Asia Pacific Induction Cooktops Market Size & Outlook
- Consumer Goods
- Consumer Electronics & Appliances
- Induction Cooktops Market Outlook
- Consumer Electronics & Appliances
Asia Pacific Induction Cooktops Market, 2018-2030 (US$M)
Global Market
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Asia Pacific induction cooktops market highlights
- The Asia Pacific induction cooktops market generated a revenue of USD 29,594.6 million in 2023.
- The market is expected to grow at a CAGR of 9.6% from 2024 to 2030.
- In terms of segment, gas cooktops was the largest revenue generating type in 2023.
- Induction Cooktops is the most lucrative type segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 29,594.6 million |
| Market revenue in 2030 | USD 56,152.7 million |
| Growth rate | 9.6% (CAGR from 2023 to 2030) |
| Largest segment | Gas cooktops |
| Fastest growing segment | Induction Cooktops |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Gas Cooktops, Electric Cooktops, Induction Cooktops |
| Key market players worldwide | Whirlpool Corp, LG Electronics Inc ADR, Electrolux AB ADR, Koninklijke Philips NV, Bosch, Avis Budget Group Inc, Panasonic Holdings Corp, TTK Group, Smeg, Sub-Zero, Wolf, and Cove, Miele |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 28.9% of the global induction cooktops market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 56,152.7 million by 2030.
Asia Pacific is one of the most lucrative markets for induction cooktop owing to the growing awareness about induction cooktops and the availability of new & more effective products in countries like India, China, South Korea, and the Philippines. Key manufacturers are developing products in accordance with customer requirements, such as cheaper inductions with two, three, and four burner options.
It is the fastest-growing market owing to the increasing economic stability of the middle-class population and the rising standard of living in developing economies such as India, China, and Indonesia.Major companies including IKEA, TTK Prestige Limited, and Kenstar India Pvt Ltd. have launched induction cooktops in the Asian markets over the years.
Increasing number of people accessing the internet in developing countries, such as India, China, Indonesia, and Vietnam, is expected to fuel market demand. In addition, the growing use of e-commerce websites such as Flipkart, Amazon, and Alibaba, due to the discounts offered by them, is increasing the sales of these products.
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Induction Cooktops Market Scope
Induction Cooktops Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Koninklijke Philips NV | View profile | 73,712 | Philips Center, Amstelplein 2, Amsterdam, Netherlands, 1096 BC | www.philips.com |
| Panasonic Holdings Corp | View profile | 230,025 | 1006, Oaza Kadoma, Kadoma-shi, Osaka, Japan, 571-8501 | holdings.panasonic |
| LG Electronics Inc ADR | View profile | 35,111 | Twin Tower 128, Yeoui-daero, Yeongdeungpo-gu, Seoul, Korea, Republic of, 07336 | www.lge.co.kr |
| Electrolux AB ADR | View profile | 41,869 | Street Goransgatan 143, Stadshagen, Stockholm, Sweden, SE-105 45 | www.electroluxgroup.com |
| Bosch | View profile | 10001+ | Stuttgart, Baden-Wurttemberg, Germany, Europe | www.bosch.com |
| Whirlpool Corp | View profile | 59,000 | 2000 North M-63, Benton Harbor, MI, United States, 49022-2692 | www.whirlpoolcorp.com |
| Avis Budget Group Inc | View profile | 31,000 | 379 Interpace Parkway, Parsippany, NJ, United States, 07054 | www.avisbudgetgroup.com |
| TTK Group | View profile | 251-500 | Bangalore, Karnataka, India, Asia | www.ttkservices.com |
| Smeg | View profile | 251-500 | Guastalla, Emilia-Romagna, Italy, Europe | www.smeg.com/ |
| Sub-Zero, Wolf, and Cove | View profile | 1001-5000 | Madison, Wisconsin, United States, North America | www.subzero-wolf.com/sub-zero |
Asia Pacific Induction Cooktops Market Outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to Induction Cooktops Market Outlook will help companies and investors design strategic landscapes.
Gas Cooktops was the largest segment with a revenue share of 58.47% in 2023.
Horizon Databook has segmented the Asia Pacific induction cooktops market based on gas cooktops, electric cooktops, induction cooktops covering the revenue growth of each sub-segment from 2018 to 2030.
Asia Pacific is one of the most lucrative markets for induction cooktop owing to the growing awareness about induction cooktops and the availability of new & more effective products in countries like India, China, South Korea, and the Philippines. Key manufacturers are developing products in accordance with customer requirements, such as cheaper inductions with two, three, and four burner options.
It is the fastest-growing market owing to the increasing economic stability of the middle-class population and the rising standard of living in developing economies such as India, China, and Indonesia.Major companies including IKEA, TTK Prestige Limited, and Kenstar India Pvt Ltd. have launched induction cooktops in the Asian markets over the years.
Increasing number of people accessing the internet in developing countries, such as India, China, Indonesia, and Vietnam, is expected to fuel market demand. In addition, the growing use of e-commerce websites such as Flipkart, Amazon, and Alibaba, due to the discounts offered by them, is increasing the sales of these products.
- Asia Pacific Induction Cooktops Market Type Outlook (Revenue, USD Million , 2018-2030)
- Gas Cooktops
- Electric Cooktops
- Induction Cooktops
- Asia Pacific Induction Cooktops Market Installation Type Outlook (Revenue, USD Million , 2018-2030)
- Built-in
- Freestanding
- Asia Pacific Induction Cooktops Market Application Outlook (Revenue, USD Million , 2018-2030)
- Residential
- Commercial
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Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific Induction Cooktops Market Outlook, including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific Induction Cooktops Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Asia Pacific Induction Cooktops Market, 2018-2030 (US$M)
Asia Pacific induction cooktops market statistics, by type, 2018-2030 (US$M)
