Source: Research and Markets

Electric Stoves Market to Reach $3.3 Billion by 2023 - Manufacturers Focusing on Adding New Technological Features; Automatic Temperature Regulation, Automatic Shutdown and Touchscreen Control

Dublin, Feb. 14, 2020 (GLOBE NEWSWIRE) -- The "Electric Stoves Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

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. It places the market within the context of the wider electric stoves market, and compares it with other markets.

The global electric stoves market was worth $2.3 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 9.45% and reach $3.3 billion by 2023.

Growing popularity of energy-efficient cooking appliances is expected to increase the demand for electric stoves. Cooking efficiency of electric stoves is high when compared to gas cooktops as majority of the heat energy through gas cooktops is not transferred while cooking. Electric stoves are designed to consume minimum energy and provide easy temperature control. For instance, with the introduction of energy efficient appliances, the US government is spending 56% less on energy requirements thereby reducing emissions.

Limited compatibility of electric cooktops with cooking vessels is expected to act as a restraint on the market. Electric cooktops are compatible with cooking vessels made of cast iron and steel and are not compatible with those made of aluminum and copper because of their magnetic and electrical properties. Aluminum and copper require much greater frequencies to produce the heat needed to cook food.

Manufacturers of electric stoves are focusing on adding new technological features to cater to changing needs of customers. Some of the features include automatic temperature regulation, automatic shutdown and touchscreen control. For example, the GE JP328SKSS 30 stainless steel electric cooktop has advanced features with removable drip bowls that are attached below the coils for easy cleaning of accumulated spillage and leftovers. The graphics are easy to read and control and cook top is provided with red light indicator that illuminates to indicate cook top is active.

Major players in the market are Philips, Panasonic, Haier Group, AB Electrolux, Bosch, Broseley Fires, Esse, Faber, Galanz, GE.

Key Topics Covered

1. Executive Summary

2. Electric Stoves Market Characteristics

3. Electric Stoves Market Size And Growth
3.1. Global Electric Stoves Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Electric Stoves Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market

4. Electric Stoves Market Segmentation
4.1. Global Electric Stoves Market, Segmentation By Product, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • Built in
  • Free-Standing

4.2. Global Electric Stoves Market, Segmentation By Material, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • Metal Stove
  • Stone Stove
  • Ceramic Stove
  • Others

4.3. Global Electric Stoves Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

  • Residential Use
  • Commercial Use
  • Industrial Use

5. Electric Stoves Market Regional And Country Analysis
5.1. Global Electric Stoves Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Electric Stoves Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Companies Mentioned

  • AB Electrolux
  • Andong
  • Bosch
  • Broseley Fires
  • Chinducs
  • Esse
  • Faber
  • Fisher and Paykel
  • Fusibo
  • Galanz
  • GE
  • Haier Group
  • LG Electronics
  • Miele
  • Panasonic
  • Philips
  • Smeg
  • Sub-Zero Wolf
  • Summit Appliance
  • Sunpentown
  • True Induction
  • Vollrath
  • Waring
  • Whirlpool

For more information about this report visit https://www.researchandmarkets.com/r/x15kvz

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