The global induction hob market is witnessing significant growth, with a projected valuation of USD 48.7 million by 2033, up from USD 19.6 million in 2023. This represents a compound annual growth rate (CAGR) of 9.5% over the forecast period from 2023 to 2033.
The induction hob market has experienced steady growth, rising from USD 13.5 million in 2018, with a historical CAGR of 8.8%. This growth trajectory is being driven by several key factors, including the increasing popularity of energy-efficient, time-saving appliances and the growing adoption of modular kitchens, especially in residential and commercial sectors.
Key Drivers of Market Growth
- Efficiency and Safety: Induction hobs are known for their fast heating capabilities, making them popular among busy consumers seeking time-saving kitchen solutions. Furthermore, their safer design—where the hob itself does not get hot—has contributed to their growing adoption, reducing the risk of burns and injuries.
- Eco-Friendliness: With a rising global focus on sustainability, eco-conscious consumers are increasingly opting for induction hobs over traditional gas and electric cooktops. These hobs use less energy, making them an appealing option for environmentally-aware households and businesses.
- Shift to Modular Kitchens: As the popularity of modular kitchens continues to rise, so does the adoption of induction hobs, which can be easily integrated into these contemporary kitchen setups.
Regional Insights
- United States: North America remains a key market for induction hobs, driven by rising consumer demand for energy-efficient kitchen solutions.
- Canada: With a robust CAGR of 12.2%, Canada is seeing strong growth due to rising gas prices and a shift toward non-traditional kitchen appliances.
- Japan: Japan’s rapid urbanization and growing disposable incomes are fueling the country’s impressive 13.8% CAGR for induction hob adoption.
- Australia: Australia is set for remarkable market growth, with a CAGR of 14.0%, as manufacturers focus on making induction hobs more affordable.
- Italy: Italy’s strong culinary tradition and presence of key kitchen equipment suppliers contribute to a promising market outlook with an 11.2% CAGR.
- Singapore: Singapore’s fast-paced adoption of advanced kitchen technologies, including induction hobs, supports a solid market growth rate of 11.9%.
Competitive Landscape
The induction hob market is highly fragmented, with both large industrial players and smaller companies finding opportunities to succeed. While major brands have a strong presence, smaller businesses are also able to carve out their niche in the market.
New product launches play a crucial role for many market participants. To maintain a competitive edge, especially among premium brands, companies invest significantly in research and development to continuously refresh and enhance their product offerings.
Recent Developments in the Induction Hob Market
- In July 2023, Falmec announced the launch of the Zero induction hob. The hob is billed to be energy-efficient and easy to use.
- In January 2023, the Prestige Iris 2.0 Induction Cooktop was launched. The product boasts features like auto-off and variable time settings.
- In August 2022, the Kent Jewel induction cooktop was launched. Made by the Indian player Kent, the product boasts of pre-set settings like curry, roti, and rice.
Key Companies in the Induction Hob Market
- Daikin Industries
- Dwyer Instruments
- Ingersoll-Rand
- Carrier
- Airwell Group
- LG Electronics
- Lennox International
- SHARP
- Johnson Controls
- Siemens AG
- Voltas
- Samsung Electronics
- Electrolux
Tap into Expertise: Discuss with Our Analyst on Email: sales@futuremarketinsights.com
Key Segments
By Type:
- Free Standing & Portable Cooktops
- Built-in Cooktops
By Application:
- Commercial
- Residential
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
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 over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
