Market Research Report

Global Induction Cooktops Market Research Report: Forecast (2024-2030)

By Product Type (Free-standing (Portable), Integrated (Built-in)), By Application (Household, Commercial), By Style (Multi-element, Single-element), By Distribution Channel (Hyperm...arkets/Supermarkets, Specialty Stores, Online), By Region (North America, South America, Europe, The Middle East & Africa, Asia-Pacific) By Company (Eurodib, Inalsa, Haier Group, Cal-Mil, Bajaj Electronics, Avantco Equipment, Miele Group, Robert Bosch Gmbh, Whirlpool Corporation, LG Electronics Inc., Koninklijke Philips N.V, Daewoo Electronics Corporation, Sub-Zero Group, Inc., Smeg S.p.A, Panasonic corporation and others) Read more

  • FMCG
  • Nov 2023
  • 233
  • PDF, Excel, PPT

Market Definition

An induction cooktop, often referred to as an induction stove or induction range, is a kitchen appliance designed for cooking that uses electromagnetic currents to heat cookware directly. Induction cooktops generate an electromagnetic field that induces electrical currents in the cookware.

Market Insights & Analysis: Global Induction Cooktops Market (2024-30):

The Global Induction Cooktops Market size is valued at around USD 17.65 billion in 2023 and is estimated to grow at a CAGR of about 7.12% during the forecast period, i.e., 2024-30. The market is witnessing growth driven by an uptick in both residential and non-residential development projects, alongside a surge in the number of restaurants and eateries. The escalating fuel costs associated with conventional gas cooktops and the rising popularity of modular kitchens due to their convenience and safety advantages are also propelling the market.

Moreover, as new residential construction projects continue to emerge, the demand for induction cooktops is anticipated to increase. This gradual transition away from gas cooktops has been advantageous for the industry, with a rising number of consumers favoring the installation of induction cooktops in their homes and larger residential developments. This shift is driven by heightened awareness of the benefits offered by induction cooktops over gas alternatives. Furthermore, these cooktops are gaining traction in non-residential projects, including restaurants and hotels.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-30
CAGR (2024-30) 7.12%
Regions Covered North America: USA, Canada, Mexico
Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
Asia-Pacific: China, Japan, India, South Korea, Australia, Rest of Asia Pacific
South America: Brazil, Argentina, Rest of South America
Middle East & Africa: Saudi Arabia, The UAE, South Africa, Rest of the Middle East & Africa
Key Companies Profiled Eurodib, Inalsa, Haier Group, Cal-Mil, Bajaj Electronics, Avantco Equipment, Miele Group, Robert Bosch Gmbh, Whirlpool Corporation, LG Electronics Inc., Koninklijke Philips N.V, Daewoo Electronics Corporation, Sub-Zero Group, Inc., Smeg S.p.A, Panasonic corporation and others
Market Value (2023) USD 17.65 Billion

 

Also, safety & precision are contributing to the growing popularity of induction cooktops in the global market. Induction cooktops offer precise temperature control, allowing users to set specific heat levels for their cooking needs, resulting in consistent and even cooking. This enhances the quality of the prepared dishes and minimizes the risk of overcooking or burning food, which enhances the demand for induction cooktops in the market.

Additionally, automatic shut-off features further enhance safety by reducing the risk of accidents. If the cookware is removed from the cooktop or a pan is left unattended, the induction cooktop can automatically turn off, preventing potential hazards such as burnt food, overheating, and fires. This safety aspect is especially appealing to families with young children and individuals concerned about kitchen safety.

As consumers increasingly prioritize safety, efficiency, and precision in their kitchens, the demand for induction cooktops continues to grow. Due to this, manufacturers are continually improving and innovating their products to meet these needs, ensuring that induction cooktops maintain a strong presence in the modern kitchen appliance market.


Global Induction Cooktops Market Research Report: Forecast (2024-2030)

Global Induction Cooktops Market Driver:

Rising Inclination for Energy Efficiency Driving the Market Growth Energy efficiency is a pivotal driver in enhancing the growth of the Induction Cooktops Market. Unlike traditional gas or electric stoves, induction cooktops utilize electromagnetic fields to heat cookware directly, which translates into minimal energy wastage. This efficiency benefits the environment and appeals to cost-conscious consumers seeking to reduce energy consumption and lower utility bills.

As the global focus on sustainability and energy conservation intensifies, the demand for induction cooktops continues to rise, particularly among eco-conscious households. This demand aligns with the broader market shift towards more energy-efficient and environmentally friendly kitchen appliances, making induction cooktops a preferred choice for modern consumers and a prominent option in the evolving culinary landscape, which assists in the overall market growth of induction cooktops.

