Global Electric Ranges Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Electric Ranges Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Electric Ranges are kitchen appliances with an integrated electrical heating device, use electric heating elements to heat food.

Market Overview:

The latest research study on the global Electric Ranges market finds that the global Electric Ranges market reached a value of USD 5893.65 million in 2022. It’s expected that the market will achieve USD 6652.84 million by 2028, exhibiting a CAGR of 2.04% during the forecast period.

Affect the normal operation of the industry

The raging COVID-19 plunged the global economic environment into depression. The impact of COVID-19 on the electric ranges industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, market sales have declined, and company and employee revenue have declined. The government has also put forward higher requirements for the production and operation of enterprises.
In the short term, from the supply side, the company's operating pressure will increase due to postponement of workers' arrival and logistics and transportation issues. In the long run, as the epidemic gradually improves or ends, the impact on the electric ranges industry will gradually weaken. Production and sales will return to the original level and gradually increase.

Logistics

Due to the epidemic situation, many countries have imposed controls on domestic transportation and the movement of people, and imposed restrictions on imported goods. This has led to various levels of logistics disruption, cargo accumulation and transportation delays. At present, the logistics industry in various countries is gradually recovering operations according to different national policies. It is expected that after the epidemic is further controlled, it will basically return to normal.

Strength

Product advantage is the core driver of the penetration rate increase
Electric ranges provide very stable heat in any environment. This means that it can produce constant low heat without giving off like a gas. Therefore, for keeping food warm for long periods of time or slow cooking, electric ranges perform better. In addition, electric ranges offer an alternative to using induction as a cooking method. Induction cooking offers many advantages, such as more evenly heated food, fewer problems with pan scorching, and less energy consumption. With the trend toward low energy consumption as well as green development, electric ranges are likely to be more popular.
Rising demand
Consumer demand for diversified kitchen cooking tools is on the rise. As millennials gradually become the main consumer of the market, their attitudes and habits are changing from those of the previous generation, and their demand for diversification, health and new categories ushers in vigorous development opportunities, leading the entire kitchen appliance industry.

Weakness

High initial costs
The high price of electric ranges may pose a barrier to their demand. Electric ranges offer more cooking modes and more even heat but can add cost. However, the demand for high-end equipment is expected to increase over time as people's disposable income increases and their standard of living improves. Moreover, the increasing number of single people or students who prefer take-out food to setting up their own kitchens may pose a barrier.
Threat of substitutes
There are still many homes and restaurants that prefer gas ovens because of their greater heat and lower cost. While electric ranges offer more cooking modes and more even heat, they can add to the cost.

Region Overview:

Geographically, North America held the largest market share-35.22% in 2022.

Company Overview:

Whirlpool, Samsung, Haier Group, BSH Group and Middleby Corporation are the five key players in the global Electric Ranges market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Electric Ranges market in the past 5 years.

Whirlpool

Whirlpool Corporation is a manufacturer and marketer of home appliances. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and other major brand names in nearly every country throughout the world.

Samsung

Samsung is Korea-based company principally engaged in the manufacture and distribution of electronic products. The Company operates its business through four segments. The Information Technology & Mobile Communications (IM) segment manufactures computers, handhold phones (HHPs), network systems, digital cameras and others. The Device Solutions (DS) segment provides semiconductor and display parts, including dynamic random access memories (DRAMs), flashes, thin film transistor-liquid crystal displays (TFT-LCDs) and others. The Consumer Electronics (CE) segment manufactures color televisions (CTVs), monitors, printers, air conditioners, refrigerators, laundry machines and others. The Harman segment manufactures head units, infotainment, telematics, speaker, among others. The Company distributes its products within domestic market and to overseas markets.

Segmentation Overview:

By type, Freestanding segment accounted for the largest share of market in 2022.

Freestanding

A freestanding electric range a fit most places in kitchen and does not require any cabinetry work. The sides are finished, so it can stand on its own or in between cabinets. It has an oven and burners.

Slide-In

A slide-in range is built specifically to be built into cabinetry so it does not have finished sides. This means it cannot be placed at the end of your cabinets and may or may not require a pedestal to sit upon.

Drop-In

A drop-in range is a range that fits into customized cabinetry. It is flanked by cabinets and sit above matching woodwork or cabinetry, And the control panel is often found on the front of the range.

Application Overview:

The market's largest segment by application is the segment Residential, with a market share of 86.32% in 2022.

Residential

Residential electric ranges are used in home kitchens, and different types of ranges can be selected depending on the construction of the kitchen.

Commercial

Commercial electric ranges are powerful units that can bake, grill and cook the same as any other range, the three main types of commercial electric range configuration are elements, hot tops, and griddles.

Key Companies in the global Electric Ranges market covered in Chapter 3:

Danby
LG
Whirlpool
Haier Group
Peerless Premier Appliance
BSH Group
Middleby Corporation
Felix Storch
Electrolux
Sub-Zero Group
Samsung

In Chapter 4 and Chapter 14.2, on the basis of types, the Electric Ranges market from 2018 to 2029 is primarily split into:

Freestanding
Slide-In
Drop-In

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Electric Ranges market from 2018 to 2029 covers:

Residential
Commercial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)