Gas Stoves Market: Current Analysis and Forecast (2022-2030)

A gas stove is a cooking appliance that utilizes natural gas or liquefied petroleum gas (LPG) as a fuel source to generate heat for cooking. It consists of a stovetop with burners or gas hobs and an oven compartment. Gas stoves are commonly used in households, restaurants, and other food service establishments.

The Gas Stoves Market is expected to grow at a strong CAGR of xx% during the forecast owing to changing lifestyles of the people. The changing lifestyle of people, characterized by busier schedules and a need for convenience, has fueled the growth of the gas stoves market. Moreover, government initiatives, regulations, and incentives promoting the use of cleaner fuels and energy-efficient appliances are influencing the gas stove market. For instance, In June 2022, the Indian Oil Corporation Limited (IOCL) and the Union Ministry of Petroleum and Natural Gas developed a solar cook stove called 'Surya Nutan' which aimed to lower the burden on gas consumption.

Based on the type, the gas stoves market is segmented into LPG stoves, coal gas stoves, natural gas stoves, and others. Among these LPG stoves are in high demand in the market as they provide a reliable and accessible fuel source, offer convenience, cost-effectiveness, and are environmentally friendly. Moreover, the various government policies are also fueling this segment. For instance, In India, the Pradhan Mantri Ujjwala Yojana (PMUY) has led to an increase in LPG coverage from just 62 percent in 2016 to an unexpectedly 104.1 percent in 2022.

Based on the material, the gas stoves market is segmented into stainless steel, cast iron, glass, and others. Among these stainless steel offers several advantages, including durability, resistance to corrosion, and easy maintenance, and therefore holds a considerable share in the market. Its robustness and sleek & modern appearance make it a majority customer choice. Additionally, stainless steel is non-reactive, meaning it does not interact with food or affect its taste. These qualities make stainless steel a preferred choice for gas stove manufacturers, ensuring longevity, hygiene, and a visually pleasing design for consumers. For instace, according to a report by Crisil Ratings, domestic demand for stainless steel is expected to grow at a healthy compound annual growth rate of around 9% in the three fiscal years through 2025, nearly twice as fast as the rate of 4.5 percent over the previous five fiscal years.

Based on the burner type, the market is categorized into single, double, triple, and four types of burners. Among these both single and double burners strike a balance between functionality, affordability, and space efficiency, making them widely adopted in various settings, from residential kitchens to outdoor settings, catering to diverse consumer needs.

On the basis of applications, the market is segmented into home use, commercial use, industrial use, and others. Among these, gas stoves are used widely in both home and commercial settings globally. In terms of home use, gas stoves are a popular choice for residential kitchens due to their convenience, precise temperature control, and energy efficiency while In commercial settings, gas stoves are extensively used in restaurants, cafes, hotels, and catering businesses.

For a better understanding of the market adoption of the Industrial Relay industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Korea, and Rest of Asia-Pacific), Rest of World. Asia-Pacific, including China, Japan, India, and Korea, is witnessing substantial growth due to the rising population, urbanization, and increasing disposable income in these countries. The preference for gas cooking, along with the expanding housing and construction sectors, is driving the demand for gas stoves in the region.

Some of the major players operating in the market include: Bakers Pride.; BlueStar; GE Appliances.; LG Electronics.; SAMSUNG; Whirlpool; Frigidaire.; FOTILE America; Electrolux; GARLAND GROUP.