Global Induction Cooktops Market is valued at USD 20.53 Billion in 2020 and expected to reach USD 31.08 Billion by 2027 with a CAGR of 6.1% over the forecast period.
Global Induction Cooktops Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing demand of induction cooktops owing to its various benefits and low operating cost are some of the major factors driving the growth of Global Induction Cooktops Market.
The induction cooktop is one of the classy technological developments used in the cooking of food in an easy and proficient way. It works on electricity and is incredibly safe to utilize. Induction cooktops are energy productive and help in quick cooking of the food as compared to other conventional cooking apparatuses. They are solid, durable, and extremely simple to clean since they are made of earthenware or glass cooktops.
An induction cooktop utilizes an electromagnetic field to create warm and straightforwardly transmit it to the foundation of the vessel. The metal vessel should be steel or solid metal. Induction cooking provides for high power and rapid temperature increases, as well as immediate adjustments in heat settings. Instead of using indirect radiation, convection, or thermal conduction, induction cooking uses direct induction heating in cooking pots.
Induction cooking technology was first introduced to the world in 1933 at the Chicago ""Century of Progress"" World's Fair. Developing the updated technologies, reduce the energy consumption and other factors are reinforcing the demand for induction cooktops.
During the Covid-19 pandemic, governments in several countries took precautionary measures that resulted in temporary closures of store and online market, as well as a reduction in induction cooktop manufacturing owing to company closures, all of which have shown a negative influence on market growth. However, the growing number of people who stay at home and work from home has had an impact on home cooking. Home cooking has become more common as a result of remote working and home learning. Induction cooktops market expansion may be fueled by rising home cooking, convenient mode of use, energy efficiency, and ensured safety.
Global induction cooktops market is segmented on the basis of product type, applications, distribution channel and region &country level. Based upon product type, induction cooktop market is classified into free standing induction cooktops and integrated induction cooktops. Based on application, the global induction cooktops market is classified into home and commercial induction cooktops. Based on distribution channel, the market is classified into supermarkets, online stores, specialty stores and others.
The regions covered in this global induction cooktops market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of induction cooktops is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for global induction cooktops market report cover prominent player’s like
The major factors driving the growth of global induction cooktops market are increasing demand of induction cooktops for home cooking. According to Brazilian Journal of Nutrition, more than half of the participants in a study of 1,005 people said they cooked more frequently after the pandemic than before; 50 percent said they felt more confident in the kitchen, 73 percent said they enjoyed cooking, and 51 percent said they planned to continue cooking at home after the pandemic. In addition, the rising need of energy consumption and low operating cost are also fostering the market growth of induction cooktops. For instance; according to IOP Conference Series Materials Science and Engineering, electrical energy now dominates household energy demand, which is expected to increase by 50 percent by 2050.
The energy efficiency of induction stoves (74.03%), regular electric stoves (56.29%), and LPG stoves (38.55%) were recorded. The induction cooktops found to be more convenient and energy efficient. Induction stoves are more energy efficient and have lower operating costs than traditional electric and LPG burners. Even in terms of carbon emissions, the induction stove outperforms the competition.
As a result, converting LPG stoves to induction stoves can be one of the policy alternatives by the Government of Indonesia that can be used to achieve energy sustainability and minimize carbon emissions.
However, setup cost of induction cooktops and variability in prices throughout the market may hamper the market growth. In spite of that, sophisticated features such as greater energy efficiency, compact designs, and effective safety management & the development of novel and less expensive induction cooktops may provide new potential for the further growth of the global induction cooktops market.
The global induction cooktops market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. Europe is expected to capture the significant share of the global induction cooktops market within the forecast period due to rising usage of induction cooktops and increasing preference towards improved smart kitchen appliances in this region. For instance; according to Assembly Magazine, Western Europe has proven to be a key market for large induction cooktops, accounting for roughly 54% of the overall market in 2016. The second-largest volume market was France, followed by Germany.
According to European Commission, user can save up to €230 over 15 years by switching to one of the most energy efficient electric cooktops. By 2030, Europe will be able to save about 1% of the annual energy consumed by families thanks to more energy-efficient cooking appliances. By 2030, around 2.7 million tons of CO2 will have been avoided, equivalent to the yearly emissions of four medium-sized power plants.
Asia Pacific is expected to witness a lucrative growth rate in global induction cooktops market owing to the technological advancements and the use of clean energy than renewable energy. For example; in 2017, Panasonic presented business cooktop which is viable with all metal cookware, including aluminum and copper. According to Energy Sector Management Assistance Program, about 5% of urban families in the developing world use electric cook stoves as their primary source of energy, but they are a key cooking technology in a few urban markets. Even in markets where electric cooking is not widely used, there is evidence of increasing adoption of electric cooking, particularly electric induction cooking.
In India, electromagnetic induction cooking is quickly becoming a popular cooking method, with large-scale adoption in places like Kerala during the last decade. As per the Journal of Sustainability, the convenience and safety benefits of utilizing an induction cooktop instead of a gas stove equal 26.7% of the typical household gas cooking costs in Korea.
• Rest of Europe
• South Korea
• Rest Of APAC
• Rest of South America
• Saudi Arabia
• South Africa
• Rest Of MEA
|2015 - 2020
|2021 - 2027
|Market Size in 2020:
|USD 20.53 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
|USD 31.08 Billion
|Tables, Charts & Figures:
|Alluserv, Eurodib, Inalsa, Stovekraft, Panasonic, Haier Group, Vollrath, Bon Chef, Cal-Mil, Avantco Equipment, APW Wyott, Bajaj Electricals, Philips India, TTK Prestige Ltd., LG Electronics, Hatco, Waring, Globe and others
|By Product Type, By Application, By Distribution Channel
|North America, U.S., Canada, , Europe, Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe, Asia-Pacific, South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC, Latin America, Mexico, Colombia, Brazil, Argentina, Peru, Rest of South America, Middle East and Africa, Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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