25 Jun 2021
Global Induction Cooktops Market is valued at USD 20.53 Billion in 2020 and expected to reach USD 31.08 Billion by 2027 | CAGR of 6.1%
Increasing demand of consumer electronics with advanced modular kitchen and smart cooking appliances as well as surge in the e-commerce & online marketing of home appliances are some important factors driving the growth of Global Induction Cooktops Market.
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Scope of the Induction Cooktops Market Report:
Induction cooktops are the electronic devices used for cooking purpose without the requirement of LPG gas. It consists of electrical circuit to power requirements in the 30 to 40 amp range. The induction cooktops provide fast cooking with sufficient heat, superb simmering as it uses magnetic currents to directly heat the pots. There are many advantages of induction cooktops such as high speed of cooking, energy efficient saves energy consumption, adjustable to achieve the desired temperature and safe to use even while cooking. Induction cooktop has the electromagnetic waves to heat the contents in the pan or pots with the use of the burner to remain less heat loss. The induction cooktops are increasingly used in the hotels, restaurants, commercial cooking spots, and events due to its faster cooking advantages. Growing demand with rapid adoption of advanced induction technology due to its attractive look as well as easy cleaning facility for the working-class population is supplementing the market growth.
The global induction cooktops market is segmented on the basis of product type, applications, distribution channels and regions. The induction cooktops product type segment has been categorized into single element, and multi-element. On the basis of application, the induction cooktops are classified as commercial and household. On the basis of distribution channel, the market is segmented into online, and speciality stores.
The regions covered in global induction cooktops market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, Global induction cooktops market sub divided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Induction Cooktops Companies:
Global induction cooktops market reports cover prominent players like,
LG Electronics Inc.
Koninklijke Philips N.V.
Robert Bosch GmbH
Sub-Zero Group, Inc.
Global Induction Cooktops Market Dynamics–
The key growth factor of the global induction cooktops market is the growing demand of consumer electronics with advanced modular kitchen and smart cooking appliances as well as surge in the e-commerce & online marketing of home appliances. According to global online shoppers in 2017, the online home appliances shopping rose by 33% whereas in-store by 56% globally which include the advanced technology kitchen appliances compare to previous year. However, stringent regulations with respect to the manufacturing of the energy efficient home appliances and the high cost of raw materials used in product manufacturing as well as increasing energy prices may hamper the market growth. For example; in 2007, in the United States, the law sanctioned as “U.S. Energy Independence and Security Act” which is responsible for stricter energy standards equipments regarding residential home appliances. In France, companies that fail to comply with WEEE regulations, including criminal fines of up to Euro 450 per device and may be subject to others penalties. In spite of that, rising focus on manufacturing of advanced technology devices using modular kitchen systems, sensors and controllers, advent of nanotechnology, IoT etc. for energy efficient home appliances in the various industries can create huge opportunity for the further growth of the global induction cooktops market.
Induction cooktops Market Regional Analysis–
Europe is expected to dominate the global induction cooktops market due to growing use of advanced home appliances, rising energy prices and surge in consumer spending, as well as manufacturing industry with the potential rate followed by North America. The European industry is a basic asset of the EU economy. The industry has improved technology dramatically which was accompanied by the lower prices of home appliances to consumers. According to the European Committee of Domestic Equipment Manufacturers, in Europe 50 million large home appliances and 200 million small appliances are being sold in average every year.
Asia Pacific is expecetd to grow at a high CAGR in the global induction cooktops market due to the presence of world’s highest population as well as surge in the food & beverages, and electronic industry in this region. According to United Nations Population Fund in 2019, the Asia Pacific region has 60% contribution of the world’s population which is approximately around 4.3 billion people includes the world’s most populous countries, China and India. According Indian appliance and consumer electronics (ACE), the consumer electronics market in India is valued at USD 31.48 Billion in 2017 and expected to reach USD 48.37 Billion by 2022 with the CAGR of 9% over the forecast period.
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Key Benefits for Induction Cooktops Market Report–
Global induction cooktops Market report covers in depth historical and forecast analysis.
Global Induction cooktops Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global induction cooktops Market report helps to identify opportunities in market place.
Global induction cooktops Market report covers extensive analysis of emerging trends and competitive landscape.
Global Induction Cooktops Market Segmentation:–
By Product Type: Single Element, Multi-element,
By Applications: Commercial, Household
By Distribution Channel: Online, Speciality Stores
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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