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Residential Hobs Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global residential hobs market was valued at USD 28.5 billion in 2021 and is projected to expand at a CAGR of 6.0% from 2022 to 2030. Residential hobs are used for cooking in residential settings such as homes, hotels, and restaurants. Rising demand for time-saving cooking solutions, such as induction hobs, is expected to boost the market growth in the coming years. In addition, the growing trend of modular kitchens is expected to further propel the market growth. Furthermore, advancements in technology such as the introduction of smart hobs are anticipated to create lucrative growth opportunities for the market.
The induction hob segment is expected to register the highest growth over the forecast period. This is primarily due to the rising preference for energy-efficient hobs and the increasing number of induction-ready utensils in the market. Furthermore, the rising trend of modular kitchens is likely to drive the demand for induction hobs over the forecast period. Additionally, induction hobs have shorter cooking time and provide precise temperature settings, making them more attractive to customers.
The rise in the number of middle-class families and the growing trend of organized retail formats, such as supermarkets and hypermarkets, are expected to drive the demand for residential hobs. Increasing penetration of the internet and the growing trend of e-commerce are also expected to drive the demand for residential hobs. Furthermore, the growing popularity of convenience appliances is expected to create lucrative opportunities for the market. For instance, in January 2021, Bosch launched its new Connected Home Appliances range, which includes the Home Connect Hob.
To capture a larger market share, key players are focusing on the development of innovative hobs and strategic collaborations. For instance, in October 2021, Whirlpool Corporation and Home Connect, a Bosch brand, announced a strategic collaboration for the development of a connected suite of home appliances. This collaboration is expected to provide customers with a comprehensive range of smart home appliances. Furthermore, in October 2021, Samsung Electronics announced the launch of its new Radiant Cooktop, a smart induction hob with Virtual Flame Technology. This technology allows users to control the hob with a smartphone, allowing them to adjust the temperature, set timers, and switch the hob on and off remotely.
Product Insights
The gas hob segment held the largest share of the residential hobs market in 2020. Increasing adoption of gas hobs in residential areas is driving the growth of the gas hob market. The gas hob segment is expected to grow with a CAGR of 6.5% over the forecast period. Availability of various sizes and shapes of gas hobs, increasing preference for energy-efficient hobs, growing demand for advanced features such as automatic ignition and automated cleaning, and increasing infrastructural development are some of the key factors contributing to the growth of this segment.
The electric hob segment is expected to expand at the fastest CAGR of 7.1% over the forecast period. Increasing popularity of electric hobs among consumers due to their low maintenance cost, easy installation, and minimal noise are some of the factors driving the growth of this segment. In addition, rising awareness about energy-efficient electric hobs and increasing disposable income of consumers are some of the other factors driving the growth of this segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the largest share of the residential hobs products market in 2022, with a contribution of over 56.6%. The increasing demand for hobs products due to the growing disposable income of customers is driving the growth of this segment. Supermarkets and hypermarkets are one of the most popular channels for purchasing hobs products, as they provide a wide range of products, discounts, and convenience to customers. Moreover, customers can access wide product categories from the same store, which helps to save time and money.
The online channels segment is expected to register the highest growth rate over the forecast period. The growing popularity of online channels for purchasing hobs products is attributed to the increasing penetration of smartphones and internet access in the developing countries. The growing convenience, discounts, and availability of a wide variety of products through online channels are the major factors driving the growth of this segment. Moreover, manufacturers are also focusing on launching new products and expanding their presence through online channels.
Type Insights
The freestanding segment accounted for the largest revenue share of 63.5% in the year 2022. This segment is anticipated to expand at a significant CAGR of 8.2% during the forecast period. The growth is attributed to its diverse product offerings such as gas, electric, and induction cooking. Growing preference for freestanding hobs over built-in hobs is also driving the market. Freestanding hobs are easy to install and offer more flexibility in terms of installation.
The built-in segment is anticipated to expand at the highest CAGR of 9.1% over the forecast period. Increasing demand for built-in hobs in the residential sector is driving the market. The installation of built-in hobs is visually appealing as they provide a sleek and modern look to the kitchen. Furthermore, the growth in the renovation and remodeling of kitchens is also likely to drive the market.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 37.7% in 2022. Increasing consumer preference for energy-efficient products is a key factor driving the growth of the market in the region. Several government initiatives, such as the EU’s Ecodesign Directive, have been implemented in order to reduce the energy consumption of residential hobs. In addition, the increasing demand for induction technology-enabled hobs is expected to drive the growth of the market in the region. For instance, in June 2021, AB Electrolux launched a new range of induction hobs in Europe.
Asia Pacific is expected to witness the fastest growth in the coming years. Increasing urbanization and rising disposable income in the region are expected to drive the growth of the market. In addition, the increased availability of advanced and innovative products is expected to drive the growth of the market in this region. For instance, in April 2021, Whirlpool Corporation launched the new range of induction hobs, which comes with advanced features such as voice-enabled control, in India.
Financial Projections
In this part of the residential hobs products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your residential hobs products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a residential hobs products business comes from sales of products. Here you will find a list with a description of each of them and other possible sources of profit such as discounts, promotions, and online sales.
Projecting Expenses
In this section, all the regular expenses related to keeping the residential hobs products business running will be described. The list of operating expenses includes manufacturing costs, research and development costs, marketing, advertising, and sales costs, insurance policies, rent and utilities, and others.
Key companies & market share insights
Some of the key companies operating in the residential hobs market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In May 2022, Whirlpool Corporation launched the W7 Series of hobs with advanced features like smart temperature control and safety sensors.
– In June 2022, Bosch Home Appliances launched the VarioCookingControl hob with features like precise heat control and an intuitive user interface.
– In October 2022, Electrolux launched a new series of hobs with features like flexible cooking zones and automatic shut-off.
Some of the prominent players in the residential hobs market include:
– Whirlpool Corporation
– Electrolux
– Bosch Home Appliances
– Haier Group
– LG Electronics
– Panasonic Corporation
– Samsung Electronics Co., Ltd.
– Miele & Cie. KG
– Robert Bosch GmbH
– GE Appliances
Global Residential Hobs Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global residential hobs products market based on product type, distribution channel, type, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Gas Hobs
– Electric Hobs
– Induction Hobs
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Built-in Hobs
– Free-standing Hobs
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Global Market Size of Residential Hobs?
[A]: The global residential hobs market was valued at USD 7.4 billion in 2020 and is expected to reach USD 10.3 billion by 2026.
[Q]: What Factors are Driving Growth in the Residential Hobs Market?
[A]: Rising demand for energy-efficient products, increasing disposable income, and the growing trend of smart kitchen appliances are some of the major factors driving the growth of the residential hobs market.
[Q]: What Regions Offer the Largest Opportunities for Residential Hobs?
[A]: North America is the leading region in terms of market size and is expected to grow at the highest CAGR over the forecast period. This is mainly due to the increasing number of residential buildings, rising consumer awareness about energy-efficient products, and advanced product offerings in the region.
[Q]: Who are the Key Players in the Residential Hobs Market?
[A]: Major players in the market include Whirlpool Corporation, AB Electrolux, Koninklijke Philips N.V., Panasonic Corporation, Haier Group Corporation, Midea Group Co., Ltd., Robert Bosch GmbH, LG Electronics Inc., Samsung Electronics Co., Ltd., and Hitachi, Ltd.
[Q]: What are the Trends in the Residential Hobs Market?
[A]: The trend of induction cooking and smart appliances is expected to have a positive impact on the residential hobs market growth. Additionally, the growing popularity of modular kitchens is another factor driving the growth of this market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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