Electric Ranges Market Size to Worth USD 50.29 Bn By 2034

The global electric ranges market size reached USD 24.81 billion in 2024 and is predicted to be worth around USD 50.29 billion by 2034, growing at a CAGR of 7.32% from 2024 to 2034

Key Points

• North America dominated the electric ranges market with the largest market share of 38% in 2023.
• Asia Pacific is expected to grow at a fastest CAGR of 8.21% during the studied period.
• By product, the freestanding electric ranges segment accounted for the highest market share of 63% in 2023.
• By product, the slide-in electric ranges segment is expected to grow at the fastest CAGR of 8.21% over the forecast period.
• By application, the residential segment contributed the biggest market share of 81% in 2023.
• By application, the commercial segment is predicted to grow at a solid CAGR of 8.12% over the projected period.
• By distribution channel, the mass retailer-driven sales segment generated the biggest market share of 47% in 2023.
• By distribution channel, the online sales segment is anticipated to expand at the fastest CAGR of 9.03% during the forecast period.

The electric ranges market is experiencing growth driven by increasing demand for energy-efficient and technologically advanced cooking appliances. Consumers are seeking more convenient, versatile, and eco-friendly options in their kitchens. Electric ranges offer benefits like precise temperature control, faster heating times, and safety features, contributing to their growing popularity. As the demand for sustainable appliances rises, manufacturers are focusing on innovations like induction cooking and smart connectivity features to cater to modern households. The market is also expanding globally, with increased penetration in emerging regions due to urbanization and improving economic conditions.

Sample: https://www.precedenceresearch.com/sample/5218

Market Scope

Market Drivers

The key drivers of the electric ranges market include a shift towards energy-efficient appliances, advancements in cooking technology, and growing consumer preference for convenience and safety. Energy conservation has become a priority for many consumers, leading to an increase in demand for electric ranges equipped with features like induction cooking, which offers faster and more energy-efficient cooking compared to traditional methods. Additionally, the integration of smart features—such as remote control through apps and voice assistants—enhances the cooking experience and contributes to the market’s growth​.

Opportunities

There are several opportunities for growth in the electric ranges market, particularly through technological advancements. The rise of induction cooking, which offers superior energy efficiency and precise temperature control, is driving innovation in electric range designs. Moreover, the growing demand for smart appliances that integrate with IoT systems presents a significant opportunity. As more consumers prioritize energy efficiency and sustainability, manufacturers can capitalize on these trends by offering eco-friendly and smart ranges. Additionally, expanding into emerging markets, where there is rising disposable income and demand for modern kitchen appliances, is another growth opportunity​.

Challenges

The electric ranges market faces several challenges, including higher initial costs compared to gas ranges, which can deter price-sensitive consumers. Additionally, while electric ranges are more energy-efficient, their overall energy consumption may still be a concern in areas with high electricity costs. Moreover, competition from alternative cooking technologies and appliances, such as gas ranges and air fryers, poses a challenge to market growth. Lastly, supply chain disruptions, like those experienced during the COVID-19 pandemic, can affect the availability and production timelines of electric ranges​.

Regional Outlook

The electric ranges market is experiencing regional growth driven by technological adoption and shifting consumer preferences. North America remains a leading market, with significant growth driven by technological innovations like induction cooking and smart appliances. Europe also sees steady demand, especially in countries like Germany and the UK, where energy efficiency and sustainability are high priorities. In Asia-Pacific, particularly in countries like India and China, the market is expanding due to urbanization and increasing demand for modern cooking solutions. Latin America and the Middle East are emerging regions with strong growth potential as economic conditions improve and consumers seek high-tech kitchen solutions

Read Also: Liquid Packaging Carton Market Size to Cross USD 49.17 Bn By 2034

Electric Ranges Market Companies

• Whirlpool Corporation
• Samsung Electronics Co. Ltd.
• LG Electronics Inc.
• General Electric (GE Appliances)
• Bosch (BSH Hausgerte GmbH)
• Frigidaire
• Haier Group Corporation
• Miele & Cie. KG
• Brown Stove Works, INC.
• Rangaire

Recent News

• In March 2024, GE Appliances launched a new range lineup featuring 36 models, including the top-tier GE 30″ Slide-In Electric Convection Range with No Preheat Air Fry and the EasyWash Oven Tray, created for faster cooking and easier cleaning.
• In January 2023, Sharp Home Electronics showcased new 30″ slide-in electric ranges and smart combi appliances at the 2023 Kitchen & Bath Industry Show (KBIS) in Las Vegas.
• In October 2023, Usha International, a prominent player in the consumer durables segment in India, launched a selection of five innovative kitchen appliances as part of its latest premium iChef range.

Segments Covered in the Report

By Product

• Freestanding electric ranges
• Slide-in electric ranges
• Drop-in electric ranges

By Application

• Residential
• Commercial

By Distribution Channel

• Mass retailers
• Electronic & appliance stores
• Online/e-commerce
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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