LG, Samsung seek to benefit from US gas stove controversy

By Baek Byung-yeul

LG Electronics and Samsung Electronics are seeking to expand their presence in the electric stove market of the United States as the country is expected to see an increase in demand for electricity-powered cooktops due to growing debates about the harmfulness of gas stoves and calls for reducing gas emissions, according to the companies, Thursday.

Both Korean appliance makers already sell electric stoves in the U.S., which has the world's largest home appliance market. Their products have been well received by consumers there, getting the highest ratings in a magazine that surveys consumers' user experience.

Since January, the U.S. has seen controversies erupting over harmful substances, such as carbon monoxide, that are emitted when using gas stoves as the U.S. Consumer Product Safety Commission (CPSC) floated the idea of banning the use of gas stoves.

Mindful of the backlash from consumers and associated organizations, the White House said the Biden administration does not support the idea and the CPSC also announced it doesn't have any plans to ban gas stoves.

Nevertheless, the U.S. government is also encouraging consumers to replace their gas stoves with electric ones by offering rebates. Under the Inflation Reduction Act (IRA), consumers, when they purchase electric or induction stoves, can receive a rebate of up to $840.

Many consumers in the U.S. prefer to use electric stoves because they don't need to worry about harmful emissions and electricity-powered products are easy to install and manage compared to gas stoves. According to market tracker Statista, 68 percent of households own electric stoves while 38 percent use gas stoves as of 2020.

Thanks to these kinds of factors, Korean companies expect a growing number of consumers will choose to buy electric stoves.

“As more people consider the value of carbon neutrality as important in the U.S., we acknowledge that the use of gas stoves is decreasing,” an official from a home appliance company here said on condition of anonymity.

“We are not sure whether the U.S. will actually ban the use of gas stoves, but things seem to be moving towards a consensus that it is better to use electric stoves,” the official added.

Another industry official also said, “Korean companies are well received in the U.S. consumer market with their electric stoves.”

In January, Consumer Reports, a non-profit organization that conducts product testing and consumer-oriented research, placed LG's electric stoves at the highest ratings while Samsung's product ranked second.