NEWARK, Del, June 01, 2022 (GLOBE NEWSWIRE) -- As per a recent market analysis by Future Market Insights (FMI), the built-in hobs market is poised to reach a valuation of US$ 3.9 Bn in 2022. Sales are projected to increase at a 7.6% CAGR, with the market surpassing US$ 8.1 Bn by 2032.
Growth in the market is underpinned by availability of large range of products across online and offline distribution channels coupled with growing adoption of modular and innovative appliances.
Further, with the rising urbanization, the demand for convenience, safety, and aesthetic appeal of built-in hobs has surged the sales in the market. Moreover, the development of luxury residences, renovation and restoration of existing kitchens is propelling the demand for premium kitchen appliances.
Furthermore, innovations in technology, such as the introduction of smart kitchen equipment that can be managed remotely, are further accelerating the sales. As more people become concerned about their kitchen aesthetics, the demand for gadgets such as sanitary and oil/smoke-free cooking conditions has grown significantly, pushing the demand for built-in hobs in the market.
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Key Takeaways from the Built-in Hobs Market Study
- India is expected to be dominate the South Asia built-in hobs market on the back of growing adoption of smart kitchen and home appliances in the country.
- In terms of product type, the electric hob segment will account for significant share in the global built-in hobs market.
- By burner-type, 4 burner segment will gain traction over the forthcoming decade in the built-in hobs market.
- Based on sales channel, exclusive stores are expected to be the leading sales channel for built-in hobs.
“Manufacturers are capitalizing on growing demand for new technological products in the categories of built-in hobs and modular kitchens. The development of electric hobs and integrated ovens is contributing to the built-in hobs industry.” says an FMI analyst.
Who is winning?
New entrants face moderate to high entry barriers to the market because of the high costs of research and development and the high initial costs of setting up shop. Innovations and player consolidations drive the industry as a whole. To obtain an advantage over their rivals and to expand their product range, manufacturers are focused on numerous facets of innovation.
Major players present in the built-in hobs market are Robert Bosch GmbH, Häfele, Stove Kraft Limited, TTK Prestige Limited, Somany Home Innovation Limited (SHIL), Franke-Faber, CATA Electrodomesticos India, Sunflame Enterprises Private limited, Electrolux AB.
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Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global built-in hobs market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the built-in hobs market based on the product type (electric hobs, ceramic, others), burner type (2 burners, 3 burners, 4 burners, others), sales channel (multi-brand stores, exclusive stores, online stores, independent stores and others) across seven major regions.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. Product Evolution Analysis
1.5. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
4. Global Built-in Hobs Market Demand Analysis 2017-2021 and Forecast, 2022-2032
Toc Continued…!
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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