Household Induction Cooktops Market Poised for US$ 20.87 Billion by 2032: Rising Focus on Leading a Healthy Lifestyle to Propel Growth
The household induction cooktops market size is anticipated to grow from USD 12.10 Billion in 2022 to USD 20.87 Billion in 10 years. The market ought to witness a positive growth rate owing to increasing adoption of induction cooktops due to energy efficiency and affordability. Europe commands a substantial portion of the global market, with the UK, Germany and other European countries contributing to the market growth.
Newark, Nov. 16, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the global household induction cooktops market will grow from USD 12.10 Billion in 2022 to USD 20.87 Billion by 2032. North America is another big participant in the global market for household induction cooktops. Although gas stoves have historically dominated the industry, induction cooktop use in the oven is steadily increasing. North America’s share of the worldwide induction cooktop market has been steadily rising. The U.S. and Canada are the main countries contributing to the regional market growth and development. Induction technology is becoming increasingly popular in the region, although gas stoves have long been in utilization. Energy efficiency, convenience, and innovation are important to North American customers. As a result, induction cooktops are becoming increasingly popular because of their quick heating, accurate temperature control, and security features. These are in line with the changing preferences of the local consumer base.
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Key Insight of the Household induction cooktops Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global Household induction cooktops market. The Asia-Pacific region would significantly expand. Emerging nations such as China, India, Japan, and South Korea are prominent countries in the Asia Pacific region. The growing middle class and rising urbanization have significantly contributed to regional market growth. There are large economic differences in the Asia-Pacific region, and its consumers are both affluent and price-conscious. Although higher-income consumers might quickly embrace induction cooktops, those with lower budgets still favour cheaper cooking options. There is a growing demand for energy-efficient appliances, such as induction cooktops, in the Asia Pacific due to environmental sustainability risks. In nations where there are official campaigns and financial incentives to encourage the use of energy-efficient applications, this trend is especially noticeable.
The portable segment is expected to grow at the highest CAGR during the forecast period.
The type segment includes portable and built-in. The portable devices segment is expected to grow at the highest CAGR during the forecast period. The market for portable induction cooktops has grown significantly, driven by consumers who appreciate the flexibility and the freedom to cook anywhere. Apartment dwellers, students and people with small kittens have become increasingly involved. Portable induction cooktops are designed to satisfy customers who value ease of use and mobility. They are the perfect assistant for people with little room in their kitchens or who travel often. A wide range of consumers are drawn to the versatility that portable induction cooktops provide. Their versatility in cooking techniques, including boiling, sautéing, simmering, and frying, makes them appropriate for a broad spectrum of gourmet tastes. Safety features like kid lock and auto-shutoff are standard on portable induction cooktops.
The online sales segment is expected to grow at the highest CAGR during the forecast period.
The distribution channel segment is divided into online sales and offline sales. The online sales segment is expected to augment the market during the forecast period. The exponential rise in online sales can be attributed to the broad use of e-commerce platforms. Global and local e-tailers have become major competitors in the home induction cooktop industry. Consumers who value convenience, product variety, and the option to purchase from the comfort of their homes enjoy online shopping. The ability to conveniently browse and buy products without leaving the comforts of one’s home has grown to be quite appealing. Online merchants provide a wide selection of products, enabling customers to install different models, brands, and price ranges. This wide range of options meets the demands of a wide range of customers, including those on a tight budget and those looking for high-end induction cooktops with lots of features.
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Impact of Covid-19 Pandemic
The supply chains for home induction cooktops experienced significant disruptions due to the pandemic’s initial wave. Transportation and commercial manufacturing were impacted by restrictions, lockdowns, and plant closures in many different countries. Delays and shortages followed, affecting the availability of induction cooktops. The epidemic has changed the priorities and behaviour of consumers. There’s been a rise in demand for home-cooked meals as more individuals work and study from home. This change has increased customer interest in kitchen appliances, such as induction cooktops, as they look for quick and easy ways to make food.
COVID-19 extended the adoption of online shopping and e-commerce. Concerned about in-person buying and willing to adopt social distancing, consumers bought household appliances from in-person vendors. Induction cooktop sales have become popular due to customers realizing how safe and convenient contactless shopping is. The epidemic has emphasized the significance of sustainability and energy efficiency. People became more aware of their energy usage and its environmental effects. Due to their energy efficiency, induction cooktops have become more popular amongst consumers.
Driver: Aesthetic Appeal and Kitchen Design
Customers currently set a greater value on kitchen application aesthetics and how well they blend into the overall decor of the kitchen. A common reason for choosing a household induction cooktop is its sleek, contemporary, and minimalist design. Those who value interior design and home decor will find their home smooth, with a light surface and a lack of obvious heating components to help create a tidy and clean kitchen appearance. Induction cooktops complement the extremely traditional oven-concept kitchen designs. A greater variety of cooking methods is now possible owing to induction cooktops, allowing for more accurate and daring culinary pursuits. It is possible to carry out intricate procedures that require accuracy owing to accurate temperature control and quick response to alterations. This culinary versatility has drawn home cooks who want to improve their cooking abilities in addition to professional chefs. This factor is boosting the market growth and development.
Restraint: Availability of Alternative Technologies
Even with all the benefits of induction cooktops for homes, gas and electric stoves are still in demand. When buying kitchеn appliances, these are frequently chosen by default due to firmly ingrained consumer behaviours. Electric stoves are favoured for their durability, although gas stoves are valued for their quick heat and opеn flame. Since these alternatives are well-known and have been around for a while, induction cooktops may find it challenging to take a mark. The choice of kitchen equipment can affect the real value of a property, which can affect homeowners and real estate investors. If some consumers think that professional chefs or buyers might not understand or be familiar with this technology, they might hesitate to invest in induction cooktops. As a result, factors like property value and the housing market may contribute to adopting induction cooktops. These factors may limit the market growth.
Opportunity: Technological Advancements
The market for residential induction cooktops has grown significantly due to ongoing technological advancements. Significant product developments made by manufacturers have improved the performance of induction cooktops. These improvements include advanced safety measures, touch controls that are user-friendly, and quicker and more accurate heating. As technology evolves, induction cooktops become more advanced, adaptable, and easy-to-use, drawing in a wider range of customers. Changes in consumer lifestyles and cooking practices have greatly impacted the market for induction cooktops for homes. People frequently need more time in their busy lives to prepare meals. Busy households now choose induction cooktops because of their exact temperature control and quick heating. As induction cooktops meet the expectations of modern consumers, their growing popularity can be attributable to their ability to prepare meals quickly and efficiently. This factor is anticipated to provide lucrative market growth opportunities in the upcoming years.
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Some of the major players operating in the Household induction cooktops Market are:
• AB Electrolux
• Daewoo Electronics Corporation
• Whirlpool Corporation
• Haier Group
• LG Electronics
• Panasonic Corporation
• Philips Electronics
• Videocon Industries Limited
• Robert Bosch Gmbh
• Fisher & Paykel Appliances Holdings Ltd.
• Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.)
• Miele & Cie. Kg.
Key Segments Cover in the Market:
By Distribution Channel:
• Online Sales
• Offline Sales
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The global household induction cooktops market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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