North America Induction Cooktops Market Size & Outlook
- Consumer Goods
- Consumer Electronics & Appliances
- Induction Cooktops Market Outlook
- Consumer Electronics & Appliances
North America Induction Cooktops Market, 2018-2030 (US$M)
Global Market
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North America induction cooktops market highlights
- The North America induction cooktops market generated a revenue of USD 21,832.9 million in 2023.
- The market is expected to grow at a CAGR of 7.2% from 2024 to 2030.
- In terms of segment, electric 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, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 21,832.9 million |
| Market revenue in 2030 | USD 35,434.0 million |
| Growth rate | 7.2% (CAGR from 2023 to 2030) |
| Largest segment | Electric 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, North America region accounted for 21.3% 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.
According to the World Bank, when nominal GDP is considered, each of the three economies from the region, Mexico, Canada, and the U.S., is among the top fifteen economies of the world. These countries together contribute 28% of the global GDP, which is around USD 23 trillion.
This huge GDP figure indicates the high consumption expenditure of the regional population. The adoption of induction cooktops is also increasing owing to rapid product innovation, which has led to increased consumer awareness.
Furthermore, the distribution model of new-age companies aims at establishing a relationship with customers, which increases the adoption of newly launched 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 |
North America 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.
Electric Cooktops was the largest segment with a revenue share of 45.7% in 2023.
Horizon Databook has segmented the North America induction cooktops market based on gas cooktops, electric cooktops, induction cooktops covering the revenue growth of each sub-segment from 2018 to 2030.
According to the World Bank, when nominal GDP is considered, each of the three economies from the region, Mexico, Canada, and the U.S., is among the top fifteen economies of the world. These countries together contribute 28% of the global GDP, which is around USD 23 trillion.
This huge GDP figure indicates the high consumption expenditure of the regional population. The adoption of induction cooktops is also increasing owing to rapid product innovation, which has led to increased consumer awareness.
Furthermore, the distribution model of new-age companies aims at establishing a relationship with customers, which increases the adoption of newly launched products.
- North America Induction Cooktops Market Type Outlook (Revenue, USD Million , 2018-2030)
- Gas Cooktops
- Electric Cooktops
- Induction Cooktops
- North America Induction Cooktops Market Installation Type Outlook (Revenue, USD Million , 2018-2030)
- Built-in
- Freestanding
- North America 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 North America Induction Cooktops Market Outlook, including forecasts for subscribers. This continent databook contains high-level insights into North America Induction Cooktops Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
North America Induction Cooktops Market, 2018-2030 (US$M)
North America induction cooktops market statistics, by type, 2018-2030 (US$M)
