Electric Ranges Market Size, Share and Trends 2024 to 2034

Electric Ranges Market Size and Forecast 2024 to 2034

The global electric ranges market size is estimated at USD 24.81 billion in 2024 and is anticipated to reach around USD 50.29 billion by 2034, expanding at a CAGR of 7.32% between 2024 and 2034. The growing consumer demand for energy-efficient appliances is the key factor driving the growth of the electric ranges market. Also, increasing consumers' awareness about environmental sustainability coupled with the development of cooking technology can fuel market growth shortly.

Electric Ranges Market  Key Takeaways

• North America dominated the electric ranges market with the largest market share of 38% in 2023.
• Asia Pacific is expected to grow at a fastest CAGR of 8.21% during the studied period.
• By product, the freestanding electric ranges segment accounted for the highest market share of 63% in 2023.
• By product, the slide-in electric ranges segment is expected to grow at the fastest CAGR of 8.21% over the forecast period.
• By application, the residential segment contributed the biggest market share of 81% in 2023.
• By application, the commercial segment is predicted to grow at a solid CAGR of 8.12% over the projected period.
• By distribution channel, the mass retailer-driven sales segment generated the biggest market share of 47% in 2023.
• By distribution channel, the online sales segment is anticipated to expand at the fastest CAGR of 9.03% during the forecast period.

U.S. Electric Ranges Market Size and Growth 2024 to 2034

The U.S. electric ranges market size accounted for USD 7.07 billion in 2024 and is expected to be worth around USD 14.62 billion by 2034, growing at a CAGR of 7.51% between 2024 and 2034.

North America dominated the electric ranges electric ranges market in 2023. The dominance of the region can be attributed to the emergence of advanced cooking technologies for energy and cost-efficient appliances, such as induction cooking technology. Major market players in the region, including GE Appliances, Whirlpool Corporation, and LG Electronics, continue to launch innovative products based on factors like design, performance, and brand reputation.

• In January 2024, Kenmore, one of America's home innovations providers, announced the relaunch of Kenmore-branded Kitchen appliances in Canada. This marks the first placement of Kenmore's major appliances in Canada in five years, as well as the first placement with retailers other than Sears Canada.

Asia Pacific is expected to show the fastest growth in the electric ranges market during the studied period. The growth of the region can be driven by increasing urbanization and growing disposable incomes in nations like India and China. Moreover, raising awareness of environmental issues and energy efficiency solutions is facilitating consumers to shift from conventional cooking methods to electric options.

Market Overview

Electric ranges are kitchen appliances crafted for cooking purposes that use electricity as their main source of heat. They generally consist of a cooktop and an electric oven with electric heating components. The electric ranges market provides numerous key advantages like easy installation, accurate temperature control for cooking, and an extensive range of other features, including convection cooking, self-cleaning ovens, and programmable settings. Also, they regard more safer than conventional gas ranges because of the absence of an open flame.

Role of AI in the Electric Ranges Market

In the electric ranges market, AI-driven smart ovens stimulate cooking settings and monitor food. These appliances can suggest the cooking mode, temperature, and time. These ovens utilize computer vision for burn detection and food recognition. It is also able to identify various ingredients and dishes to recommend cooking settings. Furthermore, users can select a recommended program and wait till the oven is done to predict whether the dish is done or not. These ovens also possess an AI ability that enables them to learn from each other.

• In April 2024, Samsung Electronics introduced its latest home appliances lineup with AI capabilities at the Welcome to BESPOKE AI event. Samsung shares its vision for how connectivity amongst them can enhance the overall experience at home and how artificial intelligence (AI) improves the performance of appliances.

Electric Ranges Market Growth Factors

• The increasing trend of smart home integration is expected to boost the growth of the electric ranges market further.
• Urban consumers are increasingly seeking modern kitchen solutions due to the popularity of electric ranges, which can soon propel market growth.
• The rising concerns over the health risks associated with gas stoves will likely drive demand for electric ranges in upcoming years.

Market Scope

Market Dynamics

Driver

Integration of smart kitchen

The growing trend of smart homes has a positive impact on electric ranges, fuelling the electric ranges market expansion of connected appliances. Smart features such as voice commands, remote control, and integration with virtual assistants can enhance user experience and convenience. Additionally, Smart kitchen integration connects appliances through Bluetooth or Wi-Fi to allow remote monitoring and control. Data generated by smart kitchen appliances can be analyzed to offer crucial insights into energy use, cooking patterns, and appliance performance.

• In May 2024, Thermomix, a smart kitchen appliance innovator, introduced the Thermomix Sensor, a revolutionary smart thermometer that brings greater ease and accuracy to monitoring foods' core temperature. This innovative smart thermometer is set to change the way cooking enthusiasts approach cooking, grilling, and baking, ensuring precision and confidence in every dish.
• In January 2024, Panasonic announced an extended partnership with Fresco, the leading smart kitchen platform for the world's top appliance brands. The players will collaborate to offer a revolutionary cooking assistant for Panasonic kitchen appliances, starting with the Panasonic HomeCHEF 4-in-1 multi-oven.

Restraint

Supply chain disruptions

The electric ranges market faces a big hurdle in the form of supply chain disruptions. Challenges like transportation delays, material shortages, and production obstacles have led to congestion in the manufacturing process. As a result, it constrained the market's ability to fulfill the increasing demand for electric ranges. Moreover, as consumer interest rises, coping with these supply chain challenges becomes important.

