Electric Ranges Sales Market Outlook

The global electric ranges market was valued at approximately USD 5.67 billion in 2021 and is projected to reach USD 8.92 billion by 2031, growing at a CAGR of 4.6% during the forecast period from 2021 to 2031. The increasing demand for energy-efficient cooking solutions, coupled with the growing trend of modern kitchen designs, has significantly contributed to the surge in market expansion. Moreover, the rise in disposable income among consumers enables them to invest in advanced electric appliances that enhance cooking efficiency and convenience. Additionally, the growing popularity of smart kitchens, where electric ranges are integrated with advanced technology for enhanced user experience, is further driving this market. The focus on sustainability and the shift towards environmentally friendly appliances are also shaping the dynamics of electric range sales, making them increasingly popular in both residential and commercial segments.

Growth Factor of the Market

Several critical factors are driving the growth of the electric ranges market. Firstly, the increasing adoption of smart home technologies is leading consumers towards electric ranges that offer connectivity and advanced features, thus enhancing convenience in cooking. Additionally, the global focus on reducing carbon footprints and energy consumption has prompted manufacturers to innovate and develop more energy-efficient electric ranges. The transition from traditional gas cooking methods to electric alternatives is also gaining momentum due to safety considerations and ease of use. Furthermore, the rising trend of home cooking, particularly post-pandemic, has increased the demand for electric ranges in residential settings. Lastly, the expansion of e-commerce platforms has made it easier for consumers to access a variety of electric range options, thus fostering market growth.

Key Highlights of the Market

• The electric ranges market is expected to witness significant growth driven by the trend of smart kitchens.
• Energy efficiency and sustainability are prioritized, favoring electric ranges over gas models.
• Residential applications dominate the market, supported by increasing interest in home cooking.
• E-commerce is becoming a significant distribution channel for electric ranges, providing consumers with extensive choices.
• Technological advancements, such as induction cooking, are transforming product offerings and consumer preferences.

By Product Type

Freestanding Electric Ranges:

Freestanding electric ranges are among the most popular types in the electric ranges market due to their flexible installation options. They can be placed anywhere in the kitchen without the need for any built-in cabinetry, making them ideal for rental properties or for customers who prefer not to commit to specific installation requirements. These ranges typically offer a variety of features including multiple burners, self-cleaning options, and various cooking modes, catering to a wide range of cooking needs. The ease of use and straightforward installation process significantly contribute to their high demand, particularly among residential consumers who prioritize convenience and functionality in their kitchen appliances.

Slide-In Electric Ranges:

Slide-in electric ranges provide a sleek, built-in look that appeals to homeowners seeking a modern kitchen aesthetic. Unlike freestanding models, these ranges slide in between cabinetry, eliminating the need for back panels and creating a seamless transition between countertops and the oven. They often feature advanced technology, such as touch controls and convection cooking options, enhancing the cooking experience. The growing trend of kitchen renovations has bolstered the popularity of slide-in electric ranges as they blend aesthetics with functionality, making them a favored choice among homeowners looking to upgrade their kitchen spaces.

Drop-In Electric Ranges:

Drop-in electric ranges are designed to fit seamlessly into pre-existing kitchen cabinetry, providing a clean, customized look. These ranges typically do not have a back panel and are installed directly into the countertop, making them ideal for modern kitchen designs. Their adaptability allows homeowners to design their kitchen layout around the range rather than the other way around. Drop-in models often come equipped with advanced features, including multiple cooking zones and digital interfaces, catering to the needs of contemporary cooking enthusiasts. As kitchen designs continue to evolve towards open concepts, the demand for drop-in electric ranges is expected to rise.

Double Oven Electric Ranges:

Double oven electric ranges are gaining traction among consumers who require more cooking capacity and flexibility. This type of range features two separate oven compartments, allowing users to cook multiple dishes at different temperatures simultaneously. This is particularly useful during family gatherings or holiday cooking when meal preparation becomes extensive. The convenience of having two ovens in one appliance appeals to both residential and commercial kitchen users. Moreover, advancements in cooking technology, such as smart oven features, enhance the functionality of double oven electric ranges, making them increasingly desirable for consumers aiming for efficiency in their cooking endeavors.

Induction Electric Ranges:

Induction electric ranges represent a growing segment within the electric ranges market, driven by their efficiency and safety features. Induction cooking utilizes electromagnetic energy to directly heat pots and pans, resulting in faster cooking times and more precise temperature control. This technology not only enhances cooking performance but also provides safety benefits, as the cooktop remains cooler to the touch when not in use. The increasing awareness of energy conservation and the desire for modern cooking solutions have propelled the growth of induction electric ranges, appealing particularly to environmentally conscious consumers seeking the latest in cooking technology.

