Induction Cooktops Market size is Anticipated to Reach a USD 36.38 Bn by 2028, Share, Size, Future Trends, Demand, Growth Statistics, Competitive Analysis and Segmentation Analysis

May 22, 2023

LONDON, Nov. 1, 2022 /PRNewswire/ -- The Global Induction Cooktops Market size was valued at USD 21.32 Bn in 2021. The market is projected to grow USD 36.38 Bn in 2028, at a CAGR of 7.93%.

Induction cooktop is referred to as a type of cooking application that functions by transferring electric power from the glass surface to the magnetic induction cookware using an electromagnetic field. It is equipped with the ability to directly heat the cookware without the need of using any flame or burner. Induction cooktop also features instantaneous changes in heat settings and allows users to cook in high temperature.

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Global Induction Cooktops Market Outlook

The ability of induction stoves to ease the cooking process, increasing cooked food consumption across the globe along with rising disposable income of the masses are primarily augmenting the outlook of this business vertical.

Furthermore, rising adoption of advanced cooking systems across food joints and other commercial complexes across the globe are creating lucrative opportunities for the industry sphere to prosper.

Also, increasing R&D activities in the field, rapid urbanization, and efficient power supply across various regions are adding momentum to the progression of this marketplace.

Moreover, the portability and ease of use pertaining to induction cooktops coupled with their relatively lower operating costs are stimulating the dynamics of this industry. Besides, technological advancements in the field and integration of automated technologies into these cooktops are propelling the growth of this business sphere.

On the contrary, lack of awareness regarding the benefits of induction stoves is hindering the remuneration scope of this market.

Induction Cooktops Market: Competitive Analysis

The prominent players characterizing the competitive gamut of global induction cooktops market are Alluserv, Eurodib, Inalsa, Stovekraft, Panasonic induction stove, 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 are involving in, R&D activities, mergers & acquisitions, partnerships, strategic alliances, and collaborations to enhance their remuneration scope and emerge as global leaders.

Induction Cooktops Market: Segmentation Analysis

By Product Type:

Standing

Integrated

By Application:

Home

Commercial

By Distribution Channel:

Supermarkets

Online Stores

Specialty Stores

Others

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Region-wise Insights

Which is the fastest growing region in the market?

Europe presently accounts for a high market share and is expected to showcase similar expansion trends over the assessment timeline. This is attributable to the rising trends of smart kitchen, increasing fuel prices, and growing per capita income of the masses.

Also, surging R&D activities in the field, growing environmental consciousness of the mases, and presence of potential players are contributing to the Europe induction cooktops market.

How is Asia Pacific faring in the business vertical?

Asia Pacific is reckoned to capture a substantial volume share over the forecast period. This is ascribed to the increasing popularity of modular kitchens, technological advancements in the field, widespread economic growth, and favorable government policies encouraging the use of non-fuel based cooking appliances.

Category-wise Outlook

Which product type segment is dominating the market over the forecast period?

The standing segment presently leads the market since standing induction stoves are compact and lightweight in nature and can be carried anywhere.

Which 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 along with their shifting inclination toward energy efficient cooking appliances.

Which is the dominant distribution channel segment present in the global induction cooktops market?

The online stores distribution channel segment currently holds a dominant position in the market owing to rapid internet proliferation, booming e-commerce sector, and increasing adoption of smart devices.

Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028

The global induction cooktops market is anticipated to garner significant returns over the stipulated timeframe.

There has been a shifting inclination of the masses toward the adoption of energy efficient cooking appliances. Fuel prices are skyrocketing due to their low availability. People are highly concerned about fossil fuel depletion and are making efforts to save fuel for the future generation. Induction cooktops are not only a fast paced cooking medium but are also known to consume less power. This in turn is elevating the demands across the globe.

Further, individuals are left with almost no time for cooking due to their hectic work schedule. They are always on a lookout for easy and fast paced cooking applications which simplifies the entire meal making process. Induction stoves are lightweight and hence can be used anywhere. They are also equipped with instantaneous temperature change settings enabling the users to fasten up their cooking process.

Also, growing adoption of modular kitchens across commercial and residential complexes, increase in government based energy saving efforts, and rising popularity of e-commerce websites are creating new growth opportunities for global induction cooktops market.

On Special Requirement Induction Cooktops Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Induction Cooktops Market: Recent Developments

In November 2019, Robert Bosch GmbH announced the launch of its advanced induction stoves range. The appliance is equipped with the ability to enables users synchronize their hobs with the wall, thereby facilitating automatic deployment.

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