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Press Release: Household Induction Cooktops Market to Surpass US$ 15,780.5 Million By 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Household induction cooktops are electric appliances that are used for cooking. They offer fast heating and can cook food quickly. Moreover, they are energy efficient and consume less energy as compared to conventional cooktops. Induction cooktops are ideal for working people as they save cooking time and are also easy to use.
The global household induction cooktops market is estimated to surpass US$ 15,780.5 Mn by the end of 2027 in terms of revenue, exhibiting a CAGR of 5.2% during the forecasted period (2020 to 2027).
Drivers:
Growing population around the globe is a major factor fueling the market growth of the household induction cook-tops. According to the United Nations, the world population is projected to reach 8.5 billion in 2030, 9.7 billion in 2050, and 11.2 billion by 2100. Also, an increase in the smaller household population across developing regions, which requires at least one cooktop is another major factor propelling the market growth of the household induction cook-tops.
Increasing per capita income of individuals/families is projected to drive the market growth. The rise in the per capita income directly affects the purchasing power of consumers. Due to this, they are able to afford better and advanced products. Moreover, many families are adopting multiple cooking devices such as microwave ovens, OTGs, induction cook-tops, etc., which again drives the product demand. All these factors propel the market growth of the household induction cook-tops.
Europe region dominated the global household induction cooktops market in 2019, accounting for 38.6% share in terms of value, followed by North America and Asia-Pacific, respectively.
Figure 1. Global Household Induction Cooktops Market Revenue Share (%), By Region, 2019
Market Restraints
Growing preferences for ovens/microwaves is a major factor hampering the demand for the product. Ovens and microwaves offer various benefits like convenience and time efficiency, which causes the consumers to prefer them as compared to induction stoves. Also, the growing trend of dining outside is another major factor restricting the market growth of household induction cook-tops.
Household induction cook-tops require electric connection to function, thus they are not ideal for several rural areas that experience frequent electricity fluctuations. Also, the increasing electricity unit rate is further anticipated to hinder the market growth of household induction cook-tops over the forecast period.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 10,519.5 Mn |
| Historical Data for: | 2017 to 2018 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 5.2% | 2027 Value Projection: | US$ 15,780.5 Mn |
| Geographies covered: |
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| Companies covered: |
AB Electrolux, Daewoo Electronics Corporation, Whirlpool Corporation, Haier Group, LG Electronics, Panasonic Corporation, Philips Electronics, Videocon Industries Limited, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), and Miele & Cie. Kg. |
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| Restraints & Challenges: |
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Market Trends/Key Takeaways
Rapidly growing digitalization and expansion of e-commerce due to increasing usage of internet is expected to have a positive impact on the market of household induction cook-tops. Increase in the young adult population who often use e-commerce for purchasing goods further drives the online sale of induction cook-tops. In addition to this, ease of transaction and various discounts offered by the online platform is further boosting the online sale of the household induction cook-tops, thereby fueling the market growth.
Figure 2. Global Household Induction Cooktops Market – Opportunity Analysis
Portable induction cooktops are gaining popularity around the globe due to its advantages such as its portal nature that enables it to be taken anywhere, its dual burner and automatic turn off features, etc. For instance, in April 2018, the Equator Advanced Appliances launched a new portable cooking innovation, the Portable Induction Cooktop Model PIC 200, which has a sleek and modern design in black color with stainless finish, dual burners, powerful 1800 watt output, and a timer function.
Figure 3. Global Household Induction Cooktops Market Revenue Share (%), By Product, 2019
Global integrated (built-in) household induction cooktops market was valued at US$ 8,243.2 Mn in 2019 and is expected to register a CAGR of 5.3% between 2020 and 2027. This is due to the expanding consumer base and the increasing consumerism, which is projected to provide potential market opportunities. Moreover, growing government regulations to limit the number of cylinders issued to the public on subsidy, coupled with high fuel prices is also expected to elevate the demand for electricity operated cook-tops and induction cook-tops.
Global Household Induction Cooktops Market - Impact of Coronavirus (COVID-19) Pandemic
The global market for household induction cooktops has been impacted due to the ongoing COVID-19 pandemic. The shutting down of businesses and the cease of economic activities has hampered the demand for consumer electronics. Moreover, China being one of the major producers of electronic components and epicenter of the virus outbreak, has led to hindrances in the supply chain as well as international trade, which has negatively impacted the market growth. Also, the reduced demand for induction cooktops by small cafes and restaurants, owing to the imposition of lockdown has further hindered the demand for induction cooktops to some extent.
Competitive Section
Key players operating in the global household induction cooktops market include AB Electrolux, Daewoo Electronics Corporation, Whirlpool Corporation, Haier Group, LG Electronics, Panasonic Corporation, Philips Electronics, Videocon Industries Limited, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), and Miele & Cie. Kg.
A household induction cooktop is an electronic appliance that uses an electromagnetic field for heating up a cooking pan. The increasing need for energy and time-saving cooking appliances and the shifting inclination towards modular kitchens is expected to augment the demand for household induction cooktops over the forecast period.
Market Dynamics
Growth in the urban population is expected to serve major growth opportunities in the household induction cook-tops market. Emerging economies such as India, Latin American countries, Brazil, China, etc., are experiencing rapid urbanization due to various economic factors such as rising disposable income in individuals and availability of innovative products in the market. Due to this, new players are penetrating (with advanced products at competitive prices) in the emerging markets of Asia-Pacific region such as China, South Korea, India, etc. All these factors are projected to propel the market growth over the forecast period.
Adoption of induction cooktops owing to their convenience, and enhanced aesthetic appeal is driving their demand across the globe. Also, low carbon emission by induction cooktops as compared to conventional gas cooktops has facilitated market growth in the last few years. Moreover, the ability of induction cooktops to quickly control and change the temperature and heat for precision cooking is triggering its demand among food enthusiasts.
Household induction cook-tops require special magnetic cookware that is costlier than conventional plastic or porcelain cookware. Thus, the high cost of household induction cook-tops due to the need for ferromagnetic material cookware is expected to restrict their adoption to some extent in developing regions like Africa, thereby hindering the market growth.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
*Browse 50 market data tables* and 45 figures* on "Global Household Induction Cooktops Market” – global forecast to 2027
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