The Global Household Induction Cooktops Market is estimated to account for 44.78 Bn in terms of value by the end of 2030 Household induction cooktops are a type of stove that uses electromagnetic energy to heat pots and pans directly, rather than using a traditional flame or electric heating element. Induction cooktops work by creating a magnetic field between the cooktop and the pot or pan. This magnetic field generates heat within the pan, which then cooks the food.
One of the main advantages of induction cooktops is that they are more energy-efficient than traditional stovetops. Because the heat is generated directly within the pan, there is no wasted heat, as there is with gas or electric stovetops. Induction cooktops also heat up faster than other types of stovetops, which can save time and energy.
Global Household Induction Cooktops Market: Drivers
Shifting inclination towards technological advancement
Increasing defense expenditure of economies around the globe is expected to propel the growth of the global household induction cooktops market during the forecast period. In several countries globally the pace of technological advancement is increasing rapidly, with breakthroughs occurring regularly. Due to this, adopting new technology by businesses has become simpler and more economical, opening up new prospects for creativity.
Global Household Induction Cooktops Market: Opportunities
The global household induction cooktops market is expected to grow at a significant rate in the coming years, driven by factors such as increasing adoption of energy-efficient cooking appliances, growing demand for smart kitchen appliances, and rising awareness about the benefits of induction cooking.
One of the major opportunities in this market is the increasing demand for portable and compact induction cooktops, which are ideal for small kitchens or use in outdoor settings. These products offer convenience and flexibility, allowing consumers to cook wherever they want, without the need for a traditional stove or oven.
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Global Household Induction Cooktops Market: Restraints
High Initial Investment: Induction cooktops are generally more expensive than gas or electric cooktops, which could be a deterrent for price-sensitive consumers. Limited Cookware Compatibility: Induction cooktops require specific types of cookware, which are often more expensive than regular pots and pans. This could limit the options for consumers who already own traditional cookware. Electricity Dependency Induction cooktops require a stable and uninterrupted supply of electricity to function, which could be an issue in areas where power outages are common.
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 have hampered the demand for consumer electronics. Moreover, China being one of the major producers of electronic components and an epicenter of the virus outbreak has led to hindrances in the supply chain as well as international trade, which has negatively impacted market growth. Also, the reduced demand for induction cooktops by small cafes and restaurants, owing to the imposition of the lockdown has further hindered the demand for induction cooktops to some extent.
Global Household Induction Cooktops Market Trends:
Rapidly growing digitalization and expansion of e-commerce due to increasing usage of the internet are expected to have a positive impact on the market of household induction cooktops. An increase in the young adult population who often use e-commerce for purchasing goods further drives the online sale of induction cooktops. In addition to this, ease of transaction and various discounts offered by the online platform is further boosting the online sale of household induction cooktops, thereby fueling the market growth.
Global Household Induction Cooktops Market: Competitive Landscape
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.
Global Household Induction Cooktops Market: Recent Developments
In April 2022, Equator Advanced Appliances provides all types of Home Appliances. introduced two novel portable induction cooktops. The PIC 200N (dual-burner) and PIC 100 (single-burner) are portable devices that may be used both outdoors and indoors. Equator Advanced Appliances, located in Houston, Texas, has the purpose of innovating the most efficient, highest quality, and technologically advanced appliances.