Residential Hobs Market Size, Share & Trends Analysis Report By Product Type and Region

The global residential hobs market size was valued at USD 11.6 billion in 2018 and is expected to expand at a CAGR of 7.2% in the forecast period.

The global Residential Hobs Market size is expected to reach USD 19.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.2% over the forecast period. Rising disposable income, increasing number of young consumer groups, and growing awareness about the energy efficiency of the product are the prominent factors for the growth of the market.

The 4 burner hob size dominated the market in 2018, accounting for 43.0% share of the global revenue. It is expected to emerge as the fastest growing segment in the forecast period. Need for more burners for cooking is high in developing countries such as India and China, wherein the families are large. Trend of having a number of cuisines in the meal is also one of the prominent factors for the growth of the market. Increasing number of young working groups who have less time to cook is propelling the demand for this particular segment of the product.

The induction product type dominated the market in 2018 and accounted for more than 40.0% share of the overall revenue. Countries such as Canada and U.S are the leading users of household electricity, wherein the usage of electric based cooktops for cooking is high as they are energy and cost efficient. Price of LPG is increasing continuously in countries such as India and China, which, in turn, is compelling the consumers to shift towards alternative options for cooking.

North America was the dominant regional market in 2018, accounting for 30.0% share of the overall revenue. Countries such as Canada and U.S are the leading contributors to the regional market growth as they witness high technological advancement and product innovation by the manufacturers. Asia Pacific is the fastest growing market, expanding at a CAGR of 8.7% in the forecast period. Increasing LPG price and awareness about the benefits of the product are driving the market in the region.

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Further key finding from the study suggest:

• By product type, induction held the largest share of above 40.0% in terms of revenue
• 4 burner hob is the most preferred size and it accounted for 43.0% share of the overall revenue in 2018
• Asia Pacific is the fastest growing region, expanding at a CAGR of 8.7% due to growing disposable income and awareness about the benefits of the product.