Induction Cooktops Industry Overview
The global induction cooktops market size was valued at USD 18,667.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028. The market is being driven by an increase in the number of residential and non-residential development projects, as well as a rise in the number of restaurants and eateries. The improved profitability and performance of the restaurant business are generating sufficient prospects for the market as people continue to patronize fast-food restaurants. The rise in fuel expenses for conventional gas cooktops, as well as the growing trend of modular kitchens due to the comfort and safety benefits, are driving the household induction cooktops market.
With various new residential construction projects in place, the demand for induction cooktops is expected to rise. The gradual shift from gas cooktops has benefitted the market in the past, and an increasing number of consumers are inclined toward installing induction cooktops in their houses or large-scale residential projects. This is due to an increase in awareness regarding its benefits over gas cooktops. Induction cooktops are also widely used in non-residential projects, such as restaurants or hotels. The shift seems to be gradual for commercial applications but is expected to increase over the forecast period.
Gather more insights about the market drivers, restraints, and growth of the Global Induction Cooktops market
Several advancements, such as cooking appliance manufacturers replacing old mechanical controls and displays with touch technology to reduce dependability and after-sale expenses, will boost the market growth. Touch screens with large graphics are also becoming increasingly popular. Constantly changing business & family routines, increased demand for eco-friendly appliances, and improving affordable electricity accessibility are expected to push consumers to purchase technology-driven kitchen gadgets.
Rapid growth of online marketing across the globe is contributing significantly to the growth of the industry. Growing adoption of high-tech products is anticipated to support the growth of kitchen appliances, including cooking hobs. However, the requirement of initial investments in specialized cookware may hamper the growth of the industry in the near future. In addition, these products are considered to be more expensive as compared to conventional gas cooktops.
Browse through Grand View Research's Homecare & Décor Industry Research Reports
Smart Kitchen Appliances Market - The global smart kitchen appliances market size was valued at USD 13.18 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.4% from 2022 to 2030.
Modular Kitchen Market - The global modular kitchen market size was valued at USD 19.26 billion in 2018. The rapid growth of the residential construction industry is expected to be a key driver for the market.
Induction Cooktops Market Segmentation
Grand View Research has segmented the global induction cooktops market on the basis of product, application, distribution channel, and region:
Induction Cooktops Product Outlook (Revenue, USD Million, 2016 - 2028)
- Built-in
- Free-standing
Induction Cooktops Application Outlook (Revenue, USD Million, 2016 - 2028)
- Household
- Commercial
Induction Cooktops Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)
- Hypermarkets & Supermarkets
- Specialty Stores
- Online
Induction Cooktops Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Induction Cooktops market include
- Whirlpool Corp.
- LG Electronics, Inc.
- Electrolux AB
- TTK Group
- Smeg S.p.A
- Koninklijke Philips N.V.
- Robert Bosch GmbH
- Avis Rent a Car System, LLC
- Panasonic Corp.
- Sub-Zero Group, Inc.
- Miele & Cie. KG
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