Global Residential Hobs Market Report 2025 size is projected to touch USD 19 billion by 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 7.2% through the forecast period of 2019 to 2025.Increasing disposable income, rising number of young consumer groups, and increasing awareness of consumers regarding the energy efficiency of the product are the major factors propelling the growth of this market.
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Market Synopsis of Residential Hobs Market:
The 4 burner hob size held the largest market share of 43% in 2018. It is anticipated to emerge as the fastest growing segment over the forecast period. The high demand of burners for cooking in countries like China and India, where the families are large is propelling the market growth. Trend of preparing a variety of cuisines in one particular meal is also contributing in driving the market growth. Increasing young workforce who have less time to invest in cooking propel the demand of this segment of the product.
In 2018, the induction product type held the largest share of over 40% in the overall revenue. Countries like U.S. and Canada are the foremost consumers of household electricity where there is extensive usage of electric based cooktops for cooking as they are cost and energy efficient. Increasing price of LPG in countries like China and India is persuading the consumers to choose alternative options for cooking.
In 2018, North America dominated the regional market with 30% share in the overall revenue. Countries like U.S. and Canada are the foremost contributors to the regional market growth owing to significant technological advancement and innovation of products by the manufacturers. Asia Pacific is the fastest growing market, proliferating at a CAGR of 8.7% over the forecast period. Increasing price of LPG and rising awareness regarding the benefits of the product are strengthening the residential hobs market growth in this region.
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Table of Contents:-
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Residential Hobs: Market Variables, Trends & Scope
Chapter 4 Residential Hobs: Product Estimates & Trend Analysis
Chapter 5 Residential Hobs: Application Estimates & Trend Analysis
Chapter 6 Residential Hobs: End-use Estimates & Trend Analysis
Chapter 7 Residential Hobs: Industrial End-use Estimates & Trend Analysis
Chapter 8 Residential Hobs: Regional Estimates & Trend Analysis
Chapter 9 Competitive Landscape
Chapter 10 Residential Hobs: Manufacturers Company Profiles
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