LONDON, November 1, 2022 /PRNewswire/ — The size of the global induction cooktop market has been estimated at $21.32 billion in 2021. The market is expected to grow $36.38 billion in 2028 at a CAGR of 7.93%.
Induction cooktop is considered to be a type of cooking application that works by transferring electrical energy from the glass surface to the magnetic induction cookware using an electromagnetic field. It is equipped with the ability to directly heat cookware without the need to use a flame or burner. The induction cooktop also offers instant changes in heat settings and allows users to cook at high temperatures.
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Outlook for the global induction cooktop market
The ability of induction cookers to facilitate the cooking process, increasing consumption of cooked food across the globe as well as increasing disposable income of the masses are mainly increasing the prospects of this business vertical.
Moreover, the increasing adoption of advanced cooking systems in restaurants and other commercial complexes across the globe is creating lucrative opportunities for the industrial sphere to flourish.
Additionally, increasing R&D activities in the field, rapid urbanization, and efficient power supply in various regions are adding impetus to the progress of this market.
Additionally, the portability and ease of use of induction cooktops coupled with their relatively lower operating costs are driving the momentum of this industry. Also, the technological advancements in the field and the integration of automated technologies in these cooktops are propelling the growth of this business sphere.
On the contrary, the lack of awareness about the benefits of induction cookers is hampering the compensation scope of this market.
Induction Cooktops Market: Competitive Analysis
Major players characterizing the competitive range of the global induction cooktops market are Alluserv, Eurodib, Inalsa, Stovekraft, Panasonic Induction Cooker, Haier Group, Vollrath, Bon Chef, Cal-Mil, Avantco Equipment, APW Wyott, Bajaj Electricals , philips electrolux electronics ltd , TTK Prestige Ltd., LG induction cooktop, Hatco, Waring, Globe and others.
These players are expanding their product portfolio in the field by investing in organic and inorganic business expansion strategies. They engage in R&D activities, mergers and acquisitions, partnerships, strategic alliances and collaborations to improve their earnings scope and become global leaders.
Induction Cooktops Market: Segmentation Analysis
By product type:
Per application:
By distribution channel:
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Supermarkets
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Online stores
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Specialty stores
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Others
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Insights by region
What is the fastest growing region in the market?
Europe currently represents a high market share and is expected to exhibit similar expansion trends over the assessment period. This is attributed to growing smart cooking trends, rising fuel prices, and growing per capita income of the masses.
In addition, the rise of R&D activities in the field, the growing environmental awareness of the masses and the presence of potential players contribute to the Europe induction cooktop market.
How is Asia Pacific get by in the business vertical?
Asia Pacific is expected to capture a substantial volume share over the forecast period. This is attributed to the growing popularity of modular kitchens, technological advancements in the field, widespread economic growth, and favorable government policies encouraging the use of fuelless cooking appliances.
Insights by Category
Which product type segment is dominating the market during the forecast period?
The standing segment currently dominates the market since standing induction cookers are compact and lightweight and can be carried anywhere.
What is the fastest growing application system in the industry?
The home application segment is witnessing notable gains due to the hectic lifestyle of the masses as well as their changing trend towards energy efficient cooking appliances.
What is the dominant distribution channel segment present in the global Induction Cooktops market?
The online store distribution channel segment currently occupies a dominant position in the market due to the rapid proliferation of the Internet, the booming e-commerce industry and the increasing adoption of smart devices.
Market Growth Comparison for Historical Years and Forecast Timeline 2022-2028
The Global Induction Cooktops Market is expected to generate significant returns over the stipulated period.
There has been a shifting trend of the masses towards the adoption of energy efficient cooking appliances. Fuel prices are skyrocketing due to low availability. People are very concerned about the depletion of fossil fuels and are making efforts to save fuel for future generation. Induction cooktops are not only a quick way to cook, they are also known to use less energy. This in turn increases the demands across the world.
Moreover, individuals have almost no time for cooking due to their busy work schedule. They are always on the lookout for easy and quick cooking apps that simplify the whole meal preparation process. Induction cookers are lightweight so they can be used anywhere. They are also equipped with instant temperature change settings allowing users to speed up their cooking process.
In addition, increasing adoption of modular kitchens in commercial and residential complexes, increase in government energy saving efforts and rising popularity of e-commerce websites are creating new growth opportunities for the global kitchenware market. induction hobs.
The Special Requirement Induction Cooktops Market report is also available for the region below:
North America
Europe
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Germany, FranceUK, Italy, Spain, SwedenNetherlands, Turkey, Swiss, BelgiumRest of Europe
Asia Pacific
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South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, IndonesiaRest of APAC
Latin America
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Mexico, Colombia, Brazil, Argentina, PeruRest of Latin America
Middle East and Africa
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Saudi ArabiaWATER, Egypt, South AfricaRest of MEA
Induction Cooktop Market: Recent Developments
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In November 2019, Robert Bosch GmbH has announced the launch of its range of advanced induction cookers. The device is equipped with the possibility of allowing users to synchronize their hobs with the wall, thus facilitating automatic deployment.
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