With sales rising at a strong CAGR of 8.2% from 2022 to 2032, the global commercial induction cooktops market is expected to reach US$ 17.5 billion in 2032. The commercial induction cooktops market is anticipated to grow from a value of US$ 11.6 billion in 2021 to an estimated US$ 12.3 billion in 2022. The increase in non-residential development projects taking place globally is fueling this growth.
Future market prospects are influenced by a number of market trends and growth drivers. Four major market factors that support the growth of commercial induction cooktops are listed below.
Commercial induction cooktops, compared to electric or gas cooktops, take up less space and energy. These cooktops are also more long-lasting and efficient. These can easily convert electrical energy into heat and transfer the same to the cookware. These cooktops also lessen the overall cooking time, ensure even distribution of heat, and save energy. Supported by these beneficial properties, the commercial induction cooktops market is predicted to witness impressive growth in the upcoming years.
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Adoption of energy-efficient kitchen appliances
The increasing adoption of energy-efficient kitchen appliances is one of the major factors that fuel the commercial induction cooktops market growth. The rising cost of cooking fuel is encouraging a lot of people to adopt induction cooktops or other energy-saving cooking solutions. This will likely bode well for the global market.
Urbanization and changing lifestyles
Rapid urbanization coupled with swiftly changing lifestyles are pushing the commercial induction cooktops market towards growth. A fast-paced urban lifestyle induces consumers to opt for time and energy-saving cooking solutions. A large number of the urban population shows an inclination for convenient food products and a willingness to eat out. This is expected to drive the sales of commercial induction cooktops.
The rise of eateries and fast-food centers
In recent times, there’s been a notable surge in the number of eateries and fast food restaurants all over the globe. A fast-paced urban lifestyle, increasing disposable income, and busy lifestyles encourage consumers to frequent these eateries. Thus driving the sales of commercial induction cooktops.
Rising market investments
Another factor that is responsible for the market expansion of commercial induction cooktops is the increasing investments by various real estate companies in the development of commercial infrastructure. Additionally, with non-residential development projects on the rise, demand for commercial induction cooktops is also expected to rise in the next few years.
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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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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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