The induction cooktop market is likely to hold the global market at a moderate CAGR of 8.4% during the forecast period. The global market holds a forecasted revenue of US$ 21,432.68 million in 2022 and is likely to cross US$ 47,950.59 million by the end of 2032. The induction cooktop market is anticipated to show promising growth prospects during the forecast period, expanding the global induction cooktop market size.
Since the cooking pan or vessel is heated indirectly by a magnetic field instead of electric heating element or flame, little energy is wasted on warming up the surrounding air around it making an induction cooktop efficient in terms of its use. Induction cooktops usually have glass or hard, heat-resistant ceramic as the material used on their surface for cooking.
These are also often produced out of highly durable and cleanable glass or ceramic cooktops. On an induction cooktop, food can also be cooked at very low temperatures. These induction cooktops also contain a safety feature that will automatically shut off if no cooking vessel is placed on the top.
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Induction Cooktops: Regional Outlook
In terms of geography, Europe holds a major market share in the global induction cooktops market. However, Asia Pacific region is becoming a fast growing region in the global induction cooktops market owing to rising disposable incomes and rapid urbanization that lead to increase in sales of induction cooktops majorly in India and China.
Induction Cooktops: Market Participants
Examples of some of the market participants identified across the value chain of global induction cooktops market include:
- Avantco Equipment
- Alluserv
- APW Wyott
- Eurodib
- Bajaj Electricals
- Inalsa
- Philips India
- Stovekraft
- TTK Prestige Ltd.
- Panasonic
- LG Electronics
- Haier Group
- Hatco
- Vollrath
- Waring
- Bon Chef
- Globe
- Cal-Mil
Induction cooktops manufacturers are focusing on improved quality products development with additional new features in order to increase their market share in the global induction cooktops market. Introduction of induction cooktops with multiple hot surfaces and advanced auto cook features are gaining traction in the market.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Induction Cooktops: Market Dynamics
Rapid urbanization and rising awareness among consumers to opt for energy efficient kitchen appliances with advanced safety features are the major driving factors for the induction cooktops market. In addition to that, induction cooktops are relatively safe than LPG cylinders because of the absence of open flames. Owing to the rising prices of conventional cooking fuel, people are choosing induction cooktops as an alternative option. Moreover, induction cooktops have become a part of lifestyle standards for healthy and safe cooking.
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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