The global cooking hob market has witnessed substantial growth over the past few years, driven by consumer preferences for efficient, safe, and aesthetically appealing cooking appliances. As we look ahead to 2034, this trend is expected to continue, with the market projected to expand significantly. The global cooking hob industry was valued at US$ 47.5 billion in 2023 and is estimated to grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2034, reaching US$ 86.7 billion by the end of the forecast period. This growth is attributed to factors such as technological advancements, shifts in consumer behavior, and the rising popularity of energy-efficient solutions in modern kitchens.

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Key Drivers of Market Growth

Rise in Preference for Modular Kitchens

The demand for modular kitchens has surged in recent years, largely due to their space-saving design and the modern, aesthetic appeal they offer. Modular kitchens often feature integrated appliances, including sleek and space-efficient cooking hobs. Induction hobs, which complement the practical design of these kitchens, are becoming increasingly popular as they provide both functionality and style.

The rise of smart kitchen solutions is also a major factor driving demand for modern cooking hobs. Wi-Fi-enabled induction hobs, which allow users to remotely control and monitor their cooktops, are one example of how technology is transforming the kitchen space. Manufacturers are responding to these needs by introducing new products such as Fisher & Paykel's Primary Modular Induction Cooktop, which boasts precision induction technology and a touchscreen interface for ease of use.

Surge in the Number of Commercial Food Spaces

Another significant driver of the cooking hob market is the rise in commercial food spaces, such as restaurants, cafes, and eateries. The growing demand for fast food, casual dining, and home delivery options has led to an increase in the number of food establishments worldwide. As these businesses require efficient cooking solutions, the demand for high-performance cooking hobs is rising.

The global tourism industry is also contributing to the expansion of commercial food spaces. Countries with popular tourist destinations, such as France, Spain, and Italy, are seeing increased demand for food services, which further boosts the need for advanced cooking appliances in the commercial sector.

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Key Players in the Market

Several prominent players dominate the cooking hob market, with a strong focus on product innovation and expansion. These companies include:

• BORA Vertriebs GmbH & Co. KG
• BSH Home Appliances Group
• Electrolux Group
• Elica S.p.A.
• FABER S.p.A.
• Fisher & Paykel Appliances Holdings Ltd
• Miele & Cie. KG
• Samsung Electronics Co., Ltd
• SMEG S.p.A.
• Whirlpool Corporation

These companies are investing heavily in expanding their product portfolios and increasing their market presence through new product launches, strategic partnerships, and acquisitions. For example, Fisher & Paykel is set to launch the Primary Modular Induction Cooktop, a cutting-edge product designed to meet the evolving needs of modern kitchens.

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