The global induction cooktop market size is poised for significant growth, hitting USD 22,537.20 million in 2024. The induction cooktop appliances market is expected to witness a potent CAGR of 8.3% from 2024 to 2034. By 2034, the induction cooktop sales are anticipated to attain a worth of USD 49,917.50 million. The expanding application of modern cooking appliances in restaurants and other commercial areas globally opens lucrative opportunities for induction cooktops manufacturers.
As long as customers keep going to fast-food restaurants, the induction ranges market possesses ample possibilities due to the restaurant industry’s increased profitability and performance. The induction cooktop market is contrived by rising fuel costs for conventional gas cooktops and the expanding popularity of modular kitchens because of their advantages in terms of comfort and safety.
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Globally, online marketing is expanding rapidly, significantly propelling induction cookers market expansion. Rising high-tech product adoption is projected to boost demand for induction hobs. The industry’s prospective growth is inhibited in the near future by the initial investments required for specialist cookware. The induction cooktop appliances are thought to be more costly than standard gas cooktops.
Regional Outlook
- Asia Pacific’s demand for induction cooktops is driven by government initiatives supporting energy efficiency in developing nations. The widespread adoption of induction cooktops is attributed to cultural preferences for stir-frying and rapid cooking in nations like South Korea and Japan.
- The home restoration and renovation trend are gaining popularity, especially among young professionals and millennials, and it stimulates induction ranges market growth. Due to concerns about indoor air quality and urban ventilation laws, consumers are shifting to household induction cooktops, which emit fewer pollutants than gas stoves.
- In Europe, the adoption of induction cooktops surges due to the tendency toward smaller living spaces in urban areas. Rising consumer awareness of the appliances’ health and safety benefits compels the adoption of induction cooktops in European residences.
“The growing customer desire for cutting-edge and effective cooking solutions is fostering the induction cooktop market’s steady expansion. Breakthroughs primarily impact the induction hob market dynamics in technology, consumer preferences for energy-efficient appliances, and expanding environmental consciousness.”, comments an analyst at FMI.
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Key Takeaways
- The built-in segment in the product category to garner a share of 59.4% in 2024.
- In the application category, the residential segment to acquire a market share of 64.9% in 2024.
- From 2024 to 2034, the India induction cooktop industry is projected to strengthen at a 13.3% CAGR.
- The Singapore household induction cooktop market is expected to flourish at a CAGR of 12.7% between 2024 and 2034.
- The Spain commercial induction cooktop market is expected to thrive at a CAGR of 12.2% between 2024 and 2034.
- Between 2024 and 2034, the Japan portable induction cooktop industry is projected to evolve at a CAGR of 11.6%.
- China induction hob market is expected to boost at a CAGR of 10.9% through 2034.
- The induction cooktop appliance market in Canada is forecast to accelerate at a CAGR of 9.7% until 2034.
- Through 2034, Australia induction cookers market is expected to develop at a CAGR of 8.4%.
- The United Kingdom commercial induction cooktop market is expected to experience expansion at a CAGR of 8.3% through 2034.
- Sales of portable induction cooktops in Italy are expected to accelerate at a CAGR of 8.3% until 2034.
- The Germany household induction cooktop market is projected to exhibit a CAGR of 6% between 2024 and 2034.
- Through 2034, the United States commercial induction cooktop market is expected to thrive at a CAGR of 5.3%.
Competitive Landscape
Diverse induction cooktop appliance vendors provide a broad selection of goods to meet changing consumer demands. The degree of market rivalry is heightened by major portable induction cooktop manufacturers’ new growth strategies and expanding expenditures on research and development.
Producing exclusive goods to a certain nation or area helps induction cooktop producers stand out. Most induction cooktop manufacturers focus on mergers and acquisitions, buying shares in nearby companies to expand their geographic reach, broaden their product range, and grow their customer bases.
Key Players:
- LG Electronics
- Panasonic Corporation
- Samsung Electronics
- AEG
- BSH Hausgeräte GmbH
- Kenwood Limited
- Whirlpool Corporation.
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Latest Developments
- One of India’s leading microfinance firms, Satin Creditcare Network Limited, has partnered with TTK Group to provide customers with reasonably priced and healthful cooking options.
- In November 2019, Robert Bosch GmbH declared that the Bosch Induction Stove/Cooktops would be available. Customers synchronizes the wall hood and hobs with these appliances for automated deployment upon induction activation.
- In October 2020, Philips revealed that the Hd4929 Induction CookTop was the company’s least expensive product in the preceding three months.
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 ~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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