PUBLISHER: Grand View Research | PRODUCT CODE: 1512010
PUBLISHER: Grand View Research | PRODUCT CODE: 1512010
The North America cooking range market size is anticipated to reach USD 18.31 billion by 2030 and is projected to grow at a CAGR of 7.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. Changing energy efficiency standards for stoves and other appliances is driving manufacturers to innovate and offer more eco-friendly and energy-efficient cooking range options to consumers.
For instance, in February 2024, Samsung announced that 10 of its induction ranges had achieved certification under the newly established ENERGY STAR regulation for residential electric cooking products, in accordance with the U.S. Environmental Protection Agency (EPA). This move aligns with the company's commitment to energy efficiency, exemplified by the launch of the Bespoke AI Slide-In Induction Range.
Samsung also introduced energy monitoring and management features in its SmartThings app, promoting energy-conscious behavior among consumers. By emphasizing innovation in sustainable technology, Samsung aims to contribute to a cleaner energy future, with potential energy cost savings of USD 160 million annually.
Many consumers often prefer buying kitchen appliances like cooking ranges from home improvement stores due to the wide selection, knowledgeable staff, and the ability to see and compare products in person. Moreover, these stores offer installation services and extended warranties, providing a more comprehensive shopping experience for customers. A December 2023 article by Bazaarvoice stated that when buying DIY and home renovation products such as appliances, about two out of every three consumers prefer to purchase in stores (that percentage climbs to 76% for consumers over 55). They prefer to visit physical stores since they can receive what they need faster and can consult with in-store sales representatives.
During the pandemic, many consumers in North America embarked on various home remodeling projects. According to HUIZHOU FAITH ELECTRIC MANUFACTURE CO., LTD., 23% of Canadians prioritized installing new appliances like kitchen ranges, making it the second most popular renovation project. This surge in demand even led to a widespread shortage of appliances across the country.