Harrisburg, NC -- (SBWIRE) -- 10/22/2020 -- Electric Stoves Global Market Report 2020: 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 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.
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
Top Leading Companies mentioned are
Philips, Panasonic, Haier Group, AB Electrolux, Bosch, Broseley Fires, Esse, Faber, Galanz, GE.
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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.
Essential points covered in Global Electric Stoves Market2020 Research are:-
What will the market size and the growth rate be in 2020?
What are the key factors driving the global Electric Stoves market?
What are the key markets trends impacting the growth of the global Electric Stoves market?
What are the challenges to market growth?
Who are the key vendors in the global Electric Stoves market?
What are the market opportunities and threats faced by the vendors in the global Electric Stoves market?
What are the key outcomes of the five forces analysis of the global Electric Stoves market?
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This independent 300 page report guarantees you will remain better informed than your competition. With over figures examining the Electric Stoves market, the report gives you a visual, one-stop breakdown of the leading products, submarket and market leader's market revenue forecasts as well as analysis to 2020.
Geographically, this report is segmented into several key Regions, with Sales, revenue, Market Share (%) and Growth Rate (%) of Electric Stoves in these regions, from 2014 to 2020(forecast), covering Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Furthermore, the report provides a detailed analysis of the global Electric Stoves market with analysis of market size by value and volume. Along with this, an analysis of penetration rate and the average revenue generated per user (ARPU) in the market has also been done. The report also includes a detailed analysis of the global Electric Stoves market by countries, comprising of its market by value, volume, and ARPU and penetration rate.
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The research includes historic data from 2014 to 2020 and forecasts until 2020 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs. The report will make detailed analysis mainly on above questions and in-depth research on the development environment, market size, development trend, operation situation and future development trend of Electric Stoves on the basis of stating current situation of the industry in 2020 so as to make comprehensive organization and judgment on the competition situation and development trend of Electric Stoves Market and assist manufacturers and Electric Stoves organization to better grasp the development course of Electric Stoves Market.
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