market: Segment Analysis, Growth Trends, and Competitive Landscape

The electric stoves market size has grown steadily in recent years. It will grow from $22.98 billion in 2023 to $23.63 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to electrification of homes, urbanization and apartment living, mass production, electrification of rural areas.

The electric stoves market size is expected to see steady growth in the next few years. It will grow to $26.01 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%. The growth in the forecast period can be attributed to energy efficiency and sustainability, smart home integration, health and safety, compact living and urbanization, customization and aesthetics. Major trends in the forecast period include induction cooking, built-in and seamless designs, energy management and efficiency features, voice and app control, sustainable materials.

Market Overview -
An electric stove is defined as an electrical device that converts electricity to heat and serves as an alternative to 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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Rising Demand For Energy-Efficient Cooking Appliances In The 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.

Competitive Landscape -
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

Innovative Upgrades In The Electric Stoves Market
Manufacturers of electric stoves are focusing on adding new technological features to cater to the changing needs of customers. Some of the features include automatic temperature regulation, automatic shutdown, and touchscreen control. For example, the GE JP328SKSS 30 stainless steel electric cooktop has advanced features with removable drip bowls that are attached below the coils for easy cleaning of accumulated spillage and leftovers. The graphics are easy to read and control, and the cooktop is provided with a red-light indicator that illuminates to indicate the cooktop is active.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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