Global Induction Cooktops Market Opportunity:

Compact Living Spaces Creates Opportunity for Induction Cooktops – Rising urbanization and compact living space are significant opportunities within the Global Induction Cooktops Market. As urban areas expand, more individuals are opting for smaller living spaces, such as apartments and condominiums, where kitchen size is often limited. In line with this, the demand for compact and efficient kitchen appliances is growing rapidly, and induction cooktops are particularly well-suited to meet this demand due to their sleek & space-saving design.

Their efficiency, precision cooking capabilities, and safety features align perfectly with the needs of urban dwellers who require high-performance appliances in constrained kitchen environments. This market opportunity provides manufacturers & suppliers with a chance to cater to the specific needs of urban consumers, emphasizing the suitability of induction cooktops in compact living spaces, and would drive the overall growth of the Induction Cooktops Market in the forecast years.

Global Induction Cooktops Market Challenge:

Alternatives like Ovens & Microwaves to Hinder the Induction Cooktops Demand – As the growing preference for ovens and microwaves is increasing with their convenience & time efficiency, it presents a significant challenge for the Induction Cooktops Market growth. This is primarily due to its availability as an alternative option for induction stoves. Due to this, consumers opt for these versatile kitchen appliances, affecting the demand for induction cooktops.

Moreover, reliance on a stable electrical connection for induction cooktops to function effectively makes them less suitable for areas with frequent electricity fluctuations, particularly in rural regions. Additionally, as electricity costs continue to rise, the higher unit rates may deter consumers from using energy-intensive appliances, potentially hampering the appeal and market growth of household induction cooktops.

Global Induction Cooktops Market Trend:

Precision Temperature Cooking Spurs Innovation – A burgeoning trend across the Induction Cooktops Market is precision temperature cooking, powered by cutting-edge technology that employs electromagnetic currents to directly heat cookware. This innovative approach eliminates the need to first heat the cooktop surface, resulting in quicker, more efficient heating and a surface that is easier to clean.

Consumers are increasingly drawn to this technological advancement, as it promises the ultimate cooking experience for preparing traditional and authentic dishes. The growing demand for precision temperature cooking has spurred numerous companies to introduce products that cater to this trend to expand their presence in the market.

Global Induction Cooktops Market (2024-30): Segmentation Analysis

The Global Induction Cooktops Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. In accordance to the analysis, the market has been further classified as:

Based on Product Type

  • Free-standing (Portable)
  • Integrated (Built-in)

The Free-standing (portable) product type has been witnessing greater demand compared to integrated models. This is due to the advantage of mobility & flexibility of free-standing cooktop, which allows consumers to place them anywhere in the kitchen and even move them if needed. This adaptability is particularly appealing to those who have limited kitchen space or frequently change their living arrangements, such as renters.

Moreover, the ease of installation and lower associated costs make free-standing induction cooktops more accessible to a broader consumer base. Consequently, as the demand for compact and versatile kitchen appliances grows, especially in urban areas, free-standing induction cooktops are well-suited to meet these requirements, thus poised to seize a potential share of the Induction Cooktops Market in the ensuing years.

Based on Application:

  • Household
  • Commercial

The Household application holds the major share of the Induction Cooktops Market, outpacing the commercial sector. This is attributed to the growing prioritization of energy efficiency, safety, and convenience by the consumer, which makes induction cooktops an appealing choice. Their precise temperature control, rapid heating, and automatic safety features make them ideal for everyday cooking. Additionally, the emphasis on energy conservation and sustainability has pushed consumers to opt for induction cooktops due to their lower environmental impact, thus infusing the market size.

Global Induction Cooktops Market (2024-30): Regional Projection

Geographically, the Global Induction Cooktops Market expands across:

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

The Asia-Pacific region stands out with the highest demand for induction cooktops globally. Rapid urbanization, particularly in countries like India and China, has resulted in a growing population of city dwellers who seek modern, space-efficient kitchen appliances. The appeal of energy-efficient cooking solutions aligns with the increasing awareness of sustainability & environmental concerns, making induction cooktops an attractive choice.

Moreover, government initiatives promoting energy-efficient appliances have further accelerated the adoption of induction cooktops in the region. The restaurant industry in Asia-Pacific also contributes to the demand for commercial-grade induction cooktops. As a result, manufacturers and suppliers are increasingly focusing on this region to tap into its immense market potential. Hence, the demand for induction cooktops in the Asia-Pacific is expected to witness an upward trajectory owing to the improvisation in living standards and consumer preferences.

Gain a Competitive Edge with Our Global Induction Cooktops Market Report

  1. Global Induction Cooktops Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size, share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. Global Induction Cooktops Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The Induction Cooktops Market is expected to grow at a compound annual growth rate (CAGR) of around 7.12% from 2024 to 2030.

   A. The Induction Cooktops Market size is valued at about USD 17.65 billion in 2023.

   A. The minimization of the energy cost is expected to drive the Induction Cooktops Market during 2024-30

   A. The top players in the Induction Cooktops Market are Eurodib, Inalsa, Haier Group, Cal-Mil, Bajaj Electronics, Avantco Equipment, Miele Group, Robert Bosch Gmbh, Whirlpool Corporation, LG Electronics Inc., Koninklijke Philips N.V, Daewoo Electronics Corporation, Sub-Zero Group, Inc., Smeg S.p.A, Panasonic corporation and others.

