Electric Stoves Global Market Report 2024

Description

“Electric Stoves Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on electric stoves market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for electric stoves? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The electric stoves market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

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
Companies Mentioned: Koninklijke Philips N.V.; Panasonic Corporation; Haier Group Corporation; AB Electrolux; Robert Bosch GmbH
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

An electric stove is an electrical appliance that converts electricity into heat and serves as an alternative to gas stoves. Electric stoves typically feature a thermostat, spiral or coil-shaped burners placed on the cooktop for cooking, and heat-producing elements for baking.

The main product categories for electric stoves include built-in and free-standing models. Built-in stoves are self-contained appliances that fit snugly between cabinets and appear integrated into the kitchen setup. They typically consist of a cooktop with burners above an oven and may include a base drawer for storage. Electric stoves can be made from various materials, such as metal, stone, ceramic, and others, and they find applications in residential, commercial, and industrial settings for cooking and baking purposes.

The electric stoves market research report is one of a series of new reports from The Business Research Company that provides electric stoves market statistics, including electric stoves industry global market size, regional shares, competitors with a electric stoves market share, detailed electric stoves market segments, market trends and opportunities, and any further data you may need to thrive in the electric stoves industry. These electric stoves market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 observed during the historical period can be attributed to several factors, including the electrification of homes, the trend toward urbanization and apartment living, mass production of electric stoves, and the electrification of rural areas. These factors have played a significant role in driving the historical growth of electric stoves as a convenient and efficient cooking appliance.

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 anticipated growth in the forecast period can be attributed to several factors, including a growing emphasis on energy efficiency and sustainability, the integration of electric stoves into smart home systems, the importance of health and safety features, the trend toward compact living in urban areas, and the demand for customization and aesthetics in kitchen appliances. Prominent trends in the forecast period include the adoption of induction cooking technology, the popularity of built-in and seamless designs for electric stoves, the inclusion of energy management and efficiency features, the use of voice and app control for user convenience, and the use of sustainable materials in the construction of electric stoves. These trends are expected to drive growth in the electric stove market.

The increasing preference for energy-efficient cooking appliances is expected to drive the demand for electric stoves. Electric stoves are known for their cooking efficiency, surpassing gas cooktops, which often waste a significant amount of heat energy during cooking. Electric stoves are designed to minimize energy consumption while offering precise temperature control. For example, the introduction of energy-efficient appliances has led the US government to reduce its energy expenditures by 56%, resulting in decreased emissions.

The growing demand for electric stoves is anticipated to fuel the expansion of the electric stove market. Electric stoves, which use electricity as their primary energy source, have gained popularity due to their consistent and even heating, making them suitable for various cooking methods. According to the Energy Information Administration, approximately 68% of households in the US use electric appliances for cooking. In a US census involving 123 million respondents, over half (65 million) rely on electricity for their ovens and stoves. As a result, the increasing demand for electric stoves is a driving force behind the electric stove market's growth.

The lack of compatibility between electric cooktops and certain types of cooking vessels poses a potential limitation. Electric cooktops work well with cooking vessels made of cast iron and steel but are not suitable for those composed of aluminum and copper due to differences in their magnetic and electrical properties. To generate the required heat for cooking, aluminum and copper vessels require much higher frequencies.

Manufacturers of electric stoves are actively incorporating new technological features to meet evolving customer needs. These features may include automatic temperature regulation, automatic shutdown mechanisms, and touchscreen controls. For instance, the GE JP328SKSS 30 stainless steel electric cooktop offers advanced features, including removable drip bowls located beneath the coils for easy cleaning of spills and leftovers. The cooktop features user-friendly graphics and controls, accompanied by a red-light indicator that illuminates when the cooktop is active.

Leading companies in the electric stove market are focused on product innovation, as demonstrated by offerings like the Surya Nutan. The Surya Nutan serves as an electric stove equipped with solar thermal batteries to reduce household fuel expenses. In June 2022, the Indian Oil Corporation Limited introduced the Surya Nutan, a solar-electric indoor cooking stove that harnesses solar panel charging for its thermal batteries. With a ten-year lifespan and minimal maintenance requirements, this stove is used for cooking.

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

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

The countries covered in the electric stoves market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The electric stoves market consists of sales of stone stoves, metal stoves, ceramic stoves, and other electric stoves. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r9110

1. Executive Summary

2. Electric Stoves Market Characteristics

3. Electric Stoves Market Trends And Strategies

4. Electric Stoves Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Electric Stoves Market Size and Growth

5.1. Global Electric Stoves Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Electric Stoves Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Electric Stoves Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Electric Stoves Market Segmentation

6.1. Global Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Built-in
Free-Standing
6.2. Global Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Metal Stove
Stone Stove
Ceramic Stove
Other Materials
6.3. Global Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Residential Use
Commercial Use
Industrial Use

7. Electric Stoves Market Regional And Country Analysis

7.1. Global Electric Stoves Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Electric Stoves Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Electric Stoves Market

8.1. Asia-Pacific Electric Stoves Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Electric Stoves Market

9.1. China Electric Stoves Market Overview
9.2. China Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Electric Stoves Market

10.1. India Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Electric Stoves Market

11.1. Japan Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.2. Japan Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Electric Stoves Market

12.1. Australia Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Electric Stoves Market

13.1. Indonesia Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Electric Stoves Market

14.1. South Korea Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.2. South Korea Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Electric Stoves Market

15.1. Western Europe Electric Stoves Market Overview
15.2. Western Europe Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Electric Stoves Market

16.1. UK Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Electric Stoves Market

17.1. Germany Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Electric Stoves Market

18.5. France Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.6. France Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.7. France Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Electric Stoves Market

19.9. Italy Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.10. Italy Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.11. Italy Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Electric Stoves Market

20.13. Spain Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.14. Spain Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.15. Spain Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Electric Stoves Market

21.1. Eastern Europe Electric Stoves Market Overview
21.2. Eastern Europe Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Electric Stoves Market

22.1. Russia Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Electric Stoves Market

23.1. North America Electric Stoves Market Overview
23.2. North America Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Electric Stoves Market

24.1. USA Electric Stoves Market Overview
24.2. USA Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Electric Stoves Market

25.1. Canada Electric Stoves Market Overview
25.2. Canada Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Electric Stoves Market

26.1. South America Electric Stoves Market Overview
26.2. South America Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Electric Stoves Market

27.1. Brazil Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Electric Stoves Market

28.1. Middle East Electric Stoves Market Overview
28.2. Middle East Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Electric Stoves Market

29.1. Africa Electric Stoves Market Overview
29.2. Africa Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Electric Stoves Market Competitive Landscape And Company Profiles

30.1. Electric Stoves Market Competitive Landscape
30.2. Electric Stoves Market Company Profiles
- 30.2.1. Koninklijke Philips N.V.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Panasonic Corporation
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Haier Group Corporation
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. AB Electrolux
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Robert Bosch GmbH
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Electric Stoves Market Competitive Benchmarking

32. Global Electric Stoves Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Electric Stoves Market

34. Electric Stoves Market Future Outlook and Potential Analysis

34.1 Electric Stoves Market In 2028 - Countries Offering Most New Opportunities
34.2 Electric Stoves Market In 2028 - Segments Offering Most New Opportunities
34.3 Electric Stoves Market In 2028 - Growth Strategies
34.3.1 Market Trend Based Strategies
34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer