The global commercial induction cooktops market is expected to reach a valuation of US$ 17.5 billion by 2032 as opposed to US$ 12.3 billion in 2022. The target market will likely record a robust CAGR of 8.2% from 2022 to 2032. Factors such as consumption of less space and energy, when compared to electric or gas cooktops, long-lasting and efficient characteristics of induction cooktops are responsible for the growth of the commercial induction cooktops market. These cooktops can easily convert electrical energy into heat and transfer the same to the cookware, lessen the overall cooking time, ensure even distribution of heat, and save energy. These attributes of commercial induction cooktops promote their extensive application in the non-residential sector.
Historically, the target market was valued at US$ 11.6 billion in 2021 and will undergo strong growth in the forthcoming years. An upsurge in the number of non-residential projects along with increasing adoption of energy-efficient kitchen appliances is certain key aspects that drive the growth of the commercial induction cooktops market. Increasing investments by different real estate companies in the development of commercial infrastructure also bode well for the market. Rapid urbanization and swift changes in lifestyles also aid the expansion of the commercial induction cooktop market. The rising prices of conventional cooking fuel and the adoption of a fast-paced lifestyle further spur the demand for commercial induction cooktops.
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Other factors like the rising number of eateries and fast food restaurants across the globe, increasing disposable income and purchasing power of the general population, and the busy lifestyle of consumers will have a positive influence on the global sales of the commercial induction cooktop market. It is predicted that the market will undergo substantial growth in the upcoming years but its growth will also be constrained. The need for high initial investment for the installation of specialized cookware in commercial spaces will limit market growth. High prices of modern induction cooktops also deter consumers in emerging economies from investing in the same which has a negative impact on the overall growth of the commercial induction cooktops market.
Key Takeaways:
- Europe will account for the largest share of the global commercial induction cooktops market owing to the easy adoption of technologically advanced induction cooktops in hotels and restaurants.
- Asia Pacific will emerge as an attractive market for commercial induction cooktops due to a rising preference for contemporary appliances in restaurants.
- The requirement of high initial investment will stymie the growth of the commercial induction cooktops market.
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Competitive Landscape
Panasonic Corporation, CookTek, Garland Group, Dipo Induction, Lincat Limited, Buffalo, Fisher & Paykel Appliances Limited, ELAG Products GmbH, and The Vollrath Company, among others, are a few of the important players in the commercial induction cooktops market profiled in the full version of the report.
In a competitive and highly fragmented environment, leading market players are focusing on product development and innovation. These companies are keen on launching novel and innovative products to expand their consumer base. A few of the market participants also employ diverse organic and inorganic business strategies to gain a competitive advantage.
More Insights Into Commercial Induction Cooktops Market
FMI offers the latest, unbiased, and detailed analysis of the global commercial induction cooktops market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of installation type, end-user, number of hobs, and region.
According to the latest reports, based on region, the commercial induction cooktops market in Europe will display considerable growth. The target market in this region will hold a substantial portion of the global market share. Increasing adoption of technologically advanced induction cooktops in hotels and restaurants across Italy, Germany, and the U.K will drive the growth of the commercial induction cooktops market in Europe. The presence and activities of key market players in Europe will further fuel the market growth. Asia Pacific, too, will display notable growth in the market. Thus, Europe and Asia Pacific will contribute to the worldwide growth of the commercial induction cooktops market during the assessment period.
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Key Segments Profiled in the Commercial Induction Cooktops Industry Survey
By Number of Hobs:
- Single Hob Commercial Induction Cooktops
- Double Hob Commercial Induction Cooktops
- Multi Hob Commercial Induction Cooktops
By Type of Installation:
- Countertop Commercial Induction Cooktops
- Drop-In Commercial Induction Cooktops
- Floor-Standing Commercial Induction Cooktops
By End User:
- Restaurants
- Hotels
- Canteens
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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