Middle East & Africa Induction Cooktops Market Size & Outlook
- Consumer Goods
- Consumer Electronics & Appliances
- Induction Cooktops Market Outlook
- Consumer Electronics & Appliances
Middle East Africa Induction Cooktops Market, 2018-2030 (US$M)
Global Market
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MEA induction cooktops market highlights
- The MEA induction cooktops market generated a revenue of USD 5,276.2 million in 2023.
- The market is expected to grow at a CAGR of 8.8% 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, South Africa is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 5,276.2 million |
| Market revenue in 2030 | USD 9,522.7 million |
| Growth rate | 8.8% (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, MEA region accounted for 5.2% 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.
The Middle East has a diversified economy. According to the World Bank, economic growth in the Middle East and North Africa region will exhibit a modest pace of 1.5% to 3.5% between 2019 and 2021. As a result, the induction cooktops market in the region is expected to witness growth over the next few years.
Manufacturers are introducing products that are compatible with a commercial kitchen which will help ease the transition from gas cooktops to induction cooktops. Furthermore, there is the threat of a gas leak with gas cooktops, especially in high-intensity commercial kitchens.
A leak increases the chances of an explosion significantly if not identified in time and could be dangerous. Hence, more and more commercial establishments are switching to induction cooktops. The growth of the online segment can be attributed to technological advancements and rising importance given to online platforms to purchase induction cooktops, especially customers who are looking to purchase products at discounted rates.
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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 |
Middle East & Africa 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 52.25% in 2023.
Horizon Databook has segmented the Middle East & Africa induction cooktops market based on gas cooktops, electric cooktops, induction cooktops covering the revenue growth of each sub-segment from 2018 to 2030.
The Middle East has a diversified economy. According to the World Bank, economic growth in the Middle East and North Africa region will exhibit a modest pace of 1.5% to 3.5% between 2019 and 2021. As a result, the induction cooktops market in the region is expected to witness growth over the next few years.
Manufacturers are introducing products that are compatible with a commercial kitchen which will help ease the transition from gas cooktops to induction cooktops. Furthermore, there is the threat of a gas leak with gas cooktops, especially in high-intensity commercial kitchens.
A leak increases the chances of an explosion significantly if not identified in time and could be dangerous. Hence, more and more commercial establishments are switching to induction cooktops. The growth of the online segment can be attributed to technological advancements and rising importance given to online platforms to purchase induction cooktops, especially customers who are looking to purchase products at discounted rates.
- Middle East & Africa Induction Cooktops Market Type Outlook (Revenue, USD Million , 2018-2030)
- Gas Cooktops
- Electric Cooktops
- Induction Cooktops
- Middle East & Africa Induction Cooktops Market Installation Type Outlook (Revenue, USD Million , 2018-2030)
- Built-in
- Freestanding
- Middle East & Africa 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 Middle East & Africa Induction Cooktops Market Outlook, including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa Induction Cooktops Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
Middle East Africa Induction Cooktops Market, 2018-2030 (US$M)
MEA induction cooktops market statistics, by type, 2018-2030 (US$M)