By Application

Residential:

The residential application of electric ranges dominates the market, accounting for a significant share due to the growing trend of home cooking. As more families opt to cook at home for both health and economic reasons, the demand for electric ranges has surged. Homeowners appreciate the convenience and efficiency offered by electric ranges, as they provide a controllable cooking experience and come with various modern features. The rise in real estate development, especially in urban areas, has further fueled the demand for electric ranges in new housing projects, as builders tend to include these modern appliances in their offerings to attract buyers.

Commercial:

The commercial application of electric ranges is also witnessing growth, driven by the increasing number of restaurants and food service establishments opting for electric cooking solutions. The commercial kitchen environment often benefits from electric ranges due to their energy efficiency, safety, and reduced emissions compared to gas ranges. Electric ranges are particularly advantageous in urban settings where gas lines may not be available or feasible. Additionally, the trend toward cleaner cooking options is influencing many commercial kitchens to invest in electric models, resulting in a positive outlook for the electric ranges market in the commercial sector.

By Distribution Channel

Online Retailers:

Online retailers have emerged as a significant distribution channel for electric ranges, driven by the increasing trend of e-commerce shopping among consumers. The convenience of browsing and purchasing kitchen appliances online allows customers to compare various models, read reviews, and access a broader range of products than what might be available in physical stores. Additionally, online retailers often provide competitive pricing and promotions, attracting price-sensitive consumers. The ability to deliver large appliances directly to consumersÔÇÖ homes has further solidified the position of online retailers as a preferred choice for purchasing electric ranges.

Specialty Stores:

Specialty stores play an essential role in the distribution of electric ranges, offering consumers a more hands-on experience. These stores typically provide expert guidance and a curated selection of electric ranges, catering to consumers who prefer to see and test appliances before making a purchase. The knowledgeable staff can assist customers with specific needs or preferences, ensuring they choose the right product for their kitchen. The personalized service and unique offerings in specialty stores enhance the shopping experience, making them a favored channel for consumers seeking premium electric ranges.

Department Stores:

Department stores also contribute to the electric ranges market by offering a wide variety of kitchen appliances under one roof. These stores provide customers with the convenience of shopping for multiple products simultaneously, including electric ranges, cookware, and kitchen accessories. Department stores often run seasonal promotions and discounts, making them an attractive option for budget-conscious consumers. The combination of availability, variety, and promotional activities makes department stores a significant distribution channel for electric ranges, appealing to a broad demographic.

Home Improvement Stores:

Home improvement stores are critical players in the distribution of electric ranges, serving both DIY homeowners and professional contractors. These stores typically stock a wide range of appliances, including various types of electric ranges, and provide customers with the opportunity to view them in person. Additionally, home improvement stores often offer installation services, making it easier for customers to purchase and set up their new electric ranges. With a focus on home renovations and improvements, these stores are well-positioned to cater to consumers looking to upgrade their kitchen appliances.

Others:

Other distribution channels for electric ranges include wholesale distributors and direct sales from manufacturers. While these channels might not be as prominent as the others mentioned, they play a vital role in ensuring that electric ranges reach diverse markets, including rural areas and niche consumer segments. Wholesale distributors facilitate bulk purchasing for businesses, while direct sales enable manufacturers to build relationships with customers and offer exclusive products. These alternative channels contribute to the overall accessibility of electric ranges, accommodating varying consumer preferences and purchasing behaviors.

By Fuel Type

Electric Coil:

Electric coil ranges are a traditional type of electric range that uses visible coils for cooking. These ranges are typically more affordable than their smooth top counterparts, making them a popular choice for budget-conscious consumers. Electric coil ranges provide reliable heating and are straightforward to operate, appealing particularly to those who are accustomed to using them. Although they might not offer the modern aesthetic of other electric ranges, their durability and ease of repair contribute to their continued presence in the market, especially among consumers looking for basic, functional cooking solutions.

Electric Smoothtop:

Electric smoothtop ranges are gaining popularity due to their sleek appearance and ease of cleaning. The smooth ceramic or glass surface not only enhances the aesthetic appeal of kitchens but also offers improved functionality with precise temperature control and even cooking. These ranges typically come equipped with advanced features such as touch controls and multiple cooking zones, catering to modern cooking needs. The increasing consumer preference for stylish, easy-to-maintain appliances is driving the demand for electric smoothtop ranges, making them a key player in the electric ranges market.

By Region

In the North American region, the electric ranges market is experiencing notable growth, driven by a combination of consumer demand for energy-efficient appliances and the trend of smart home technologies. The market in North America was valued at approximately USD 2.1 billion in 2021 and is projected to grow at a CAGR of 4.2% through 2031. A significant factor contributing to the market's expansion is the increasing renovation and remodeling activities in residential properties, where electric ranges are often a focal point of kitchen upgrades. In addition to residential growth, the commercial sector is also adapting to electric cooking solutions, further fueling demand.

