Global Household Induction Cooktops Market To Grow At A CAGR Rate Of 5.5 Percent

21-Jun-2022 | Zion Market Research

The global household induction cooktops market was worth about USD 11.63 million in 2021 and is predicted to increase to around USD 16.53 million by 2028, with a CAGR of around 5.5 percent.

An induction cooktop is a device that heats the food with the help of electromagnetic fields under the glass surface. It uses transmission currents from the surface to generate the required heat. There is no real fire involved in the process as it is just a transmission of power signals. Any kind of flat-based utensils to cookware can be heated without any external heat source. It is an efficient choice of cooking with lesser complications and does not involve any risk of burning or fire leakage. The temperature is also manageable and differs according to the cooking option. It is also more consistent than dealing with gases or direct fire.

Cooking is also much easier and faster when compared to any other traditional options. They are more energy-efficient and shed away less energy when compared to any other cookware or methods. Many working people tend to use these cooktops because they are more suitable for easy cooking and take lesser time. They are also safer and more comfortable as only the pan’s surface will be heated and not the handle or the hob ring. This makes the users more comfortable and the utensils can be lifted off without any threats of burning your hands.

The persisting COVID-19 pandemic had an impact on the global household induction cooktops market. Consumer electronics demand has been affected by the closure of firms and the cessation of economic activities. Furthermore, China, as one of the biggest manufacturers of electronic components and the hub of the viral spread, has caused supply chain and international trade disruptions, limiting market development. However, with normalization of day-to-day operations of the key players with ease in rules & regulations set by governments of different countries is expected to boost the market during the forecast period.

Household induction cooktops have become more prominent in developing countries due to the rise in the working population and purchasing power. The use of modular kitchens and inflation of fuel prices have triggered people to choose an alternative to traditional cookware. An increase in the safety and security measure to safeguard people from any fire accidents also hike up the demand for induction cooktops.

There is also a considerable rise in the working and urban population. An increase in digitalization and rise in E-commerce platforms that boosts the sales of household induction cooktops bolster the growth in the market. These induction cooktops also aid people with easy cooking and timely cooking without much energy expense. This has increased the adoption of household induction cooktops thereby improving the sales of these products exclusively.

The focus on high-tech products and easy-to-use cookware has gained prominence over the years. Various residential construction projects have been on the rise and people prefer installing induction cooktops more so than any other traditional cooking equipment. The awareness of induction cooktops has also gone up due to the increasing focus on eco-friendly appliances. Even many non-residential consumers have switched over to induction cooktops due to their user-friendly features. All these factors are looked at as the key drivers for household induction cooktops market growth.

Global Household Induction Cooktops Market

However, the high cost associated with the induction cooktops and the expenses required for their maintenance hinders the market growth rapidly. Developing countries with low income and lesser infrastructures show a lesser inclination to switch to induction cooktops. This factor is seen as the major restraint for the market expansion.

The global household induction cooktops market is categorized based on type, distribution channel, and region. Based on the type segment, the global market is split into free-standing induction cooktops and built-in induction cooktops. The distribution channel segment is categorized into specialty stores and online

Europe is estimated to be the leading shareholder in the global household induction cooktops market due to the increasing trend of single-person households. There is also a high focus on products that are highly sustainable and effective. The spike in nuclear families has also increased the demand for induction cooktops. Asia-Pacific also seems to be the fast-growing market for the increase in the spending power of the people. Urbanization has seen an upward gradient and demand for user-friendly appliances has also gone up due to this factor. These factors propel market growth in this region and are expected to rise further in the future as well.

Some of the prominent players that are operating in the global household induction cooktops include TTK PRESTIGE LIMITED, SUB-ZERO GROUP, INC., PANASONIC CORPORATION, LG ELECTRONICS INC., WHIRLPOOL CORPORATION, MIELE GROUP, ELECTROLUX GROUP, SMEG S.P.A, ROBERT BOSCH GMBH, And KONINKLIJKE PHILIPS N.V., among others

Recent Developments

  • In April 2022, Equator Appliances introduced two novel portable induction cooktops. The PIC 200N (dual-burner) and PIC 100 (single-burner) are portable devices that may be used both outdoors and indoors.
  • In April 2020, TTK Prestige, India's leading kitchen appliance company, introduced the PIC 31.0 revolutionary induction cooktop, which has a pre-set pressure cooking menu, a first in India

Browse the full Household Induction Cooktops Market By Type (Built-In Induction Cooktops, Free-Standing Induction Cooktops), By Distribution Channel (Online, Specialty Stores), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/household-induction-cooktops-market

Global household induction cooktops market is segmented as follows:

By Type

  • Built-In Induction Cooktops
  • Free-Standing Induction Cooktops

By Distribution Channel

  • Online
  • Specialty Stores

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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