U.S. Induction Cooktops Market Size & Outlook, 2023-2030
- Consumer Goods
- Consumer Electronics & Appliances
- Induction Cooktops Market Outlook
- Consumer Electronics & Appliances
U.S. Induction Cooktops Market, 2018-2030 (US$M)
Global Market
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U.S. induction cooktops market highlights
- The U.S. induction cooktops market generated a revenue of USD 16,466.0 million in 2023 and is expected to reach USD 25,810.1 million by 2030.
- The U.S. market is expected to grow at a CAGR of 6.6% 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.
Induction cooktops market data book summary
| Market revenue in 2023 | USD 16,466.0 million |
| Market revenue in 2030 | USD 25,810.1 million |
| Growth rate | 6.6% (CAGR from 2023 to 2030) |
| Largest segment | Electric cooktops |
| Fastest growing segment | Induction Cooktops |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, U.S. accounted for 16.1% of the global induction cooktops market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. induction cooktops market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 6,537.6 million by 2030.
The U.S. economy is highly developed. The country along with having the largest economy has the second-highest purchasing power parity globally. These factors play a crucial role in the growth of the U.S. induction cooktops market.
A large number of nuclear families in the U.S. prefers a modular kitchen. As a result, the shifting inclination toward modular kitchen among households is expected to promote the use of built-in induction cooktops in the country over the forecast period.
The rising consumer inclination for dining out is the major market driver for commercial applications, including restaurants, hotels, resorts, food stations, and other public eateries. The food-away-from home trend is foreseen to remain prevalent in the years to come, creating a positive outlook for the induction cooktops market.
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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 |
U.S. 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 47.93% in 2023.
Horizon Databook has segmented the U.S. induction cooktops market based on gas cooktops, electric cooktops, induction cooktops covering the revenue growth of each sub-segment from 2018 to 2030.
The U.S. economy is highly developed. The country along with having the largest economy has the second-highest purchasing power parity globally. These factors play a crucial role in the growth of the U.S. induction cooktops market.
A large number of nuclear families in the U.S. prefers a modular kitchen. As a result, the shifting inclination toward modular kitchen among households is expected to promote the use of built-in induction cooktops in the country over the forecast period.
The rising consumer inclination for dining out is the major market driver for commercial applications, including restaurants, hotels, resorts, food stations, and other public eateries. The food-away-from home trend is foreseen to remain prevalent in the years to come, creating a positive outlook for the induction cooktops market.
- U.S. Induction Cooktops Market Type Outlook (Revenue, USD Million , 2018-2030)
- Gas Cooktops
- Electric Cooktops
- Induction Cooktops
- U.S. Induction Cooktops Market Installation Type Outlook (Revenue, USD Million , 2018-2030)
- Built-in
- Freestanding
- U.S. Induction Cooktops Market Application Outlook (Revenue, USD Million , 2018-2030)
- Residential
- Commercial
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Horizon Databook provides a detailed overview of country-level data and insights on the U.S. Induction Cooktops Market Outlook, including forecasts for subscribers. This country databook contains high-level insights into U.S. Induction Cooktops Market Outlook from 2018 to 2030, including revenue numbers, major trends, and company profiles.
U.S. Induction Cooktops Market, 2018-2030 (US$M)
U.S. induction cooktops market statistics, by type, 2018-2030 (US$M)
