Induction Cooktops Industry Overview
The global induction cooktops market size is anticipated to reach USD 35.9 billion by 2028, registering a CAGR of 8.5% over the forecast period, according to a new report by Grand View Research, Inc. The increased use of induction cooktops in Asia and Western areas of the world has been fueled by rising customer demand for hassle-free and clean cooking technology. Induction cooktops provide a number of advantages over standard gas stoves, such as faster water boiling, no heating of the burners, easy surface cleaning, and energy efficiency. These advantages have attracted not only a significant number of home chefs but also professional chefs.
Induction stoves are not some Veblen goods for image-conscious elites, despite the fact that they are a little more expensive than gas or electric stoves. The most affordable induction ranges costs $1,000, which is only a few hundred dollars more than a mid-tier gas or electric freestanding range. Consumer preferences have shifted, not just in terms of product pricing, but also in terms of purchase methods. Because of the widespread availability of the internet in various parts of the world, e-commerce has gained tremendous popularity. In the past, consumers favored in-store buying over online shopping. However, in recent years, online buying has become increasingly popular. The option to select from a wide variety of products, along with enticing prices, has led to an increase in product sales through online distribution channels.
Induction Cooktops Market Segmentation
Grand View Research has segmented the global induction cooktops market on the basis of product, application, distribution channel, and region:
Based on the Application Insights, the market is segmented into Household and Commercial.
- The household segment led the global market with a revenue share of over 72% in 2020 and will expand further at the fastest CAGR over the forecast period.
- In residential settings, induction cooktops are favored because they deliver better cooking results.
- Unlike standard electric cooktops, which are slower to respond to temperature changes, induction cooktops provide precise and near-instantaneous temperature control.
- Furthermore, a worldwide increase in disposable income has led to people buying several homes or having multiple kitchens in larger homes. This will contribute to market growth.
- In countries like India, LPG rates have been steadily rising, affected by international prices and the value of the rupee against the dollar.
Based on the Product Insights, the market is segmented into Built-in and Free-standing.
- In terms of value, the built-in product segment dominated the market with a share of 62.1% in 2020. An increasing number of residential as well as commercial construction projects is driving the segment.
- Because of the inherent benefits of the technology, more chefs and manufacturers are increasingly promoting induction to construction professionals and consumers.
- Induction is more efficient than typical electric and gas-based technology.
Based on the Distribution Channel Insights, the market is segmented into Hypermarkets & Supermarkets, Specialty Stores, and Online.
- The specialty stores segment accounted for the largest revenue share of over 50% in 2020. The online segment is expected to record the fastest CAGR from 2021 to 2028.
- The expansion of the global household induction cooktops business is fueled by advancements in internet marketing and an increase in the use of digital media for product marketing.
- Increased acceptance of technologically advanced and high-tech products is expected to fuel the growth of e-commerce websites for kitchen appliances, driving the market for domestic induction cooktops.
- Hypermarkets and supermarkets also account for significant product sales as these stores provide consumers with appealing promotional offers and discounts.
- The product sales may expand considerably through this distribution channel during the forecast period on account of the rising number of private labels by large-scale retailers.
Induction Cooktops Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is fragmented due to the presence of a large number of domestic as well as international players. However, a majority of the market share is captured by a few key players. New product launches are the primary drivers of the market rivalry. Moreover, increased R&D investments and new growth plans by major players will intensify market competition. Manufacturers will have to design region- or nation-specific products to stand out in the market.
Some of the prominent players in the global induction cooktops market are:
- 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
Order a free sample PDF of the Induction Cooktops Market Intelligence Study, published by Grand View Research.
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