Electric Ranges Market: Analyzing the Lucrative Investment Opportunities in the Landscape During 2024-2033
The global electric ranges market is projected to reach $32.3 billion by 2033, growing at a CAGR of 4.7% from 2024 to 2033.
WILMINGTON, DELAWARE , UNITED STATES, August 23, 2024 /EINPresswire.com/ -- Recently, Allied Market Research published a report on the electric ranges market1 that highlights every significant detail of the industry comprehensively. The study states that the landscape accounted for $20.5 billion in 2023. Furthermore, it is expected to generate a revenue of $32.3 billion by 2033, thus rising at a CAGR of 4.7% from 2024 to 2033. The report classifies the market into several segments based on type, price point, and distribution channel. Every segment is covered holistically, and the factors influencing the growth of its sub-segments are discussed.
Furthermore, the report also examines the performance of the industry in all important regions across the globe including North America, LAMEA, Asia-Pacific, and Europe. This exercise is aimed at helping companies develop a complete understanding of the landscape and align their business operations accordingly.
📚 𝐃𝐨𝐧'𝐭 𝐦𝐢𝐬𝐬 𝐨𝐮𝐭 𝐨𝐧 𝐲𝐨𝐮𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲: https://www.alliedmarketresearch.com/request-sample/A06769
An In-depth Evaluation of the Evolving Market Dynamics
The primary aim behind compiling such extensive reports is to aid frontrunners in formulating strategies for establishing their dominance in the industry. AMR reports provide actionable data and market intelligence into the various aspects of the landscape to assist companies in chalking out their plans for the expansion of businesses. Moreover, the study also covers the growth drivers, restraints, and investment opportunities in the market thoroughly to help industry participants in focusing on the key areas.
In the case of the electric ranges landscape, the market is anticipated to witness immense growth in the forecast period on account of the growing awareness regarding environmental sustainability. With the increasing emphasis on energy efficiency, consumers across the globe are opting for appliances with higher power ratings. As a result, consumer electrical goods manufacturing companies are shifting to advanced electric ranges which significantly reduce electricity consumption.
Furthermore, the emergence of advanced smart technologies has further expanded the scope of the industry in recent times. Innovations such as IoT, Wi-Fi, and touchscreen controls have been integrated with kitchen appliances. This has helped consumers to control and monitor these devices remotely by modifying the programmable settings via smartphone apps. Ultimately, the introduction of such emerging technologies has simplified cooking processes and enabled homeowners to achieve the goal of smart home ecosystems.
Highlighting the Performance of the Landscape in Different Regions
The idea behind providing regional analysis is to aid companies in understanding the socioeconomic, cultural, and demographic factors influencing the market in different regions around the globe. As part of its study of the North America province, countries such as the US, Canada, and Mexico are studied extensively. Similarly, European markets are covered by evaluating nations like the UK, Spain, France, Germany, Italy, etc. On the other hand, India, China, Japan, Australia, and South Korea are included in the Asia-Pacific study. Finally, the Middle East, Africa, and Latin America are analyzed as part of LAMEA province.
The electric ranges landscape has experienced substantial growth in North America and is expected to continue to maximize its revenue share in this region in the upcoming period. The growing demand for high-tech electric appliances is anticipated to be the driving factor behind the expansion of the market. Furthermore, technological advancements in the field of electronics and semiconductor manufacturing are predicted to open new avenues of growth.
The presence of leading players including GE Appliances, Electrolux Group, sears holdings corporation, Bosch Home Appliances, BSH Home Appliances Corporation, etc., in the US has played an important role in the growth of the industry in the North America region. These industry participants have launched several innovative products which have increased the competitive spirit in the landscape, thereby strengthening its position globally. Additionally, the gradual shift toward sustainability and energy efficiency has created numerous investment opportunities in the market.
Futuristic Trends Emerging in the Industry
Electric ranges are new-age electricity-powered kitchen appliances used for cooking purposes and typically consist of a cooktop, electric oven, and other heating elements. The basic advantages offered by these advanced devices are easy installation, remote control capabilities, precision, and self-cleaning abilities. Over the years, different types of electric ranges have been developed to suit the emergence of smart homes. Some of the important developments in the electric ranges landscape are discussed below:
Smart electric ranges: In the past few years, with advancements in networking technologies, electric ovens and stoves embedded with Wi-Fi and Bluetooth connectivity have been developed. These devices can be controlled remotely through mobile applications that need to be installed on the homeowner's smartphone or tablet. The advent of IoT technology has further helped in adding voice control capabilities to these appliances. Smart electric ranges offer flexibility in terms of cooktop configurations, as users adjust cooking temperatures remotely.
Refrigerated ranges: To help consumers prepare different food items effectively, kitchen appliance manufacturers have developed refrigerated ranges. These innovative devices contain in-built refrigeration systems in the oven. The user stores the food in the compartment and switches on the oven while preparing the food. Thus, it helps in preserving food items at cold temperatures, while at the same time offering an integrated cooking option.
𝐃𝐨 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 https://www.alliedmarketresearch.com/purchase-enquiry/A06769
Key Players Profiled in the Market Report
Viking Range Corporation
LG Electronics
Whirlpool Corporation
Sears Holdings Corporation
General Electric (U.S.)
Electrolux Group
Samsung Electronics
Sub-Zero Group, Inc.
BSH Home Appliances Corporation
Bosch Home Appliances
In conclusion, the AMR report touches upon all the important facets of the electric ranges industry and offers detailed insights into the strategies adopted by the multinational giants in the landscape. Additionally, it also includes interviews with the stakeholders and industry participants to help new entrants in the market adapt to the changing dynamics seamlessly.
David Correa
Allied Market Research
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1 https://www.alliedmarketresearch.com/electric-ranges-market-A06769
2 https://www.alliedmarketresearch.com/outdoor-cushions-market-A06571
3 https://www.alliedmarketresearch.com/carpet-floor-mats-market-A06768
