The global residential hobs market size is expected to reach USD 19.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.2% over the forecast period. Rising disposable income, increasing number of young consumer groups, and growing awareness about the energy efficiency of the product are the prominent factors for the growth of the market.
The
4 burner hob size dominated the market in 2018, accounting for 43.0% share of
the global revenue. It is expected to emerge as the fastest growing segment in
the forecast period. Need for more burners for cooking is high in developing
countries such as India and China, wherein the families are large. Trend of
having a number of cuisines in the meal is also one of the prominent factors
for the growth of the market. Increasing number of young working groups who
have less time to cook is propelling the demand for this particular segment of
the product.
The
induction product type dominated the market in 2018 and accounted for more than
40.0% share of the overall revenue. Countries such as Canada and U.S are the
leading users of household electricity, wherein the usage of electric based
cooktops for cooking is high as they are energy and cost efficient. Price of
LPG is increasing continuously in countries such as India and China, which, in
turn, is compelling the consumers to shift towards alternative options for
cooking.
North
America was the dominant regional market in 2018, accounting for 30.0% share of
the overall revenue. Countries such as Canada and U.S are the leading
contributors to the regional market growth as they witness high technological
advancement and product innovation by the manufacturers. Asia Pacific is the
fastest growing market, expanding at a CAGR of 8.7% in the forecast period.
Increasing LPG price and awareness about the benefits of the product are
driving the market in the region.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/residential-hobs-market
Residential Hobs
Market Report Highlights
- By product
type, induction held the largest share of above 40.0% in terms of revenue
- 4 burner hob
is the most preferred size and it accounted for 43.0% share of the overall
revenue in 2018
- Asia Pacific
is the fastest growing region, expanding at a CAGR of 8.7% due to growing
disposable income and awareness about the benefits of the product.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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