The global induction cooktops market was valued at USD 18.4 billion in 2019. The market is projected to expand at a robust CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to increasing demand for energy-efficient and time-saving cooking appliances.
Induction cooktops produce an electromagnetic turf and transfer heat straight to the metal cookware, which is made of ferrous metal. Usually, the surface of the product is made up of heat-resistant glass. Thus, the surface and the air around the vessel do not get heated during cooking. Additionally, these cooktops shut off automatically when there are no vessels on the top. These factors make the product safe and energy-efficient.
Market Trends, Drivers, Restraints, and Opportunities:
- Changing preference of consumers towards modular kitchens in developing countries is estimated to raise the demand for induction cooktops.
- Rising awareness about safety of the kitchens among consumers is contributing towards the growth of the market.
- Growing interest of consumers in advanced technology is anticipated to propel the induction cooktops market.
- Rising awareness among the working class population about healthy food is expected to boost the market, as the induction cooktops require less oil for cooking.
- Induction cooktops are expensive as compared to conventional cooktops. This factor is anticipated to hamper the market growth.
- Requirement of initial investment on advanced cooktops may hinder the market growth during the forecast period.
Scope of the Report:
The report on the global induction cooktops market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Induction Cooktops Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Products (Free standing and Built-in), Applications (Commercial and Household), Distribution (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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LG Electronics Inc., Whirlpool Corporation, Electrolux AB, Smeg, TTK Group, Robert Bosch GmbH, Koninklijke Philips N.V., Panasonic Corporation, Miele, and Sub-Zero Group, Inc
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Market Segment Insights:
The built-in segment held around 60% of the total market revenue share in the past few years
Based on products, the global induction cooktops market is bifurcated into built-in and free standing. The built-in segment is expected to expand at a robust CAGR during the forecast period. A large number of married population choose modular kitchens, due to its convenience. Nuclear families prefer modular kitchens over conventional kitchens. Changing preference towards modular kitchens is anticipated to encourage the use of built-in cooktops. Manufacturers are launching built-in products with advanced features that increase consumer safety.
The household segment is anticipated to expand at a substantial CAGR during the forecast period
On the basis of applications, the global induction cooktops market is segregated as commercial and household. The household application segment accounted for over 70% of the total revenue share. Induction cooktops are gaining popularity among the urban population. Advantages such as easy cleaning and time-saving have been attracting the working population. Additionally, rising acceptance of smart cooking appliances and modular kitchens is driving the demand for induction cooktops.
Rising ventilation expenses in commercial kitchens are driving the demand for induction cooktops in the commercial segment. Manufactures are focusing on launching products that are compatible with commercial kitchens.
The offline segment held around 50% of the total revenue share in 2019
In terms of distribution, the global induction cooktops market is fragmented as online and offline. The offline segment is attributed to expand at a substantial CAGR during the forecast period. Majority of consumers prefer offline shopping of kitchen appliances, due to availability of after-sales service by the stores. The online distribution channel is anticipated to expand at a CAGR of 7.0% during the forecast period. Busy lifestyles along with ease of transactions is expected to boost the online segment. Increasing digitalization and development of e-commerce is estimated to fuel the segment growth.
Europe held a key market share of around 35% in 2019
On the basis of regions, the global induction cooktops market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Rising preference towards enhanced smart kitchen appliances is driving the growth of the market in the Europe. The market in Asia Pacific is projected to expand at a CAGR of 8.3% during the forecast period. Increasing housing projects in the region is estimated to propel the demand for advanced kitchens. Key manufacturers are growing their business in developing countries such as India and China, due to rising LPG prices, purchasing power, and infrastructural facilities.
Segments
The global induction cooktops market has been segmented on the basis of
Products
Applications
Distribution
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Competitive Landscape
Key players in the global induction cooktops market include LG Electronics Inc., Whirlpool Corporation, Electrolux AB, Smeg, TTK Group, Robert Bosch GmbH, Koninklijke Philips N.V., Panasonic Corporation, Miele, and Sub-Zero Group, Inc. In 2019, Robert Bosch GmbH launched induction cooktops that are connected with a home connect app, which sends the consumers a notification when the meal is ready.
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