The induction hob market is forecasted to reach a value of USD 19.6 million in 2023, up from USD 18.9 million in 2022. Anticipated to grow at a promising rate from 2023 to 2033, with a CAGR of 9.5%, the market is projected to soar to USD 48.7 million by the end of the forecast period in 2033.
The increasing prevalence of kitchens is driving the sales of induction hobs. With a growing number of eateries and households, the demand for kitchens is on the rise. Induction hobs are proving to be a dependable choice in both commercial establishments and residential settings. Consequently, the outlook for the progress of these kitchen appliances is expected to be positive throughout the forecast period.
The induction hob business is being pushed by increasing demand for fast and energy-efficient cooking tools around the world. Millennials want to spend less time cooking. This is one of the ways that helps people buy more product. Also, kitchens with parts that can be added or removed are getting more popular in growing places like India. The biggest part of the market is held by families. Accessing things online is helping the induction hob market grow.
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Safety is another factor calling for usage of induction hob. Growing awareness about safe kitchen products is creating a lucrative opportunity for induction hobs. Out of free-standing and built-in induction hobs, built-in induction hob dominates the market. It, in fact, holds more than 60% of the overall revenue. The chefs are increasingly going for promotion of induction hob to consumers.
The key players are into inorganic mode of expansion to broaden the reach of consumers. Along these lines, TTK Group entered into agreement with Satin Creditcare Network Ltd. for providing customers with healthy and economic cooking solutions.
Future Market Insights has walked through these findings with future perspectives in its latest market study entitled ‘Induction Hob Market’. The team of analysts and consultants has worked on micros as well as macros to execute.
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Key Takeaways from Induction Hob Market
- Europe holds the largest market share due to growing number of single-person households. The Directorate-General of the European Commission, in May 2020, released data that single-person households rose by 18.7% from 2010 to 2019. Besides, increasing consumption and promotion of the sustainable products have resulted in increase in consumption of induction hob. On these grounds, as per the data published by the International Trade Centre and the European Commission in May 2019, sales of the sustainable products since the last five years in several European countries are – The Netherlands (89%), Italy (84%), France (90%), and Germany (84%).
- The Asia-Pacific is expected to grow at the fastest rate in the induction hob market in the forecast period due to rising prices of LPG. As per Economic Times, in June 2020, price of subsidized cooking gas rose by 20% in the year 2019. The key players are also taking efforts to bring out less pricy induction hob. On this count, Bajaj Majesty ICX 3 1400-Watt Induction Cooker is priced at ~US 26.64 in India, which is looked upon as ‘affordable’.
- The Americas are going steady with respect to induction hob market. Brazil and the US are leading from the front.
Competitive Landscape
- Robert Bosch GmbH, in November 2019, did assert that it had launched Bosch Induction Stove/Cooktops that let the users sync hobs with wall hood for deployment on an automatic basis, that too, when induction is switched on.
- Philips Hd4929 Induction Cooktop, in October 2020, was declared as the most cost-effective induction stove tabled by the company since July-August 2020.
Some of the key players in induction hob market include Daikin Industries, Dwyer Instruments, Ingersoll-Rand, Carrier, Airwell Group, LG Electronics, Lennox International, SHARP, Johnson Controls, Siemens AG, Voltas, Samsung Electronics, and Electrolux
“With an upswing in the number of eateries and restaurants all across, the global induction hob market is expected to grow on a remarkable note in the forecast period”, says an analyst from Future Market Insights.
What does the Report induct itself?
- The research study is based on type (free standing & portable cooktops, built-in cooktops), by application (commercial induction hobs and household induction hobs), and by distribution channel (direct induction hob sales and indirect induction sales).
- With non-residential and residential projects developing at a good rate, the global induction hob market is expected to grow well in the forecast period.
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Key Segments Profiled in the Global Induction Hob Market
Type:
- Free Standing & Portable Cooktops
- Built-in Cooktops
Application:
- Commercial Induction Hobs
- Household Induction Hobs
Distribution Channel:
- Direct Induction Hob Sales
- Indirect Induction Hob Sales
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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