In terms of region, the APAC hobs market is expected to witness significant growth in the upcoming years attributed to increasing disposable income and presence of a large consumer base. Moreover, rise in awareness of hobs and convenient cooking is expected to boost the growth of the market. Stakeholders in the region are also focusing on numerous smart home projects, which is expected to fuel the expansion of the hobs market during the forecast period.
Since an increasing number of people are spending their time indoors, companies in the hobs market are capitalizing on this opportunity to boost marketing and advertising efforts during ongoing COVID-19 pandemic. They are focusing on the residential sector more as compared to the commercial sector in order to boost product sales. Manufacturers are taking data-driven decisions before investing in new design and production technologies. Emerging market players with sound product technology are inviting investments and mergers acquisitions to stay financially afloat amid the ongoing pandemic. They are analyzing high-risk clients customers where recovery of debt may be an issue.
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Inorganic strategies such as mergers acquisitions (MA) are helping manufacturers to establish strong business grounds in the market. With such acquisitions, companies are becoming a majority-owned subsidiary of other companies, and its financial statements will be consolidated on the overall basis. Such trends are expected to boost innovations in hobs.
Companies are introducing new induction hobs, which have automatic sensing of cookware. Leading-edge induction hobs are featuring intuitive hob touchscreens and sensors combined with assisted cooking programs. The induction hob identifies and maintains an even temperature across the surface of the pan.
The increasing requirement for energy-efficient and time saving cooking appliances at the global level is propelling the sale of hobs. The millennial population wants to decrease their time spent on cooking, which is one of the trends that is boosting product sales. Moreover, the high adoption of modular kitchens in fast-growing economies such as India and China is driving product demand.
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The household segment accounted for a major share of the hobs market at the global level. Online sale of hobs is growing at a fast pace globally.
The rising consumer awareness about safe kitchen products is creating new avenues for induction hob sales. The technology of induction hobs generates an electromagnetic field that can transfer heat directly to metal surfaces, including iron and steel.
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