Electric Cooktops Market, by Electric Cooktop (Glass Ceramic Cooktops and Electric Coil Cooktops), by Key Consumer (Residential, Commercial, and Others), by Power Consumption (500 W-1000W, 1000W-1500W, 1500W-2000W, more than 2000W), by Region - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Electric cooktops is a cooking equipment used in commercial and non-commercial settings. Electric cooktops are more energy-efficient as compared to other traditional cooking appliances and provide enhanced safety features such automatically shutting off in the absence of a cooking vessel on the cooktops. Moreover, the material used to build electric cooktops majorly include glass or ceramic, which are strong, durable, and easy to clean.

Rising demand for energy-efficient cooktops is one of the major factors driving growth of the market

Increasing demand for energy-efficient appliances is one of the key factors driving growth of the market. Rising prices of natural gas is driving demand for electric cooktops. For instance, according to the EIA (Energy Information Administration) analysis, in the U.S. the price of natural gas was US$ 3.55/MBTU (Million British Thermal Units) in 2017, which was higher than US$ 2.51/MBTU in 2016. This in turn is expected to proportionally hike prices of domestic cooking gas. Additionally, around 60% of cooking heat is lost while using natural gas to heat the stovetop, whereas only 30% heat is lost while heating electric cooktops. Thus, electric cooktops are more energy-efficient than conventional ones, further fuelling growth of the market.

Advancements in household appliances to boost growth of the market

The increasing demand for household kitchen appliances that can operate automatically is expected to boost growth of the electric cooktops market. Owing to rapid urbanization, the demand for these appliances is expected to rise significantly.  Moreover, rising number of working professionals that are unable to perform routine activities such as cooking, in turn helps increase the demand for electric cooktops. These cooktops heat vessels 50% faster than traditional gas cooktops and automatically regulates temperature as per the requirement. Therefore, advancements in household appliance are further expected to boost growth of the electric cooktop market.

Limited vessels are compatible with electric cooktops posing a major challenge for growth of the market

Electric cooktops are compatible with specific cookware, thus limiting the range of vessels used for cooking on such cooktops. These cooktops are compatible with cookware is made up of ferromagnetic materials such as cast iron and steel and incompatible with cookware made up of aluminium or copper. This poses as a major factor hampering growth of the global market.

Global Electric Cooktops Market: Regional Insights

The market for Asia Pacific accounted for the largest share in the global market in 2016 and is expected to retain its dominance over the forecast period.  Rising demand for smart homes is one of the factors driving growth of the market in this region. For instance, according to the Coherent Market Insights’ analysis, in 2016, in India, the revenue generated from smart home was US$ 17.45 million, which increased to US$30 million in 2017. This in turn, is expected to boost demand for smart kitchen appliances such as electric cooktops. Thus, the market for electric cooktops is expected to gain significant traction in this region.

Global Electric Cooktops Market: Competitive Insights

Key players operating in the global electric cooktops market include Electrolux Home Appliance, Bosch Home Appliances Group, Whirlpool Corporation, GE Appliance, Kenmore LLC, Haier, Inc., Thermador Corporation, Baumatic Ltd., LG Electronics, Asko Appliance, Sub-zero Group, Inc., and Summit Appliance.

Key players such as Haier, LG Electronics, and Electrolux are adopting inorganic strategies such as merger and acquisitions and partnerships to gain a competitive edge in the electric cooktops market. For instance, in 2016, Haier acquired GE Appliance in order to expand its business in the U.S., which further strengthens its foothold in the global market.

Global Electric Cooktops Market: Taxonomy    

By Electric Cooktops

  • Glass Ceramic Cooktop
  • Electric Coil Cooktop

By Key Consumer

  • Residential
  • Commercial
  • Others

By Power Consumption

  • 500W-1000W
  • 1000W-1500W
  • 1500W-2000W
  • More than 2000W

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

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  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
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Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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