Electric Stoves Market 2019 Global Trend, Segmentation and Opportunities, Forecast 2023

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Pune, Maharashtra -- (SBWIRE) -- 01/17/2020 -- Electric Stoves Market:

Executive Summary

The electric stove market includes sales of electric stoves that convert electricity to heat and serve as an alternative for gas stoves. Electric stoves contain a thermostat, spiral or coil shaped burners placed on top and heat-producing elements for baking and cooking.

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

The electric stoves market covered in this report is segmented by product into built in, free-standing. The electric stoves market in this report is segmented by material into metal stove, stone stove, ceramic stove and others. The electric stoves market in this report is segmented by application into residential use, commercial use and industrial use.

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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.


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