Published on : Feb 04, 2020
ResearchMoz.us has announced the addition of a report, titled “Global Residential Hobs Market Insights, Forecast to 2025”. The report on the global residential hobs market takes a closer look at various macroeconomic trends, key growth dynamics, consumer preferences, and imminent investment pockets for manufacturers. It offers a detailed scrutiny of emerging consumer trends, technological advances, prevailing price trends, and the competitive scenario. It further offer insights into key regional markets.
Growing trend of nuclear families in urban spaces is a key trend bolstering innovations and advancements in products in the residential hobs market. Over the years, residential hobs have become more portable, user-friendly, and convenience to use in kitchen. Manufacturers in the market are focusing on unveiling products that show some versatility of usage.
The residential hobs market has been receiving a substantial and consistent impetus from the growing trend of smart homes. Momentum has picked pace notably in developing economies with growing population with high disposable incomes. In this regard, strides in home construction sector has catalyzed the growth in the residential hobs market. The rising spending capacity has among other things made them more discerning of their kitchen accessories and fittings choices.
Among the various product types, induction hobs have garnered popularity. Other product type is gas induction hob. A great deal of the prospects are underpinned by the popularity of induction hobs in developed regions such as in North America and Europe. Growing numbers of working professionals use residential hobs to optimize time of cooking. This is a key factor boosting the market.
The residential hobs market will see a fast expanding array of products that are more energy-efficient and also cost-competitive for consumers, especially residential consumers. Connecting residential hobs with internet of things (IoT) technology has unlocked a new potential for manufacturers and players in the market. The use of IoT to track the energy efficiency of these hobs is worth mentioning. Growing use of Wi-Fi and Bluetooth in homes have helped boost the popularity of residential hobs integrated with IoT.
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Key region in the market are North America, Asia Pacific, and Central & South America. Among the various regions, swelling volumes of household appliances in developed economies are helping cement the potential of the residential hobs market. Moreover, growing social media influence has imparted a huge impact on consumer choices in the favor of the demand. The various distribution channels include multi-brand stores, exclusive stores, online stores, and independent stores. Growing penetration of products in exclusive stores is also boosting the market. Brands in emerging markets are focusing on offering the price segments that can attract consumers. The growing affordability of residential hobs is thus bolstering the strides that the market has taken in recent years. Manufacturers in developed nations are focused on expanding their product offerings, and are on their heels to improvise the design and aesthetics of residential hobs. Players with substantial research and development spending appetite are exhibi
ting their stronghold in the residential hobs market. Growing numbers of mergers and acquisitions have kept the market increasingly competitive.
Many of the key players in the residential hobs market are home appliances companies. Some of them are BERTAZZONI SpA, LG Electronics, Whirlpool Corporation, Robert Bosch, Electrolux, and ROBAM.