Europe represents another key market for electric ranges, with an estimated market value of USD 1.7 billion in 2021. The European market is predicted to grow at a CAGR of 5.0% from 2021 to 2031, driven by rising consumer awareness regarding energy-efficient appliances and stringent environmental regulations. The shift towards renewable energy sources and sustainable living practices is prompting consumers to opt for electric ranges over traditional gas models. Furthermore, the ongoing trends of urbanization and smaller living spaces in Europe are influencing consumers to invest in multifunctional kitchen appliances, including electric ranges that optimize space and efficiency.

Opportunities

The electric ranges market presents several opportunities for growth, particularly in the realm of technological advancements. As more consumers seek seamless integration of appliances into smart home ecosystems, manufacturers have the chance to innovate by incorporating connectivity features into electric ranges. Smart ovens that can be controlled remotely via smartphone apps or voice-activated systems are becoming increasingly popular. This trend not only enhances convenience for users but also allows for greater energy management and efficiency in cooking processes. The growing interest in sustainable living also presents opportunities for companies to develop eco-friendly electric ranges that utilize renewable energy sources, meeting the demands of environmentally conscious consumers.

Another significant opportunity lies in expanding into emerging markets. As economic development continues in regions such as Southeast Asia, Latin America, and Africa, there is a growing middle class with increased purchasing power. These consumers are more likely to invest in modern kitchen appliances, including electric ranges. Companies that can tailor their products to meet the specific needs and preferences of these markets, whether through affordable pricing, localized designs, or energy-efficient options, stand to gain a competitive edge. Furthermore, the rise of e-commerce platforms facilitates market entry into these regions by providing a cost-effective distribution channel for electric ranges.

Threats

Despite the growth prospects in the electric ranges market, several threats could hinder progress. One significant threat is the fluctuations in raw material prices, which can directly impact manufacturing costs. Steel and other materials used in electric ranges can experience price volatility due to global supply chain disruptions or geopolitical factors, leading manufacturers to either absorb costs or pass them onto consumers. This situation could potentially make electric ranges less affordable for price-sensitive customers, reducing demand. Additionally, competition from alternative cooking methods, such as gas ranges or outdoor grills, poses a threat to the electric ranges market, particularly in regions where gas is more readily available or considered more traditional.

A notable restraining factor in the electric ranges market is the perception of electric cooking as being less powerful compared to gas cooking. Many professional chefs and cooking enthusiasts prefer gas ranges for their precise heat control and immediate response to adjustments. This perception might limit the adoption of electric ranges among serious cooks, especially in commercial kitchens where high performance is paramount. Manufacturers must address this challenge by focusing on enhancing the performance of electric ranges, showcasing their capabilities in various cooking scenarios, and promoting the advantages of electric cooking to shift consumer perceptions.

Competitor Outlook

• Whirlpool Corporation
• GE Appliances (General Electric)
• Samsung Electronics
• LG Electronics
• Bosch Home Appliances
• Frigidaire
• Maytag
• Electrolux
• Kitchenaid
• Amana
• Sharp Corporation
• Haier
• KitchenAid
• Viking Range LLC
• Fisher & Paykel

The electric ranges market is characterized by a competitive landscape with numerous established players competing for market share. Leading manufacturers are continuously innovating and updating their product lines to keep up with evolving consumer preferences. The introduction of smart features, improved energy efficiency, and enhanced user interfaces are essential strategies being adopted by these companies to differentiate their products from competitors. Furthermore, partnerships with e-commerce platforms and home improvement retailers are becoming increasingly important as companies seek to expand their distribution networks and reach broader consumer bases. This competitive nature drives the industry forward, fostering an environment of innovation and improvement.

Whirlpool Corporation stands out as a significant player in the electric ranges market, known for its commitment to quality and innovation. The company offers a diverse range of electric ranges, including models equipped with smart technology and energy-efficient features. Whirlpool's strong market presence is bolstered by its robust distribution network and extensive marketing efforts targeting both residential and commercial consumers. In addition to product excellence, Whirlpool emphasizes sustainability in its operations, aligning its manufacturing processes with environmentally friendly practices to appeal to the growing number of eco-conscious consumers.

GE Appliances, a subsidiary of Haier, also plays a vital role in the electric ranges market. The company is renowned for its advanced technology and user-friendly designs. GE has introduced several electric range models that incorporate smart home connectivity, allowing users to control their cooking appliances via smartphone applications. This focus on technology and convenience, coupled with GE's reputation for reliability and performance, makes it a formidable competitor. The company is actively investing in research and development to further enhance its electric range offerings and meet the evolving needs of consumers in the modern kitchen landscape.