Opportunity

Increasing demand for freestanding range

A freestanding range is a kitchen appliance that iterates an oven and cooktop into a single unit. The electric ranges market products can be placed anywhere in the kitchen as they are flexible. They are available in a variety of sizes, but many of them are 30 inches wide. Freestanding ranges can be powered by electricity, gas, or a combination of both. Furthermore, these ranges have accessible sides and backs, which makes it easier to maintain and clean them without squeezing them into tight spaces.

• In October 2024, Midea America, a major in-home appliance, introduced a new lineup of freestanding ranges designed to provide practical conveniences at an attractive price point. Available in both gas (MGR30S2AST) and electric (MER30S2AST) models and in three finishes: stainless steel, white, and black.

Product Insights

The freestanding electric ranges segment dominated the electric ranges market in 2023. The dominance of the segment can be attributed to the features such as ease of installation, versatility, and cost-effectiveness offered by this range. These cooking appliances are famous among households for their convenience, as they can be suited anywhere in the kitchen, In addition, freestanding ranges don't have gaps (Unlike slide-in ranges) where grease and crumbs can hide.

• In May 2024, Electrolux Group reissued a recall of Frigidaire and Kenmore Electric ranges after continued reports of fires and burn injuries. According to a release from the Consumer Product Safety Commission, Electrolux has received at least 212 reports of range malfunctions, including 14 reports of fires and eight reports of people being burned on the hands or arms, as well as smoke inhalation.

The slide-in electric ranges segment is expected to grow at the fastest rate in the electric ranges market over the forecast period. The growth of the segment can be linked to the growing trend of smart kitchen designs that focus on aesthetic appeal and seamless integration. These ranges are generally preferred for their built-in look, which offers a professional, sleek appearance and cuts gaps between the countertops and appliances improving kitchen ergonomics. One notable product is the Samsung 30-inch Slide-In Electric Range. Having dual cooking capabilities.

Application Insights

The residential applications segment led the global electric ranges market in 2023. The dominance of the segment is due to the increasing number of households looking for convenient electric cooking solutions. Modern cooking appliances can significantly reduce the amount of energy required for cooking. Furthermore, the governments of many countries are spreading awareness about electric ranges across the country by launching different campaigns, such as the Go Electric campaign launched by the Indian government recently.

• In February 2024, Whirlpool Corporation and BORA, the two companies, are partnering to bring the best induction downdraft technology exclusively to JennAir and KitchenAid brand induction downdraft cooktops in North America in 2025.

The commercial applications segment is estimated to show the fastest growth in the electric ranges market over the projected period. The growth of the segment can be linked to the increasing adoption of eco-friendly, sustainable, and energy-efficient cooking solutions in the restaurant and hospitality sectors. Additionally, commercial establishments transitioning from gas to electric ranges provide accurate temperature control and rapid cooking times.

Distribution Channel Insights

The mass retailer-driven sales segment led the electric ranges market in 2023. The dominance of the segment can be credited to the extensive selection of products offered by mass retailers from different brands at competitive prices. These attract a wide range of customer base searching convenience and value. Also, mass retailers have the capability to leverage wide distribution networks and economies of scale propelling segment growth further.

The online sales segment is anticipated to grow at the fastest rate in the electric ranges market during the forecast period. The growth of the segment can be driven by the retailers are increasingly using product reviews and seasonal promotions to attract consumers seeking tech-oriented and energy-efficient kitchen solutions. However, Online sales enable the sophistication of shopping from home on platforms like Flipkart, allowing customers to read reviews, compare products, and make firm purchasing decisions.

Electric Ranges Market Companies

• Whirlpool Corporation
• Samsung Electronics Co. Ltd.
• LG Electronics Inc.
• General Electric (GE Appliances)
• Bosch (BSH Hausgerte GmbH)
• Frigidaire
• Haier Group Corporation
• Miele & Cie. KG
• Brown Stove Works, INC.
• Rangaire

Recent Developments

• In March 2024, GE Appliances launched a new range lineup featuring 36 models, including the top-tier GE 30" Slide-In Electric Convection Range with No Preheat Air Fry and the EasyWash Oven Tray, created for faster cooking and easier cleaning.
• In January 2023, Sharp Home Electronics showcased new 30" slide-in electric ranges and smart combi appliances at the 2023 Kitchen & Bath Industry Show (KBIS) in Las Vegas. 
• In October 2023, Usha International, a prominent player in the consumer durables segment in India, launched a selection of five innovative kitchen appliances as part of its latest premium iChef range.

Latest Announcements by Leaders

• In July 2024, Vice Chairman of Samsung Electronics Co., Ltd commented that India is one of the biggest and fastest-growing markets globally and offers a huge opportunity for Samsung. He further adds that we were among the first companies to invest in India, and I am happy that the Noida factory has emerged as one of our biggest facilities, manufacturing not only for India but for the world.
• In September 2024, the CEO of General Motors, Mary Barra, commented that At General Motors, our vision for the future is a world with zero crashes, zero emissions, and zero congestion. The key to unlocking that vision is electrification.

Segments Covered in the Report

By Product

• Freestanding electric ranges
• Slide-in electric ranges
• Drop-in electric ranges

By Application

• Residential
• Commercial

By Distribution Channel

• Mass retailers
• Electronic & appliance stores
• Online/e-commerce
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa