Dublin, Oct. 19, 2022 (GLOBE NEWSWIRE) -- The "Global Consumer Induction Cooktop Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global consumer induction cooktop market size was valued at US$11.734 billion in 2020. The induction cooktop is a type of kitchen appliance that uses the technology of an electromagnetic field to transfer heat directly to the metal cookware that is made of ferrous metals. Induction cooktops automatically shut off when the cookware is not present on top of them, making them safer to use as well as energy-efficient as compared to conventional cooktops.
While using induction cooktops, only the pan becomes hot while the outer cooktop stays cool, providing another great safety feature, especially for households with young children. Also, induction cooktops take less time to cook food as compared to other types of cooktops.
Furthermore, the induction cooktop is safer than the gas cooktop due to the absence of open flames, as in the case of gas cooktops, which is also contributing to their growing popularity among consumers. The growing demand for time-saving and energy-efficient cooking appliances is significantly driving the demand for induction cooktops. With the growing working demographic population, both men and women, there has been a rapid rise in the demand for efficient cooking appliances so as to save both time and money.
The emerging trend of modular kitchens is also a driving force for the growth of the global consumer induction cooktop market. The growing middle-class population, especially in emerging economies such as China and India, is increasingly spending on modular kitchens, which is augmenting the demand for built-in induction cooktops, thereby propelling the global market growth of consumer induction cooktops.
The growing residential construction industry will further continue to bolster the market growth of the consumer induction cooktop. With the rising number of residential buildings and a growing population, the need for space-saving and appliances that optimize the usage of small spaces is also increasing, which is fuelling the demand for space and cost-efficient induction cooktops.
Global market players are offering a diverse product portfolio as per the needs of their customers. For example, Panasonic induction cooktops use cutting-edge technology and are designed to seamlessly integrate into the kitchen with their sleek design, with features like precise temperature control, four cooking zones, and a stylish LED display with slider control. Whirlpool's glass touch controls on induction cooktops make the cooking space modern and original. Also, smooth tops are easier to clean when compared to traditional gas grates, keeping the kitchen sparkling clean.
The online segment is projected to grow at a higher CAGR during the forecast period
By distribution channel, the online segment is poised to grow at a higher compound annual growth rate between 2020 and 2025. The rapidly growing e-commerce industry due to the rising penetration of smartphones and internet connectivity is encouraging consumers to shop for induction cooktops along with other kitchen appliances via online stores. Moreover, the massive expansion of online retailers, with company-owned shopping portals on the rise, is further contributing to the rapid growth of the online segment during the forecast period. The offline distribution channel will hold a noteworthy market share during the projected period.
The Asia Pacific will witness the fastest regional market growth
Geographically, the global Consumer Induction Cooktop market has been segmented as North America, South America, Europe, the Middle East, Africa, and Asia Pacific. North America accounted for a significant share of the global consumer induction cooktop market. Europe also holds a substantial market share throughout the forecast period owing to stringent regulations regarding energy efficiency.
The presence of global consumer induction cooktop vendors in the region is also supporting the growth of this regional market. The Asia Pacific, however, is projected to experience a noteworthy compound annual growth rate (CAGR) during the forecast period. Rising disposable incomes and living standards, along with increasing urbanization are some of the driving factors of the APAC induction cooktop market.
The growing popularity of modular kitchens with innovative kitchen appliances that reduce cooking time and save money among the booming working-class population in countries like China, India, Australia, and South Korea is driving the demand for consumer induction cooktops, in this region. Rising cases of gas leakage from LPG cylinders is also encouraging consumers to opt for induction cooktops which are safer than gas cooktops, thus positively impacting the market growth of consumer induction cooktops in the Asia Pacific.
The increasing number of multi-story residential buildings in India with limited space is also leading consumers to opt for space-saving induction cooktops which is further spurring the regional market growth. Commercial spaces such as small offices and shops are also using induction cooktops to make light snacks, which is also escalating the sales of these kitchen appliances across the region. The rapidly growing e-commerce industry in APAC countries, especially India and China, will continue to fuel the regional market's growth until the end of the forecast period.
Competitive Insights
Panasonic Corporation, Whirlpool, LG Electronics, Koninklijke Philips N.V., BSH Home Appliances Corporation, Electrolux, Miele, Haier Inc., Midea, and TTK Prestige Ltd. are among the prominent key market players in the Global Consumer Induction Cooktop market.
These companies hold a noteworthy share in the market on account of their good brand image and product offerings. Major players in the global consumer induction cooktop market have been covered along with their relative competitive positions and strategies. The report also mentions recent deals and investments of different market players over the last two years.
Key Topics Covered:
1. Introduction
2. Research Methodology
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Function
4.4. Function Value Chain Analysis
5. Global Consumer Induction Cooktop Market Analysis, By Product Type
5.1. Introduction
5.2. Built-In
5.3. Free-Standing
6. Global Consumer Induction Cooktop Market Analysis, By Application
6.1. Introduction
6.2. Household
6.3. Commercial
7. Global Consumer Induction Cooktop Market Analysis, By Distribution Channel
7.1. Introduction
7.2. Online
7.3. Offline
8. Global Consumer Induction Cooktop Market Analysis, By Geography
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Panasonic Corporation
10.2. Whirlpool
10.3. LG Electronics
10.4. Koninklijke Philips N.V.
10.5. BSH Home Appliances Corporation (Owned By Bosch Group)
10.6. Electrolux
10.7. Miele
10.8. Midea
10.9. TTK Prestige Ltd
For more information about this report visit https://www.researchandmarkets.com/r/ofrigk
