ELECTRIC COOKTOPS MARKET ANALYSIS

Electric Cooktops MarketSize and Trends

Rising demand for energy-efficient cooktops is one of the major factors driving growth of the market

Increasing demand for energy-efficient appliances is one of the key factors driving growth of the market. Rising prices of natural gas is driving demand for electric cooktops. For instance, according to the EIA (Energy Information Administration) analysis, in the U.S. the price of natural gas was US$ 3.55/MBTU (Million British Thermal Units) in 2017, which was higher than US$ 2.51/MBTU in 2016. This in turn is expected to proportionally hike prices of domestic cooking gas. Additionally, around 60% of cooking heat is lost while using natural gas to heat the stovetop, whereas only 30% heat is lost while heating electric cooktops. Thus, electric cooktops are more energy-efficient than conventional ones, further fuelling growth of the market.

Advancements in household appliances to boost growth of the market

The increasing demand for household kitchen appliances that can operate automatically is expected to boost growth of the electric cooktops market. Owing to rapid urbanization, the demand for these appliances is expected to rise significantly. Moreover, rising number of working professionals that are unable to perform routine activities such as cooking, in turn helps increase the demand for electric cooktops. These cooktops heat vessels 50% faster than traditional gas cooktops and automatically regulates temperature as per the requirement. Therefore, advancements in household appliance are further expected to boost growth of the electric cooktop market.

Market Trends

Electric cooktops is a cooking equipment used in commercial and non-commercial settings. Electric cooktops are more energy-efficient as compared to other traditional cooking appliances and provide enhanced safety features such as automatically shutting off in the absence of a cooking vessel on the cooktops. Moreover, the material used to build electric cooktops majorly include glass or ceramic, which are strong, durable, and easy to clean.