by The global electric ranges market size reached USD 24.81 billion in 2024 and is predicted to be hit 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 substantial growth, driven by several key factors including technological advancements, evolving consumer preferences, and a growing emphasis on sustainability. In 2023, the market was valued at approximately $159 billion, with expectations for further expansion due to increased demand for energy-efficient cooking technologies, such as induction and convection cooking.
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Market Scope
| Report Coverage | Details |
| Market Size by 2034 | USD 50.29 Billion |
| Market Size in 2024 | USD 24.81 Billion |
| Market Size in 2025 | USD 26.63 Billion |
| Market Growth Rate from 2024 to 2034 | CAGR of 7.32% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Product, Application, Distribution Channel, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East, & Africa |
Drivers: The major drivers in the electric ranges market include the rise in urbanization, the increasing demand for energy-efficient appliances, and a shift towards smarter cooking solutions. Consumer awareness of environmental concerns has led to greater adoption of electric ranges over traditional gas stoves, particularly with features like induction cooking, which is faster and uses less energy. Additionally, innovations like smart cooking technology, which allows users to control appliances remotely through apps, are enhancing the user experience and further fueling market growth.
Opportunities:
The market holds numerous opportunities, especially in emerging regions like Asia-Pacific, where rapid urbanization and a growing middle class are driving demand for electric ranges. North America and Europe also present strong opportunities, with ongoing technological advancements and government incentives for energy-efficient appliances. Manufacturers are focusing on product innovation, particularly in smart appliances and multi-function cooking technologies, which are appealing to consumers who prioritize versatility and convenience.
Challenges: Despite its growth, the electric ranges market faces challenges, such as high initial costs for advanced models, particularly those featuring smart technology or energy-efficient induction cooking. There is also a need for greater consumer education on the benefits and usage of these advanced appliances. Additionally, fluctuating raw material prices and supply chain disruptions can impact the profitability and availability of electric ranges
Regional Outlook:
Regionally, North America is the largest market, primarily driven by demand in the U.S. and Canada for eco-friendly and technologically advanced appliances. The Asia-Pacific region is expected to grow rapidly due to the expanding middle class and urban populations, with countries like China and India showing increased adoption of electric cooking technologies. Europe, while not as large as North America, is also a key market with strong growth prospects, driven by regulatory incentives and a shift towards sustainable living.
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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