   A. Free-standing type held the largest share of the Induction Cooktops Market.

   A. Asia-Pacific would present growth prospects in the Induction Cooktops Market during 2024-30.

   A. The precision temperature cooking technology is the key trend shaping the growth of the Induction Cooktops Market.

   A. The boom in the compact living spaces is the growth opportunity driving the Induction Cooktops Market.

Global Induction Cooktops Market Research Report (2024-2030) - Table of Contents

 

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Global Induction Cooktops Market Trends & Insights
  5. Global Induction Cooktops Market Dynamics
    1. Drivers
    2. Challenges
  6. Global Induction Cooktops Market Hotspot & Opportunities
  7. Global Induction Cooktops Market Policies, Regulations, and Product Standards
  8. Global Induction Cooktops Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type
        1. Free-standing (Portable) - Market Size & Forecast 2019-2030F, USD Million
        2. Integrated (Built-in)- Market Size & Forecast 2019-2030F, USD Million
      2. By Application
        1. Household- Market Size & Forecast 2019-2030F, USD Million
        2. Commercial- Market Size & Forecast 2019-2030F, USD Million
      3. By Style
        1. Multi-element- Market Size & Forecast 2019-2030F, USD Million
        2. Single-element- Market Size & Forecast 2019-2030F, USD Million
      4. By Distribution Channel
        1. Hypermarkets/Supermarkets- Market Size & Forecast 2019-2030F, USD Million
        2. Specialty Stores- Market Size & Forecast 2019-2030F, USD Million
        3. Online- Market Size & Forecast 2019-2030F, USD Million
      5. By Region
        1. North America
        2. South America
        3. Europe
        4. The Middle East & Africa
        5. Asia-Pacific
      6. By Competition
        1. Market Share of Top Companies
        2. Competition Characteristics
  9. North America Induction Cooktops Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Style- Market Size & Forecast 2019-2030F, USD Million
      4. By Distribution Channel- Market Size & Forecast 2019-2030F, USD Million
      5. By Country
        1. The US
        2. Canada
        3. Mexico
    3. The US Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    4. Canada Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    5. Mexico Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  10. South America Induction Cooktops Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Style- Market Size & Forecast 2019-2030F, USD Million
      4. By Distribution Channel- Market Size & Forecast 2019-2030F, USD Million
      5. By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    3. Brazil Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    4. Argentina Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  11. Europe Induction Cooktops Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Style- Market Size & Forecast 2019-2030F, USD Million
      4. By Distribution Channel- Market Size & Forecast 2019-2030F, USD Million
      5. By Country
        1. Germany
        2. The UK
        3. France
        4. Italy
        5. Spain
        6. Rest of Europe
    3. Germany Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    4. The UK Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    5. France Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    6. Italy Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    7. Spain Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  12. The Middle East & Africa Induction Cooktops Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Style- Market Size & Forecast 2019-2030F, USD Million
      4. By Distribution Channel- Market Size & Forecast 2019-2030F, USD Million
      5. By Country
        1. Saudi Arabia
        2. The UAE
        3. South Africa
        4. Rest of the Middle East & Africa
    3. Saudi Arabia Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    4. The UAE Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    5. South Africa Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  13. Asia-Pacific Induction Cooktops Market Outlook, 2019-2030F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
      2. By Application- Market Size & Forecast 2019-2030F, USD Million
      3. By Style- Market Size & Forecast 2019-2030F, USD Million
      4. By Distribution Channel- Market Size & Forecast 2019-2030F, USD Million
      5. By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Australia
        6. Rest of Asia-Pacific
    3. China Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    4. India Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    5. Japan Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    6. South Korea Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
    7. Australia Induction Cooktops Market Outlook, 2019-2030F
      1. Market Size & Analysis
        1. By Revenues (USD Million)
      2. Market Share & Analysis
        1. By Product Type- Market Size & Forecast 2019-2030F, USD Million
        2. By Application- Market Size & Forecast 2019-2030F, USD Million
  14. Global Induction Cooktops Market Key Strategic Imperatives for Success & Growth
  15. Competition Outlook
    1. Company Profiles
      1. Eurodib
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      2. Inalsa
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      3. Haier Group
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      4. Cal-Mil
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      5. Bajaj Electricals
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      6. Avantco Equipment
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      7. Miele Group
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      8. Robert Bosch Gmbh
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      9. Whirlpool Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      10. LG Electronics Inc.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      11. Koninklijke Philips N.V.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      12. Daewoo Electronics Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      13. Panasonic Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      14. Sub-Zero Group, Inc.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      15. Smeg S.p.A
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Developments
        5. Financial Details
        6. Others
      16. Others
  16. Disclaimer


Global Induction Cooktops Market - Segmentation Slide