Industry Background:
An electric range or electric stove is a stove with an integrated electrical heating device to cook and bake. Electric range became popular as replacements for solid-fuel stoves which required more labor to operate and maintain. Some recent electric range come in a unit with built-in extractor hoods. Electric range burners can be controlled by a rotary switch with a finite number of positions, each of which involves a different combination of resistances and therefore a different heating power, or may have an infinite switch termed a simmerstat, some may have a thermostat.
According to AMA Research, the market for Electric Ranges is expected to register a CAGR of 4.2% during the forecast period to 2030. This growth is primarily driven by The Rising Disposable Income & Economic Development
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | Million Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Household Appliances sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Haier US Appliance Solutions, Inc. (United States), Whirlpool Corporation (United States), Electrolux (Sweden), Sears Holdings Corporation (United States), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (Sweden), Peerless Premier Appliance (United States), Bosch (India), Sharp (United States) and Fisher & Paykel Appliances, Inc. (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January 2022, Hero Electric and Mahindra & Mahindra announced a strategic partnership in electric mobility. This collaboration is set to enhance production to meet the growing demand for EVs in India.
In April 2022, LG Electronics introduced a new lineup of AI-powered home appliances for the Indian market. The range includes refrigerators, washing machines, air purifiers, air conditioners, water purifiers, and a new range of charcoal microwaves.The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions to maintain their presence in the market.
Market Growth Drivers:
The Rising Disposable Income & Economic Development, The Adoption of Modular Kitchen and Home Appliances and Rapid Urbanization
Challenges:
High Power Consumption
Restraints:
High Cost
Opportunities:
Emerging Demand from Economies
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Electric Ranges Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Electric Ranges Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Electric Ranges players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Electric Ranges Study Sheds Light on
The Electric Ranges Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Electric Ranges industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Electric Ranges industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.