25 November 2019 - The Global Gas Stove
Market is subject to witness a
substantial growth due to the changing lifestyle, growing number of working
women, improved living standards and easy availability. Factors responsible for
the robust growth of gas stove market include growing awareness for indoor
pollution and soaring demand for advanced electrical appliances around the
globe. In addition, lowered prices of cooking gas and higher penetration of gas
stove in developing and underdeveloped economies across the globe are expected
to stimulate market growth in the upcoming years.
The
recent technological advancement in the gas stove industry has led to
development of cost-effective solutions thus fostering market growth, in the
recent years. Additionally, numerous governments’ initiative and subsidies to
promote adoption of gas stove is expected to offer lucrative growth opportunities
for industry players over the forecast period. Introduction of multi-cooking
feature that save space in modular kitchen is gaining traction among large
number of homes across the globe. Globally, the market is anticipated to grow
at a CAGR of 10.6% by 2023, providing numerous opportunities for market players
to invest in research and development of the gas stove market.
A
gas stove is capable of operation on different types of gases such as syngas,
natural gas, propane, butane, and liquefied petroleum gas or LPG as a fuel
source. Gas stoves are broadly categorized into two major types based on
ignition sources such as standing pilot gas stoves and electric gas stoves. A
standing pilot consists of a small, constantly flaming pilot light, located
under the cooktop. The electric gas stove is considered as one of the fastest
growing segment in the gas stove market with substantial revenue generation in
the last couple of years. Growing popularity of the electric gas stove is
attributed to the simple operation and cost-efficiency.
The
market is divided by region as North America, Europe, Asia-Pacific, Latin
America and Africa. North America has shown major growth in recent years owing
to the rise in the implementation of latest techniques to develop cost
effective solutions, increase in the number of government subsidies and
schemes, and existence of well-established manufacturing infrastructure.
Asia-Pacific region is predicted to hold major market share in the gas stove
market with massive growth in forecast period. Countries such as India, China
and Singapore are leading the Asia-Pacific market with improved living
standard, increasing disposable income, favorable government initiatives,
lowered prices of cooking gas, and significant investment by leading industry
players considering potential growth opportunities in the region.
The
key players in the gas stove market are Bajaj Electricals Ltd., Butterfly
Gandhimathi Appliances Ltd., Franke Faber Ltd., A2 Hosting, Inc., Glen India
Ltd., Greenchef Ltd., Murugan Industries, Elica and Glen Ltd., and Padmini
Appliances
Market Segment:
Key Applications
•
Residential
•
Commercial
Key Regions
•
North America
•
Europe
•
Asia Pacific
•
Middle East and Africa
•
South America
Key Vendors
•
FOTILE
•
Vatti
•
Robam
•
Haier
•
Groupe SEB
•
Whirlpool
•
Samsung
•
Bajaj Electricals Limited
•
Electrolux
•
Miele
•
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