Growing awareness among people about the kitchen appliances which are energy efficient along with advanced safety features is the major factor driving the growth of induction cooktops market. Ongoing urbanization worldwide and growing awareness among people to choose energy efficient kitchen appliances with advanced features are also expected to stimulate the market growth of induction cooktops. Also, the rising adoption of innovative smart kitchen appliances has been a great success in gaining consumer’s attention across the globe.
As per this study the Global Induction Cooktop Market was valued USD 10,183.4 MN (by revenue) in 2017 and is anticipated to reach USD 15,030 MN by 2024 with a CAGR of 6.0%. By volume, the market was estimated at XX.X Million Units in 2017 and is expected to reach XX.X Million Units by 2024 with a CAGR of X.X%.
BUILT-IN INDUCTION COOKTOP TO LEAD THE SEGMENT
Owing to their various advanced features offered built-in induction cooktop is likely to dominate the segment and are expected to bring USD XX.X MN by end of 2024. The built-in induction is a stylish and sleek cooktop comes with 4 cooking zones, temperature control, smart slide, along with the child lock safety system. It allows safe & fast cooking, also it is designed to suit the Indian cooking style which is gaining hype in the market.
DISTRIBUTION SEGMENT TO GAIN THE TRACTION
Expansion of various distribution channel around the world such as a retailer, malls, kitchen appliances shops, and especially online shopping is the major factor driving the growth of the segment. The segment is projected to touch USD XX.X MN by 2024.
EUROPE HOLDS MAJOR MARKET SHARE IN THE GLOBAL INDUCTION COOKTOPS MARKET
Europe is expected to continue its dominance over the forecast period and it is estimated that it will bring nearly USD XX.X MN by end of 2024. 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.
MAJOR PLAYERS IN THE MARKET:
LG Electronics, Panasonic, Philips, Midea, Haier Group, AB Electrolux, Whirlpool, Supor, Bosch, Semikron, Fisher & Paykel, GE, Qinxin, and Others.
As per this study the Global Induction Cooktop Market was valued USD XX,XXX.X MN (by revenue) in 2019 and is anticipated to reach USD XX,XXX MN by 2026 with a CAGR of X.X%. By volume, the market was estimated at XX.X Million Units in 2019 and is expected to reach XX.X Million Units by 2026 with a CAGR of X.X%.
Induction cooktops also known as induction hobs, are one of the classy technological innovations that work on electricity and facilitate very safe, easy and effortless cooking. Induction cooktop encompasses a heating process that applies electromagnetic fields to heat the cookware instead of the heating element itself. The electromagnetic field generates a quick flow of electricity directly to a pan or pot. Induction cooker comprises an induction coil that offers high frequency and a powerful electromagnet. Moreover, induction cooking offers significant advantages over thermal conduction cooking which includes faster heating, improved thermal efficiency, and more consistent heating with more precise temperature control.
Growing acceptance of energy efficient kitchen appliances especially in the developing nations is a major factor driving the market growth for induction cooktops. The prominence of flame-less and temperature controlled cooking has increased in commercial kitchen facilities such as hotels, restaurants, and others are also boosting the market growth. Emerging technologies, the rise in disposable income, rising fuel cost for conventional cooktops is expected to further drive the market demand. However, the high initial cost is expected to be one of the most important factors limiting the growth of induction cooktop. Moreover, lack of awareness and low penetration of electricity in emerging and underdeveloped economies is hampering the growth of induction cooktops.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of induction cooktop.
The broad induction cooktop market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Product Market Share 2019
- Built-in (Integrated)
- Direct Sales
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for induction cooktop in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Europe Induction Cooktop Market By Revenue (USD MN)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the induction cooktop market includes Midea, Philips, Panasonic, Haier Group, AB Electrolux, Whirlpool, Supor, LG Electronics, Bosch, Semikron, Fisher & Paykel, GE, Qinxin, and Others. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.