Clifton, New Jersey, May 03, 2023 (GLOBE NEWSWIRE) -- Induction cooktops are more energy-efficient than traditional gas or electric stovetops. They are safer because they don't use an open flame or exposed heating elements. They also have safety features such as automatic shut-off and child lock. Induction cooktops provide precise temperature control and heat distribution, making them ideal for cooking delicate dishes that require exact cooking temperatures. Induction cooktops have a smooth surface with no grates or burners to clean, making them easy to wipe down after use. Induction cooktops have a sleek and modern design that appeals to many homeowners, and they come in a variety of sizes and colors to match any kitchen decor.
Key Takeaways:
- The built-in induction cooktop market is valued at over USD 10 Billion and is further to grow rapidly at a CAGR of 7.55%.
- The commercial induction cooktop market has less than USD 10 Billion in revenue and is projected to grow rapidly at a CAGR of 9.10%.
- Specialty store remains the main distribution channel with over 60% revenue share while online sales accounts for only 7.96% share.
- Germany & France are important markets for induction cooktops in Europe with a 12.16% share in global revenues.
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Induction cooktops are becoming more intelligent and connected. Many new models come with features such as WiFi connectivity, voice control, and app integration, which allow users to control and monitor their cooktops remotely. Manufacturers are making them even more efficient by incorporating features such as automatic pan detection and power management. Design is becoming an increasingly important factor for consumers when choosing an induction cooktop. Manufacturers are responding to this trend by offering a variety of colors, finishes, and materials to suit different kitchen styles and preferences. Portable induction cooktops have gained popularity in recent years, as they offer a convenient and space-saving alternative to traditional cooktops. They are particularly popular among people living in small apartments or who frequently move. As more people become aware of the benefits of induction cooking, the adoption rate of induction cooktops is expected to increase in the coming years. This is likely to lead to increased competition among manufacturers and lower prices for consumers. “Technological trends like Wi-Fi and Bluetooth Connectivity, Power Booster, Smart Sensors, automatic shut-off, bridge elements, and touch controls, are making induction cook tops more user-friendly, safer, and energy-efficient. This will drive future market growth with increased adoption in the Asia Pacific region.” Says, Mr. Dhwipal Shah, Research Director with Bonafide Research.
The demand for induction cooktops has been growing rapidly, particularly in developing countries, where urbanization is increasing, and households are seeking more energy-efficient and convenient cooking solutions. The induction cooktop industry is becoming more sustainable, with many manufacturers adopting eco-friendly practices and materials. This includes the use of recycled materials in manufacturing and reducing energy consumption during use. Built-in induction cooktops are designed to provide a sleek and modern look to a kitchen. They are also often more expensive than freestanding induction cooktops due to the cost of installation and the need for a separate wall oven. Freestanding induction cooktops, on the other hand, are versatile as they can be moved to different locations if needed. The increasing demand for freestanding induction cooktops can be attributed to the growing popularity of induction cooking, as well as the convenience, affordability, and safety benefits that these appliances provide.
In a residential setting, induction cooktops are often preferred because of their energy efficiency, precise temperature control, and ease of use. Induction cooktops typically feature intuitive controls, making them easy to use for home cooks of all levels. In a commercial setting, induction cooktops are often used in situations where precise temperature control is necessary. However, some commercial kitchens may still prefer gas or electric cooktops for their ability to quickly heat up large pots or pans and for their ability to produce an open flame.
Consumers who prioritize a wide selection and expert advice may prefer specialty stores, while those who prioritize convenience and affordability may prefer supermarkets or hypermarkets. Specialty stores that focus on home appliances or kitchenware may offer a wider selection of induction cooktop models and brands, as well as more knowledgeable staff who can provide advice and guidance on choosing the right cooktop for a specific need or budget. These stores may also offer installation and after-sales support, which can be valuable to consumers. On the other hand, supermarkets and hypermarkets may offer a more limited selection of induction cooktops, but they may be more convenient for consumers who are already shopping for groceries or other household items. They may also offer competitive pricing and promotions that can make induction cooktops more affordable for budget-conscious consumers.
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Europe is one of the leading regions in the induction cooktops market. This is because of its stringent safety regulations for household appliances, and induction cooktops are considered safer than gas or electric cooktops region's focus on sustainability and energy efficiency. Furthermore, the popularity of open-plan kitchens and modern kitchen designs in Europe has also contributed to the growth of the induction cooktops market. In Germany, the market for induction cooktops is driven by a combination of factors, including the country's focus on energy efficiency and sustainability, as well as its reputation for high-quality engineering and design.
North America is the second largest market due to the popularity of modern kitchen designs. Induction cooktops offer a sleek and modern look that fits well with the design preferences of many North American consumers.
The Asia Pacific region is expected to drive future growth in the induction cooktops market due to factors such as rising incomes, increasing urbanization, and growing interest in energy efficiency, safety, and convenience. The Asia Pacific region is expected to be a key driver of future growth in the induction cooktops market. The region has a large and growing population, rising income levels, and increasing urbanization, all of which are expected to drive demand for household appliances including induction cooktops. The region has a large and growing middle class, with rising incomes and a growing interest in modern and convenient household appliances.
South America and the Middle East and Africa regions have a relatively smaller share in the induction cooktops market compared to other regions. One reason for the lower share of these regions in the induction cooktops market is the relatively lower penetration of electricity in some areas. Gas is still the primary cooking fuel in many households in these regions, which limits the demand for electric appliances such as induction cooktops. Induction cooktops are generally more expensive than traditional gas or electric cooktops, which may make them less accessible to consumers in these regions.
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Considered in the Report
- Geography: Global
- Historical Year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
Table of Contents
1. Executive Summary
2. Market Dynamics
2.1. Market Drivers
2.2. Challenges
2.3. Opportunity
2.4. Restraints
2.5. Market Trends
2.6. Covid-19 Effect
2.7. Supply chain Analysis
2.8. Policy & Regulatory Framework
2.9. Industry Experts Views
3. Research Methodology
3.1. Secondary Research
3.2. Primary Data Collection
3.3. Market Formation & Validation
3.4. Report Writing, Quality Check & Delivery
4. Market Structure
4.1. Market Considerate
4.2. Assumptions
4.3. Limitations
4.4. Abbreviations
4.5. Sources
4.6. Definitions
5. Economic /Demographic Snapshot
6. Competitive Landscape
6.1. Competitive Dashboard
6.2. Business Strategies Adopted by Key Players
6.3. Key Players Market Share Insights and Analysis, 2022
6.4. Key Players Market Positioning Matrix
6.5. Consolidated SWOT Analysis of Key Players
6.6. Porter's Five Forces
7. Global Induction Cooktop Market Outlook
7.1. Market Size By Value
7.2. Market Size and Forecast, By Geography
7.3. Market Size and Forecast, By Product Type
7.4. Market Size and Forecast, By Application
7.5. Market Size and Forecast, By Distribution Channel
8. North America Induction Cooktop Market Outlook
8.1. Market Size By Value
8.2. Market Share By Country
8.3. Market Size and Forecast By Product Type
8.4. Market Size and Forecast By Application
8.5. Market Size and Forecast By Distribution Channel
8.6. US Induction Cooktop Market Outlook
8.6.1. Market Size By Value
8.6.2. Market Size and Forecast By Product Type
8.6.3. Market Size and Forecast By Application
8.6.4. Market Size and Forecast By Distribution Channel
| Market Segmentation | Details |
| By Product Type |
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| By Application |
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| By Distribution Channel |
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| By Region | |
| By Country | |
| Company profiles |
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| Other Market Details |
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