The global induction cooktops market is anticipated to grow at a CAGR of 7.6% during the forecast period (2022-2028). Induction cooktops, also known as induction hobs, use electromagnetic fields to transmit heat directly to the bottom of a ferrous metal vessel, such as cast iron or steel. There are several advantages to using induction cooktops. To begin with, they are more energy-efficient than other types of traditional cooking appliances. Induction cooktops cook food faster than traditional cooktops. Furthermore, they are commonly made of glass or ceramic cooktops, which are sturdy, long-lasting, and simple to clean. Even at low temperatures, induction cooktops can cook food. Furthermore, these induction cooktops have a safety feature that automatically turns off when no cooking vessel is present on the top. These benefits associated with the Induction cooktop is expected to support the market positively.
Some driving factors for the global induction cooktops market are:
- The market for induction cooktops is being driven by rapid urbanization and growing awareness among customers to choose energy-efficient kitchen equipment with sophisticated safety features.
- Furthermore, as there are no open flames on induction cooktops, they are safer than LPG cylinders.
- People are turning to induction cooktops as an alternative to traditional cooking fuel due to growing prices. Induction cooktops have also become a component of healthy and safe cooking lifestyle requirements.
- Induction cooktops are currently in high demand among working women and the urban population, owing to their convenience of use and health benefits.
- Furthermore, an increase in GDP, combined with an increase in sales of household kitchen appliances, fuels the need for induction cooktops in homes.
- Advances in internet marketing and a rise in the usage of digital media for product promotion are propelling the household induction cooktops market growth across the globe.
Some major players in the market include LG Electronics, Inc., Whirlpool Corp., Panasonic Corp., Koninklijke Philips N.V., and Electrolux Group, among others. The market players are additionally, contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance,
- In March 2021, Samsung Electronics Co. introduced a new electric cooktop with an improved design in South Korea, as part of the company’s ongoing effort to extend its customizable home appliance array. The BESPOKE Induction cooktop costs between 1.59 million won and 1.79 million (US$1,400). It’s one of the most recent kitchen appliances to be released under Samsung’s BESPOKE brand, which aims to fulfill user preferences in-home equipment.
- In April 2019, The Xiaomi Mijia Rice Cooker and Mijia Electric have been released. The Mijia Electric Cooker, on the other hand, is a smart induction cooktop with a knob and an OLED screen for smart control.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Dsitribution Channel
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- LG Electronics, Inc., Whirlpool Corp., Panasonic Corp., Koninklijke Philips N.V., Electrolux Group, among others.
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Global Induction Cooktops Market Report by Segment
By Type
- Built-in
- Free-standing & Portable
By Distribution Channel
- Offline
- Online
By Application
- Household
- Commercial
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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