The global household induction cooktops market was valued at US$ 10,519.5 million in 2019, according to Household Induction Cooktops Market Report, by Product (Free-Standing (Portable) household induction cook-tops and Integrated (Built-in) household induction cook-tops), and by Region (North America, Asia Pacific, Europe, and Rest of the World), published by Coherent Market Insights.
The global household induction cooktops market was estimated to be valued more than US$ 10,519.5 million in terms of revenue in 2019 and is predicted to grow at a CAGR of 5.2% during the forecast period (2020 to 2027). Household induction cook-tops are advanced appliances used for cooking that work on the principle of electromagnetic radiations. The induction cooktops offer fast heating and are also easy to clean. The food is also believed to get cooked quickly and lose less heat as compared to the conventional cooktops. Also, the induction cooktops are considered to be much more energy-efficient than the gas cooktops. The increase in the number of working population is also expected to propel the market growth, as time required for cooking food on induction cooktops is less. Developing countries such as India, Brazil, and Argentina are witnessing a high number of the female working population. Moreover, growth in the urban population will serve major growth opportunities in the growth of the household induction cook-tops market.
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Key Trends and Analysis of the Household Induction Cooktops Market:
- Increasing trend of consuming healthy food coupled with the rise in working population is expected to support the market growth of the household induction cook-tops. Busy lifestyle and improvements in the standard-of-living are driving the demand for luxurious and convenient kitchen appliances, which is again propelling the market growth of household induction cook-tops. Moreover, factors such as less cooking time and faster heating features as compared to traditional cooktops further drives the demand for household induction cooktops across working professionals.
- On the basis of product, Integrated (Built-in) household induction cook-tops segment dominated the global household induction cooktops market in 2019 with around 78.4% of market share in terms of revenue, followed by Free-Standing (Portable) household induction cook-tops.
- Key players are operating in the global household induction cooktops market are 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.
- These players are constantly engaged in product development to gain competitive advantage over other players. In August 2018, Electrolux launched a sensor-enabled induction hob with assisted cooking. The new Electrolux SenseFry induction hob has been launched across Europe.
Global Household Induction Cooktops Market - Impact of Coronavirus (COVID-19) Pandemic
- The global market for household induction cooktops was impacted to some extent amidst the ongoing COVID-19 pandemic. This can be attributed to the imposition of lockdown and travel restrictions, which resulted in the seizure of all industrial activities. However, the household induction cooktops market started gaining traction in the last quarter of 2020, owing to relaxations in lockdown, opening of trade and economic activities, and the reopening of manufacturing facilities.
- Free-Standing (Portable) household induction cook-tops
- Integrated (Built-in) household induction cook-tops
- North America
- Asia Pacific
- Rest of World