NEWARK, Del, April 10, 2023 (GLOBE NEWSWIRE) -- 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 the 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 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.
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Competitive Landscape
Prominent players in the commercial countertop ranges market are Garland/US Range, Vulcan, Wolf, Bakers Pride, Star Manufacturing International, Turbo Air, Globe Food Equipment Company, Southbend, Atosa, Avantco Equipment, Toastmaster, Imperial Commercial Cooking Equipment, American Range, Montague Company, Nemco Food Equipment, Lang Manufacturing, Pitco Frialator, Vollrath Company, Globe Chefmate, and CookTek among others.
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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Table of Content
1. Executive Summary | Commercial Countertop Ranges Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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