Hobs Market Scope
The global Hobs market is expected to witness high demand in the forecasted period due to increasing demand from developing regions due to technological innovations. hobs are the type of modern cooking appliances that consist of hotplates or burners and can be operated through electricity as well as gas. Hobs are modern gas stoves that are incorporated into our kitchen slabs, allowing us to save a lot of space. Kitchen hobs are one of the most important pieces of cooking equipment, and they can be found in almost every modern home. One of the main reasons for the increase in demand for hobs in the market is the introduction of innovative features such as flame failure detection technology, which immediately shuts off when gas leakage is detected.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia- Pacific |
Largest Market | Europe |
Unit | Value (USD Million) |
Key Companies Profiled | Whirlpool Corporation (United States), AB Electrolux (Sweden), Miele & Cie. Kg (Germany), Panasonic Corporation (Japan), Arcelik A.S. (Beko) (Turkey), IFB Industries Limited (India), Elica S.p.A. (Italy), Electron International (United States), FABER S.p.A. (Italy) and Bosch-Siemens Hausgeraete GmbH (Germany) |
CAGR | 7.4% |
The companies are exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. Key players are exploring new geographies through expansions and acquisitions across the globe to avail a competitive advantage through combined synergies Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Hobs market throughout the predicted period.
Whirlpool Corporation (United States), AB Electrolux (Sweden), Miele & Cie. Kg (Germany), Panasonic Corporation (Japan), Arcelik A.S. (Beko) (Turkey), IFB Industries Limited (India), Elica S.p.A. (Italy), Electron International (United States), FABER S.p.A. (Italy) and Bosch-Siemens Hausgeraete GmbH (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Sunflame Enterprises Private Limited (India), Capella Home Appliances (India) and Daewoo Electronics Corporation (South Korea).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Hobs market by Type and Region with country level break-up.
On the basis of geography, the market of Hobs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2023. North America on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In November 2023,a culmination of an unexpectedly prolonged 18-month process Broadcom Inc has successfully finalized its acquisition of VMware Inc, with approval granted in China. The acquisition originally announced by Broadcom in May 2022, marks a strategic move by Broadcom Chief Executive Officer Hock.
In February 2024, Prima, the appliance, sink & tap brand exclusive to distributor, PJH, has extended its hob collection with the addition of a range of digital touch control, five zone ceramic hob models, complementing the current choice of 60cm styles perfectly.
Influencing Trend:
High Demand due to Innovation of new products with added safety features such as FFDT technology
Market Growth Drivers:
Increasing Per Capita Income and Rising Spending Capacity and High Demand due to Increasing Smart Homes
Challenges:
The concern harmful agents
Restraints:
the High Price Associated with the Product
Opportunities:
Technological Advancement and The Increasing Demand from Developing Countries
Key Target Audience
Hobs Manufactures, Hobs Suppliers, Hobs Distributors, Governmental and Research Organizations, Associations and Industry Bodies and Others