Factors responsible for the robust growth of gas stove market include growing awareness for indoor pollution and soaring demand for advanced electrical appliances around the globe.
(businesspress24) - The Global Gas Stove Market is subject to witness a substantial growth due to the changing lifestyle, growing number of working women, improved living standards and easy availability. Factors responsible for the robust growth of gas stove market include growing awareness for indoor pollution and soaring demand for advanced electrical appliances around the globe. In addition, lowered prices of cooking gas and higher penetration of gas stove in developing and underdeveloped economies across the globe are expected to stimulate market growth in the upcoming years.
The recent technological advancement in the gas stove industry has led to development of cost-effective solutions thus fostering market growth, in the recent years. Additionally, numerous governmentslobally, the market is anticipated to grow at a CAGR of 10.6% by 2023, providing numerous opportunities for market players to invest in research and development of the gas stove market.
A gas stove is capable of operation on different types of gases such as syngas, natural gas, propane, butane, and liquefied petroleum gas or LPG as a fuel source. Gas stoves are broadly categorized into two major types based on ignition sources such as standing pilot gas stoves and electric gas stoves. A standing pilot consists of a small, constantly flaming pilot light, located under the cooktop. The electric gas stove is considered as one of the fastest growing segment in the gas stove market with substantial revenue generation in the last couple of years. Growing popularity of the electric gas stove is attributed to the simple operation and cost-efficiency.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest techniques to develop cost effective solutions, increase in the number of government subsidies and schemes, and existence of well-established manufacturing infrastructure. Asia-Pacific region is predicted to hold major market share in the gas stove market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with improved living standard, increasing disposable income, favorable government initiatives, lowered prices of cooking gas, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the gas stove market are Bajaj Electricals Ltd., Butterfly Gandhimathi Appliances Ltd., Franke Faber Ltd., A2 Hosting, Inc., Glen India Ltd., Greenchef Ltd., Murugan Industries, Elica and Glen Ltd., and Padmini Appliances
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Date: 08/16/2019 - 11:31
Language: English
News-ID 1551461
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Freigabedatum: 16.08.2019
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