Induction Cooktops Market Size, Share & Trends Analysis Report By Product (Built-in, Free-standing), By Application (Household, Commercial), By Distribution Channel (Online, Specialty Stores), And Segment Forecasts, 2021 - 2028

Report Overview

The global induction cooktops market size was valued at USD 18,667.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028. The market is being driven by an increase in the number of residential and non-residential development projects, as well as a rise in the number of restaurants and eateries. The improved profitability and performance of the restaurant business are generating sufficient prospects for the market as people continue to patronize fast-food restaurants. The rise in fuel expenses for conventional gas cooktops, as well as the growing trend of modular kitchens due to the comfort and safety benefits, are driving the household induction cooktops market.

With various new residential construction projects in place, the demand for induction cooktops is expected to rise. The gradual shift from gas cooktops has benefitted the market in the past, and an increasing number of consumers are inclined toward installing induction cooktops in their houses or large-scale residential projects. This is due to an increase in awareness regarding its benefits over gas cooktops. Induction cooktops are also widely used in non-residential projects, such as restaurants or hotels. The shift seems to be gradual for commercial applications but is expected to increase over the forecast period.

Several advancements, such as cooking appliance manufacturers replacing old mechanical controls and displays with touch technology to reduce dependability and after-sale expenses, will boost the market growth. Touch screens with large graphics are also becoming increasingly popular. Constantly changing business & family routines, increased demand for eco-friendly appliances, and improving affordable electricity accessibility are expected to push consumers to purchase technology-driven kitchen gadgets.

Rapid growth of online marketing across the globe is contributing significantly to the growth of the industry. Growing adoption of high-tech products is anticipated to support the growth of kitchen appliances, including cooking hobs. However, the requirement of initial investments in specialized cookware may hamper the growth of the industry in the near future. In addition, these products are considered to be more expensive as compared to conventional gas cooktops.

Product Insights

On the basis of product, the market has been segmented into built-in and free-standing. In terms of value, the built-in product segment dominated the market with a share of 62.1% in 2020. An increasing number of residential as well as commercial construction projects is driving the segment.

Because of the inherent benefits of the technology, more chefs and manufacturers are increasingly promoting induction to construction professionals and consumers. Induction is more efficient than typical electric and gas-based technology. The contents inside the heated pots and pans are heated using conduction and convection, with very little inefficiency.

Most corporations are focusing on mergers and acquisitions, acquiring shares in regional companies to expand their geographical presence, broadening their product ranges, and expanding customer reach. For instance, TTK Group has established a cooperation with Satin Creditcare Network Limited, one of India's leading microfinance businesses, to provide customers with economical and healthy cooking solutions.

Application Insights

The household segment led the global market with a revenue share of over 72% in 2020 and will expand further at the fastest CAGR over the forecast period. In residential settings, induction cooktops are favored because they deliver better cooking results. Induction ranges from low power, moderate enough for bakers to melt chocolate without a double boiler, to high power, capable of boiling water significantly faster than a comparable gas burner.

Unlike standard electric cooktops, which are slower to respond to temperature changes, induction cooktops provide precise and near-instantaneous temperature control. Furthermore, a worldwide increase in disposable income has led to people buying several homes or having multiple kitchens in larger homes. This will contribute to market growth. In countries like India, LPG rates have been steadily rising, affected by international prices and the value of the rupee against the dollar.

Distribution Channel Insights

The specialty stores segment accounted for the largest revenue share of over 50% in 2020. The online segment is expected to record the fastest CAGR from 2021 to 2028. The expansion of the global household induction cooktops business is fueled by advancements in internet marketing and an increase in the use of digital media for product marketing. Increased acceptance of technologically advanced and high-tech products is expected to fuel the growth of e-commerce websites for kitchen appliances, driving the market for domestic induction cooktops.

Hypermarkets and supermarkets also account for significant product sales as these stores provide consumers with appealing promotional offers and discounts. The product sales may expand considerably through this distribution channel during the forecast period on account of the rising number of private labels by large-scale retailers.

Regional Insights

Europe was the largest regional market in 2020 and accounted for a revenue share of over 35%. On the other hand, Asia Pacific is estimated to register the fastest CAGR from 2021 to 2028. The growing urbanization and increased spending power of consumers in Asia Pacific are likely to propel market growth. The presence of worldwide consumer induction cooktop providers in the region also contributes to the market growth. Moreover, changing lifestyles and growing preferences for contemporary appliances contribute to market development.

Market participants in the region provide a varied product selection to meet the changing consumer demands. Panasonic induction cooktops, for example, employ cutting-edge technology and have features, such as accurate temperature control, four cooking zones, and a stunning LED display with slider control.

Key Companies & Market Share Insights

The market is fragmented due to the presence of a large number of domestic as well as international players. However, a majority of the market share is captured by a few key players. New product launches are the primary drivers of the market rivalry. Moreover, increased R&D investments and new growth plans by major players will intensify market competition. Manufacturers will have to design region- or nation-specific products to stand out in the market. Some of the prominent players in the global induction cooktops market are:

• Whirlpool Corp.

• LG Electronics, Inc.

• Electrolux AB

• TTK Group

• Smeg S.p.A

• Koninklijke Philips N.V.

• Robert Bosch GmbH

• Avis Rent a Car System, LLC

• Panasonic Corp.

• Sub-Zero Group, Inc.

• Miele & Cie. KG

Induction Cooktops Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global induction cooktops market report on the basis of product, application, distribution channel, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Built-in

  • Free-standing

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Household

  • Commercial

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

  • Hypermarkets & Supermarkets

  • Specialty Stores

  • Online

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa