Electric Ranges Market Size, Share, Trends And Industry Report, 2030 from Tushki Desale's blog

Electric Ranges Market Growth & Trends

The global electric ranges market size is anticipated to reach USD 37.59 billion by 2030, growing at a CAGR of 7.3% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is experiencing growth due to rising consumer demand for energy-efficient appliances and heightened awareness of environmental sustainability. Advances in cooking technology, along with the integration of smart home features, are making electric ranges increasingly attractive to urban consumers.

A 2023 Climate Nexus survey indicates a near split in preferences, with 43% of American adults favoring gas stoves and 42% preferring electric. However, there is considerable public concern over gas stove safety and strong support for regulations addressing the risks of methane emissions. This evolving sentiment is likely to drive consumers toward electric ranges as they seek safer, more sustainable cooking options.

The market is governed by several key regulations aimed at ensuring safety, accessibility, and energy efficiency. UL 858 sets standards for maximum surface temperatures of ovens, handles, and knobs to prevent burns and fires. The ADA/ANSI and UFAS regulations mandate that controls must be reachable and operable with one hand, enhancing accessibility for all users.

Additionally, electric ranges must comply with electrical requirements that necessitate a dedicated circuit, typically a 50-amp, 240-volt setup. The Inflation Reduction Act provides funding for state-level rebates on electric appliance purchases, encouraging consumers to upgrade to energy-efficient models.

A 2022 report by Consumer Reports highlights that electric ranges typically outshine gas models in key cooking performance areas, such as high and low heat, with nearly half of electric smooth top ranges earning excellent ratings-none for gas. While gas ranges excel in baking, electric models take the lead in broiling, with over half receiving very good ratings. This performance disparity, alongside growing concerns about health risks and environmental issues related to gas stoves, such as methane emissions, is driving a consumer shift toward electric ranges. As awareness of these concerns increases, the electric ranges industry is poised for substantial growth.

The Asia Pacific electric ranges market is projected to grow at a CAGR of 8.2% from 2024 to 2030, fueled by rapid urbanization and increasing disposable incomes in key countries like India and China. As more households gain access to electricity and modern cooking appliances, the demand for electric ranges continues to rise. Furthermore, a heightened awareness of energy efficiency and environmental issues is encouraging consumers in these regions to transition from traditional cooking methods to electric options, enhancing the appeal of electric ranges in the market.

Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/electric-ranges-market-report

Electric Ranges Market Report Highlights

• Based on product, freestanding electric ranges accounted for the largest revenue share of 62.10% in 2023 due to their versatility, ease of installation, and cost-effectiveness. These appliances are favored by homeowners for their convenience, as they can be placed anywhere in the kitchen without the need for built-in cabinetry. Additionally, their wide array of features, including self-cleaning options and multiple cooking modes, enhances their appeal and solidifies their position as the largest segment in the market
• Based on application, the demand for electric ranges in commercial applications is projected to grow at a CAGR of 8.1% from 2024 to 2030, fueled by the hospitality and restaurant sectors' increasing shift toward energy-efficient and environmentally friendly cooking solutions. As establishments aim to comply with strict emissions and energy regulations, many are moving from gas to electric ranges, which provide precise temperature control and quicker cooking times
• Based on the distribution channel, mass retailer-driven sales represented over 47% of the global market. These retailers are propelling sales by leveraging economies of scale, vast distribution networks, and competitive pricing strategies. By providing a diverse range of products from multiple brands at attractive prices, they appeal to a wide customer base looking for value and convenience
• In 2023, the electric ranges market in North America captured a 37.11% share of global market revenue, fueled by a strong preference for energy-efficient appliances and cutting-edge cooking technologies. The rising popularity of induction cooking, known for its speed and energy efficiency, has significantly heightened consumer interest in electric ranges equipped with this feature. Moreover, local manufacturers like Whirlpool and GE have made substantial investments in smart appliance capabilities, such as Wi-Fi connectivity and voice control, catering to the demands of tech-savvy consumers
• 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. The lineup includes electric and gas convection ranges with features like Air Fry, Pizza modes, and temperature probes. Sharp also introduced smart convection wall ovens and radiant rangetops with integrated Microwave Drawer Ovens, compatible with Alexa. These appliances emphasize convenience, versatility, and premium design

Electric Ranges Market Segmentation

Grand View Research has segmented the global electric ranges market on the basis of product, application, distribution channel, and region:

Electric Ranges Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Freestanding Electric Ranges
• Slide-in Electric Ranges
• Drop-in Electric Ranges

Electric Ranges Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Residential
• Commercial

Electric Ranges Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Mass Retailers
• Electronic & Appliance Stores
• Online/E-Commerce
• Others

Electric Ranges Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

List of Key Players in the Electric Ranges Market

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

Browse Full Report: https://www.grandviewresearch.com/industry-analysis/electric-ranges-market-report