Hob Market is Slated to Rise at a 4.6% CAGR During Forecast Period by 2034 | Future Market Insights, Inc.

The Hob Market is projected to register a CAGR value of 2.8% through 2034 in the United States. The population in the United States is experiencing a shift in lifestyle dynamics, with people opting for remote work and preferring to spend more time at home.

/EIN News/ -- NEWARK, Del, July 25, 2024 (GLOBE NEWSWIRE) -- The hob market is projected to reach USD 35,190.6 million by 2034, up from USD 22,444.5 million in 2024, with a projected CAGR of 4.6%.

The market represents a growing trend in urban areas, combining culinary creativity with modern living. These sleek appliances offer precision, aesthetics, and energy efficiency, making them a centerpiece in contemporary kitchens. With sleek glass surfaces, touch-sensitive controls, and minimalist designs, hobs enable food enthusiasts to experiment with global flavours and redefine cooking methods.

The industry is driven by increasing spending capacity, westernization, and product development. The growing trend of miniaturization in distribution is fueled by nuclear families and smart home construction. The demand for induction hobs is bolstered by technologies like IoT and government initiatives for clean cooking and heating.

The industry offers various applications and features, including wireless hobs with Bluetooth and Wi-Fi connectivity. Germany's high electricity production and use of renewable energy sources contribute to this demand. Induction cooktops are particularly appealing due to their energy efficiency, potentially reducing electric bills and promoting healthier living.

Request Your Sample Report and Supercharge Your Business Strategy! https://www.futuremarketinsights.com/reports/sample/rep-gb-8485

In the United States, people are opting for remote work and spending more time at home. This has increased the demand for kitchen appliances like hobs, which are essential for cooking and interior projects. In North America, people are investing in renovating accommodations, boosting culinary interest, and making hobs a popular choice.

In India, urbanization and modernization are influencing the popularity of hobs, with the cultural shift towards Westernized culinary practices enhancing advanced cooking technologies. China's economic prosperity and rising interest in Indian and Western cuisine are driving demand for hobs, which are essential for gourmet cooking. Government agencies are investing in industry expansion, providing multiple opportunities for industries and retailers.

Key Takeaways from the Hob Market

• The market in the United States is expected to develop at a CAGR of 2.8% through 2034 due to changing lifestyles, increased spending on home renovations, and a renewed interest in cooking and decoration.
• In India, the market is expected to progress at a CAGR of 9% through 2034 due to urbanization, modernization, and the rise in affluence.
• In China, the market is expected to surge at a CAGR of 8.3% through 2034 due to the country's economic prosperity, rising interest in Indian and Western cuisine, and globalization.
  
  

“Manufacturers are investing in research and development to develop affordable hobs, targeting low-income groups, and reducing kitchen space. They are working on small structural hobs with a moderate size to attract consumers and ensure safety. The child lock application is expanding market success, further enhancing the product's appeal” says Sudip Saha Managing Director and Co-Founder at Future Market Insights.

Comparative Landscape of Hobs Market

The competitive landscape involves companies investing in research and development to enhance quality and innovate products. Key competitors launch products that meet customer needs. Market players collaborate with multiple brands to reduce competition and promote products. Start-ups focus on offering a variety of products in different materials and capacities.

Latest Development

Havells launched kitchen appliances in 2024, including cooktops, hobs, and chimneys, with the aim of expanding the product portfolio and capitalizing on sales synergies to become one of the top three players in the market within the next three years.

Leading Hob Brands

• Ethedeal
• Empava
• Whirlpool Corporation
• AB Electrolux
• Miele & Cie. Kg
• Panasonic Corporation
• Arcelik A.S. (Beko)
• IFB Industries Limited
• Elica S.p.A.
• Electron International
• FABER S.p.A.
• Bosch-Siemens Hausgeraete GmbH
• Sunflame Enterprises Private Limited
• Capella Home Appliances
• Summit Appliance
• VEVOR

Get in Touch with Our Sales Team to Secure Your Copy of the Report Now! https://www.futuremarketinsights.com/checkout/8485

Key Segments of Market Report

By Product Type:

Based on product type, the industry is bifurcated into gas and induction.

