Commercial Countertop Ranges Set to Soar to US$ 15.8 Billion by 2033 with a 3.3% CAGR, According to Future Market Insights
The global commercial countertop ranges market is expected to be valued at US$ 11.4 billion in 2023. With the continually rising focus on food safety, the commercial countertop ranges market is projected to grow at a CAGR of 3.3% between 2023 and 2033, totaling around US$ 15.8 billion by 2033.
One of the major factors driving the growth of the
commercial countertop ranges market is the increasing demand for fast food.
With the changing lifestyle and busy schedules of people, fast food has become
a popular choice among consumers. As a result, the number of fast-food outlets
and quick-service restaurants has been increasing rapidly, which in turn has
led to a higher demand for commercial countertop ranges.
The growing popularity of food trucks is another factor that
is anticipated to accelerate the growth of the commercial countertop ranges
market. Food trucks have become increasingly popular in recent years, with many
entrepreneurs starting their own businesses. These food trucks require portable
and compact cooking equipment, and commercial countertop ranges fit the bill
perfectly. The small size and portability of these appliances make them an
ideal choice for food trucks, which is why their demand has been on the rise.
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Additionally, the rising number of small and medium-sized
restaurants is another major factor that is likely to create lucrative avenues
for market growth. With the increasing competition in the restaurant industry,
many entrepreneurs are opening small and medium-sized restaurants to cater to
niche markets. These restaurants require cooking equipment that is both
efficient and affordable, and commercial countertop ranges are a perfect fit.
The compact size of these appliances makes them ideal for small kitchens, and
their affordable price point makes them a cost-effective choice for small and
medium-sized restaurants.
Moreover, the market is also expected to benefit from
technological advancements. Manufacturers are constantly innovating and
introducing new features and functionalities in their products to make them
more efficient and user-friendly. For instance, many commercial countertop
ranges now come with built-in sensors and timers that make cooking easier and
more accurate.
Furthermore, as energy costs continue to rise, there is a
growing demand for energy-efficient equipment in commercial kitchens. Many
commercial countertop ranges are designed to be energy-efficient, which makes
them an attractive choice for businesses looking to reduce their energy costs.
This in turn is projected to augment the market prospects during the forecast
period.
With the rise of home-based cooking businesses, there is an
increasing demand for compact and portable cooking equipment that can be used
in small kitchens. Commercial countertop ranges are an ideal choice for
home-based cooking businesses, as they are compact, portable, and efficient.
This factor is projected to fuel the market share in the near future.
Besides, the hospitality industry is expected to continue
growing in the coming years, driven by an increase in travel and tourism. As a
result, there will be a higher demand for commercial kitchen equipment, including
countertop ranges, to support the growing number of hotels, resorts, and other
hospitality businesses.
Key Takeaways from the Commercial Countertop
Ranges Market Study:
- Global
Commercial Countertop Ranges Market was valued at US$ 11 billion by 2022-end
- From
2018 to 2022, the market demand expanded at a CAGR of 2.4%
- The
United States is expected to hold the highest market share of 31.0% during
the forecast period.
- Germany
is expected to accumulate 23.8% of the market share over the analysis
period.
- In
China, the market is expected to fuel at a market share of 6.2%.
- The
Indian market is anticipated to witness a market share of 6.1%
- From
2023 to 2033, commercial countertop ranges services are expected to
flourish at a CAGR of 3.3%.
- By
2033, the market value of commercial countertop ranges is expected to
reach US$ 15.8 billion.
“The increasing awareness regarding food safety
& hygiene, as well as surging technological advancements
in the countertop ranges are the major factors that are anticipated to boost
the market growth in the near future,” remarks an FMI analyst.
Key Companies Profiled:
- CookTek
- Panasonic
Holdings Corporation
- The
Vollrath Company
- Garland
Group
- Elecpro
- APW
Wyott
- Equipex
- True
Induction Cookware
- Globe
Food Equipment Co.
- Lincat
Limited
- Buffalo
Cookware
- Fisher
& Paykel Appliances Limited
Recent Developments:
- In
2021, Toast introduced a new line of commercial countertop ranges that are
designed to be energy-efficient and customizable. These ranges feature
intuitive controls, easy-to-clean surfaces, and a range of customization
options. Toast also introduced a new line of induction ranges in 2020.
- In
2020, Waring Commercial introduced a new line of countertop ranges that
are designed to be energy-efficient and easy to use. These ranges feature
heavy-duty construction, easy-to-clean surfaces, and precise temperature
controls.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the
global Commercial Countertop Ranges market, providing historical data for
2018-2022 and forecast statistics from 2023-2033.
Key Segments Profiled in the Commercial Countertop Ranges
Market Report
By Type:
- Countertop
Gas Ranges
- Countertop
Electric Ranges
- Countertop
Induction Ranges and Induction Cookers
- Heavy-Duty
Gas Countertop Ranges
By Power Source:
- Gas
- Electrical
By Power Rating:
- 120 V
- 240 V
By End User:
- Restaurants
- Hotels
- Canteens
- Others
By Region:
- North
America
- Latin
America
- Europe
- Asia
Pacific
- Middle
East & Africa
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