Global Induction Cooktop Market is estimated to show 6% CAGR between 2018-2024
Posted On September 14, 2018
Value Market Research has recently announced the addition of a new market study on the induction cooktop market. According to the report Global Induction Cooktop Market is estimated to show CAGR 6% from USD 10,180.4 MN in 2017 and reach USD 15,030 MN by 2024. The induction cooktop is one of the most sophisticated novel innovations used to cook the food in an effortless and efficient manner. Technically, it works on electricity and is completely safe to use. Induction cooktops use induction technology to produce an electromagnetic field and transfer heat directly to the bottom of the metal vessel that is basically made of ferrous metals such as cast iron or steel. The cooking surface of induction cooktops is generally made from tough, heat-resistant ceramic or glass. They are energy efficient and helpful in the fast cooking of the food as compared to other traditional cooking appliances.
As per the findings in the report the market is expected to grow on the ground of enhanced awareness among the people about the kitchen appliances which are energy efficient along with advanced safety features. Ongoing urbanization worldwide is shifting people’s preferences to choose energy efficient kitchen appliances with advanced features is expected to stimulate the market growth over the study period. Furthermore, rising adoption of innovative smart kitchen appliances has been contributing to the growth of household induction cooktops market. At the same time, major participants have been frequently coming up with innovative products is also expected to add immense growth to the market.
The report "Global Induction Cooktop Market Report By Product (Built-in (Integrated) And Countertop), Application (Direct Sales And Distribution), And By Regions - Industry Trends, Size, Share, Growth, Estimation, and Forecast, 2017-2024" analyzes the driver and restraints of the market and the effects of these on the demand of induction cooktops. It gives the complete demographic growth scenario of the market thereby assisting in decision making.
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The induction cooktop market is segmented by product into built-in (integrated) and countertop. Out of this two, built-in induction cooktop is likely to dominate the segment owing to its advanced features such as 4 cooking zones, temperature control, smart slide, along with the child lock safety system. Also, it is designed to suit the Indian cooking style which is gaining hype in the market. By application, the market is bifurcated into direct sales and distribution. Distribution is leading the segment, owing to the expansion of various distribution channel around the world in order to reach the customer. The market of an induction cooktop is analyzed across the region of North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. From the geographical point of view, Europe is accounted for the highest market share in the global induction cooktop market. The growth is mainly attributed to the rising adoption of innovative smart kitchen appliances. Also, owing to the rising prices of conventional cooking fuel, people are choosing induction cooktops as an alternative option in the region is again fueling the market growth.
In the report, Global Induction Cooktop Market is segmented:
- Built-in (Integrated)
- Direct Sales
Some Of The Major Players That Have Been Studied In The Report Are:
- North America
- Latin America
- Middle East & Africa
LG Electronics, Panasonic, Philips, Midea, Haier Group, AB Electrolux, Whirlpool, Supor, Bosch, Semikron, Fisher & Paykel, GE, Qinxin, and Others.
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