Induction Hob Market

Induction Hob Market

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Debadatta Patel

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Induction Hob Market Outlook 2032

 The global induction hob market size was USD 23 Billion in 2023 and is projected to reach USD 43.5 Billion by 2032, expanding at a CAGR of 9.1% during 2024–2032. The induction hob market is driven by increased adoption of the product due to energy efficiency, faster cooking time, and safety features such as automation shut-off.

Induction hob utilizes electromagnetic technology to directly heat pots and pans, offering advantages such as energy efficiency, precise temperature control, and safety features. The induction hob market trends are increasing awareness of energy efficiency, demand for fast cooking time, preference for safety features, and the integration of smart technology into kitchen appliances. Additionally, sustainability concerns and the desire for sleek, modern kitchen designs are influencing consumer choices in the market.

Induction Hob Market Outlook

Governments and regulatory bodies impose safety standards to ensure that induction hobs meet specific criteria for safe operation, including electrical safety, overheating protection, and child safety features. Some regions have regulations regarding electromagnetic emissions from induction hobs to ensure compliance with health and safety guidelines. In addition, some regulations address the proper disposal and recycling of induction hobs to minimize environmental impact.

Impact of AI on Induction Hob Market

Smart cooking features with artificial intelligence in induction hob offers advanced features such as automated recipe recognition, intelligent cooking algorithms, and temperature control. These features optimize cooking processes, improve cooking results, and enhance overall user experience. AI integration enables voice control and app connectivity allowing users to control their induction hob remotely through smart assistants such as Alexa or Google assistant.

Induction Hob Market Dynamics

Induction Hob Market Dynamics

Major Drivers

Growing energy efficiency of induction hobs compared to traditional gas or electric hobs, making them appealing to environmentally-conscious consumers. Various regions have regulations in place to promote energy-efficient appliances, including induction hobs. These regulations specify minimum energy efficiency standards that induction hobs are to be sold in some markets. Induction hobs heat up quickly and provide precise temperature control, reducing cooking times and offering convenience to busy individuals.

Existing Restraints

Induction hobs tend to have a higher initial cost than traditional gas or electric hobs, which deter price-sensitive consumers from adopting this technology. The initial cost is due to advanced technology and materials used in their manufacturing process. Induction hobs utilize advanced electromagnetic technology to heat cookware directly, resulting in precise temperature control and energy efficiency. This technology involves sophisticated components such as copper coils and semiconductor elements, which contributes to the higher manufacturing costs compared to conventional gas or electric hobs.

Emerging Opportunities

Rising integration of the smart home ecosystem with the rise of smart home technology. High opportunity for induction hobs to integrate seamlessly with the smart home ecosystem. Manufacturers develop induction hobs with Wi-fi connectivity and voice control capabilities, allowing consumers to control their appliances remotely and create interconnected kitchen environments. Moreover, growing preference for sustainability is becoming increasingly important to consumers, and creating opportunity for manufacturers to differentiate their products by incorporating sustainable materials and manufacturing processes into their induction hobs.

Scope of the Induction Hob Market Report

 The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report. 

Attributes

Details

Report Title

Induction Hob Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2023

Historic Data

2017 -2022

Forecast Period

2024–2032

Segmentation

Type (Free Standing & Portable Cooktops, Built-in Cooktops), Application (Commercial, Residential), Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Online Retail)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast

Key Players Covered in the Report

Airwell Group; Carrier; Daikin Industries; Dwyer Instruments; Electrolux; Ingersoll-Rand; Johnson Controls; Lennox International; LG Electronics; Siemens AG; Samsung Electronics; SHARP; Voltas;


Regional Outlook

In terms of region, induction hob market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe held a large share of the market in 2023, due to the growing demand for compact and efficient kitchen appliances with the trend toward urbanization and small living spaces.

Induction hobs with their sleek design and minimal features are well-suited to modern kitchens in Europe. The region has a rich culinary culture with a focus on quality ingredients and precise cooking techniques. Induction hobs offer precise temperature control and rapid heating, making them ideal for European cooking styles. Manufacturers in the region are continuously introducing new features and smart capabilities to their induction hobs such as touch controls, connectivity options to enhance the cooking experience.

The market in North America is expected to expand at a high CAGR during the forecast period. Induction hobs offer several safety features, making them a popular choice for people. The precise temperature control and rapid heating capabilities of induction hobs offer convenience and ease of use for busy individuals and families. The trend toward modern kitchen design and renovations in North America has contributed to the increasing popularity of induction hobs. Their sleek design aesthetics complement contemporary kitchen styles, appealing to homeowners and designers.

Induction Hob Market Region

Induction Hob Market Segment Analysis

Type Analysis

Based on type, the induction hob market is divided into free standing & portable cooktops, built-in cooktops. The built-in segment is expected to expand at a considerable CAGR in the coming years. Built-in cooktops are designed to be installed directly into the kitchen countertop or cabinetry, providing a seamless and integrated look that appeals to homeowners and designers.

Built-in cooktops have a sleek and modern appearance and are often favored in kitchen renovations and new construction projects. They come in a variety of sizes and configurations, including single, double and modular units, allowing consumers to customize their kitchen layout according to their needs and preferences. They are often equipped with advanced features and technology to enhance their appeal to consumers seeking high-performance kitchen appliances.

The free standing & portable segment is projected to hold a large market share during the assessment period. Free standing & portable induction cooktops offer flexibility and convenience, particularly for renters or those with limited kitchen spaces, they typically have substantial market share. The popularity of this type of induction depends on lifestyle preferences, cooking habits, and demographic trends.

Induction Hob Market Type

 Application Analysis

On the basis of application, the induction hob market is bifurcated into commercial, and residential. The residential segment held a key share of the market in 2023. Residential induction hobs are widely used in households for everyday cooking purposes ranging from preparing simple meals to elaborate culinary creations.

These hobs have significantly gained popularity among homeowners seeking efficient, safe, and modern kitchen appliances. Moreover, increased awareness of the benefits of induction cooking such as energy efficiency, safety features, and temperature control has driven the demand for residential induction hobs.

The commercial segment is anticipated to expand at a significant pace during the forecast period. The segment plays a significant role particularly in industries such as hospitality, catering, and food service.

Commercial induction hobs are used due to their efficiency, precision, and reliability. Moreover, hotels and resorts use induction hobs in their commercial kitchens to prepare meals for guests. Induction hobs are valued for their ability to deliver high-quality food efficiently even during peak dining hours.

Induction Hob Market Application

Distribution Channel Analysis

In terms of distribution channel, the induction hob market is fragmented into hypermarkets/supermarkets, specialty stores, and online retail. The online retail segment held a major share of the market in 2023.

Online retail offers unparalleled convenience for consumers, allowing them to browse and purchase induction hobs from the comfort of their homes at any time of the day. This convenience factor has led to the growing popularity of online shopping for appliances, including induction hobs.

Online retailers typically offer a wide selection of induction hobs from various brands, models, and price ranges. Consumers have access to a great variety of options compared to traditional stores, enabling them to find the perfect induction hob to suit their needs and preferences.

The specialty stores segment is projected to hold a large share of the market during the assessment period. Specialty stores such as kitchen appliance stores and home improvement stores play a significant role. These specialty stores offer personalized services, expert advice, and hands-on product demonstrations, which consumers prefer when making a significant purchase such as an induction hob. Some specialty stores offer installation services for induction hobs, providing added convenience for consumers. Professional installation helps ensure that the induction hob is set up correctly and functions properly.

Segments

The induction hob market has been segmented on the basis of

Type

  • Free Standing & Portable Cooktops
  • Built-in Cooktops

Application

  • Commercial
  • Residential

Distribution Channel

  • Hypermarkets/Supermarkets
  • Specialty Stores
  • Online Retail

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Airwell Group
  • Carrier
  • Daikin Industries
  • Dwyer Instruments
  • Electrolux
  • Ingersoll-Rand
  • Johnson Controls
  • Lennox International
  • LG Electronics
  • Siemens AG
  • Samsung Electronics
  • SHARP
  • Voltas

Competitive Landscape

Key players competing in the global induction hob market are Airwell Group; Carrier; Daikin Industries; Dwyer Instruments; Electrolux; Ingersoll-Rand; Johnson Controls; Lennox International; LG Electronics; Siemens AG; Samsung Electronics; SHARP; and Voltas. These players utilize several development strategies, including product launch, partnerships, acquisition, and geographical expansion, to increase their global presence. For instance,

  • In July 2023, Falmec introduced the Zero induction hob, touted for its energy-efficient design and user-friendly interface.

  • In January 2023, Prestige launched the Iris 2.0 induction cooktop, featuring advanced features such as auto-off and customizable time settings. These cutting-edge products promise to elevate the cooking experience and provide homeowners with improved convenience and control in the kitchen.

    Induction Hob Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Induction Hob Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Induction Hob Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Induction Hob Market - Supply Chain
  4.5. Global Induction Hob Market Forecast
     4.5.1. Induction Hob Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Induction Hob Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Induction Hob Market Absolute $ Opportunity
5. Global Induction Hob Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Induction Hob Market Size and Volume Forecast by Types
     5.3.1. Free Standing & Portable Cooktops
     5.3.2. Built-in Cooktops
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Induction Hob Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Induction Hob Market Size and Volume Forecast by Applications
     6.3.1. Commercial
     6.3.2. Residential
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Induction Hob Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Induction Hob Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Induction Hob Demand Share Forecast, 2019-2026
8. North America Induction Hob Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Induction Hob Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Induction Hob Market Size and Volume Forecast by Types
     8.4.1. Free Standing & Portable Cooktops
     8.4.2. Built-in Cooktops
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Induction Hob Market Size and Volume Forecast by Applications
     8.7.1. Commercial
     8.7.2. Residential
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Induction Hob Demand Share Forecast, 2019-2026
9. Latin America Induction Hob Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Induction Hob Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Induction Hob Market Size and Volume Forecast by Types
     9.4.1. Free Standing & Portable Cooktops
     9.4.2. Built-in Cooktops
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Induction Hob Market Size and Volume Forecast by Applications
     9.7.1. Commercial
     9.7.2. Residential
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Induction Hob Demand Share Forecast, 2019-2026
10. Europe Induction Hob Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Induction Hob Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Induction Hob Market Size and Volume Forecast by Types
     10.4.1. Free Standing & Portable Cooktops
     10.4.2. Built-in Cooktops
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Induction Hob Market Size and Volume Forecast by Applications
     10.7.1. Commercial
     10.7.2. Residential
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Induction Hob Demand Share Forecast, 2019-2026
11. Asia Pacific Induction Hob Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Induction Hob Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Induction Hob Market Size and Volume Forecast by Types
     11.4.1. Free Standing & Portable Cooktops
     11.4.2. Built-in Cooktops
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Induction Hob Market Size and Volume Forecast by Applications
     11.7.1. Commercial
     11.7.2. Residential
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Induction Hob Demand Share Forecast, 2019-2026
12. Middle East & Africa Induction Hob Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Induction Hob Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Induction Hob Market Size and Volume Forecast by Types
     12.4.1. Free Standing & Portable Cooktops
     12.4.2. Built-in Cooktops
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Induction Hob Market Size and Volume Forecast by Applications
     12.7.1. Commercial
     12.7.2. Residential
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Induction Hob Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Induction Hob Market: Market Share Analysis
  13.2. Induction Hob Distributors and Customers
  13.3. Induction Hob Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Airwell Group
     13.4.2. Carrier
     13.4.3. Daikin Industries
     13.4.4. Dwyer Instruments
     13.4.5. Electrolux
     13.4.6. Ingersoll-Rand
     13.4.7. Johnson Controls
     13.4.8. Lennox International
     13.4.9. LG Electronics
     13.4.10. Siemens AG
     13.4.11. Samsung Electronics
     13.4.12. SHARP
     13.4.13. Voltas

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