By Base Material:

Depending on the material, the industry is divided into glass and stainless steel.

By Ignition:

Electricity and gas/liquid fuel are the primary sources of ignition for hobs.

By Burner/Induction Zone:

Based on the burner/induction zone, the industry is categorized into two burners, three burners, four burners, five burners, and six burners.

By Price Range:

Hobs are available in multiple price ranges, starting from priced less than USD 210, priced from USD 211 to USD 419, priced from USD 420 to USD 629, and priced from USD 630 to USD 838.

By Sales Channel:

Hobs are sold through multiple sales channels, including hypermarkets, supermarkets, multi-brand stores, specialty retail stores, online, company websites, and 3rd party online platforms.

By Region:

Regional analysis of the industry includes key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.

About the Consumer Product Division at Future Market Insights

The consumer product team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analysing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

Authored By:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

Have a Look at Related Research Reports of Consumer Product Domain

The induction hob market is expected to be worth US$ 19.6 million in 2023. The valuation in 2022 was USD 18.9 million. The market is anticipated to progress at a promising rate over the period from 2023 to 2033, with a CAGR of 9.5%. By the end of the forecast period in 2033, the value of the market is expected to have shot up to USD 48.7 million.

The worldwide forecast for the Residential Hobs Market expects significant expansion, with a market size estimated at USD 19,994 million in 2023. The estimated CAGR of 6.5% from 2023 to 2033 suggests that the global worth of the residential hobs market is anticipated to soar to an impressive USD 37,531.6 million by 2033.

The built-in hobs market is estimated at USD 4.2 billion in 2023 and is projected to reach US$ 8.7 billion by 2033, at a CAGR of 7.6% from 2023 to 2033. Share of built-in hobs market in its parent market (built-in kitchen appliance market) is approximately ~27%-30%.

The global sales revenue of induction cooktop to be worth USD 22,537.20 million in 2024. The induction cooktop appliance market is envisioned to thrive at a strong CAGR of 8.3% from 2024 to 2034. The commercial induction cooktop market size is predicted to surpass a valuation of USD 49,917.50 million by 2034.

The global kitchen hood market is expected to witness a market value of USD 12.0 billion in 2023 and is expected to accumulate a market value of USD 18.8 billion by registering a CAGR of 4.5% in the forecast period 2023 to 2033. The Kitchen Hood market registered a CAGR of 2.2% in the historical period 2018 to 2022.

The smart kitchen appliances market is poised to reach a valuation of USD 1,450.8 million in 2023. In 2022, the market's valuation was reached around USD 1,326.1 million. The market is predicted to register a healthy CAGR of 8.5% until the end of the forecast period. The valuation at the end of the forecast period is predicted to be USD 3,280.1 million. Thus, the smart kitchen appliances market is in for a promising period from 2023 to 2033.

The cooker hood market is expected to record a value of USD 15,242.3 million in 2024. The industry is forecast to expand at a CAGR of 6.4% in the ten-year time frame. The revenue projection for cooker hoods is going to be USD 28,322.2 million by 2034.

The descaler market is expected to record a value of USD 378.7 million by the end of 2024. Descalers, also known as cleaners and scale reducers, are significantly used in industrial as well as commercial sectors.

The residential dishwasher market to be inclined toward expansion with a CAGR of 7.60% from 2024 to 2034. Heading towards growth, the market value is poised to be USD 26,780.3 million in 2024. The number is likely to boost to USD 55,775.8 million by 2034.

The global collagen water market is estimated to propagate through market hurdles during the forecasted period to achieve a USD 10.76 billion valuation by 2034. The estimated leap is attributed to a promising CAGR of 8.3%. Further, the subject market will gain a market size of USD 4.87 billion by 2024.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:       

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube