The global induction cooktop market size is expected to reach USD 27.3 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period. Rising awareness about safety and energy efficiency among middle-income age groups across the globe is expected to expand the scope of induction cooktop. In addition, increasing importance of modular kitchen as they offer excellent convenience, aesthetic appeal, and efficient storage capabilities is expected to expand the market reach.
The built-in product segment is expected to remain the largest segment over the next few years. These products find use as they offer various benefits such as smart slide, temperature control, four cooking zones, and child lock safety system. Additionally, new product launches by the industry participants through the inclusion of technological features such as smart device connectivity are expected to play a key role in promoting the utility of built-in products in the near future.
The household application segment held the largest market share in 2018and is expected to witness the fastest growth from 2019 to 2025. Growing middle-class population, rising LPG price, and developing infrastructural facilities in the developing countries including China and India are expected to have a favorable impact on the market growth. Additionally, the working class population will opt for these types of cooktops as they offer time saving and energy efficient features.
Europe dominated the induction cooktop market in 2018, accounting for more than 35.0% share of the global revenue. Rapid adoption of smart kitchen appliances in western European countries including Germany and U.K. is expected to be a key driving factor of the industry in this region. Asia Pacific is expected to witness the fastest growth in the upcoming years. Growing purchasing power, along with increasing popularity of modular kitchen in emerging economies including China and India, is anticipated to have a positive impact on the growth.
Major producers of this industry include Whirlpool Corporation; LG Electronics Inc.; Robert Bosch GmbH; Electrolux AB; TTK Group; Panasonic Corporation; Smeg; Koninklijke Philips N.V.; General Electric Company; Sub-Zero Group, Inc.; and Miele. Over the past few years, the manufacturers have been emphasizing on product innovation in order to expand their market share. For instance, in January 2015, General Electric Company launched three new products under the brand names Café, Profile, and Monogram that have swipe-friendly control and precise heat control.
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Further key findings from the report suggest:
The built-in product segment generated a revenue of more than USD 10.0 billion in 2018
The household application segment held the largest induction cooktop market share accounted for over 70.0% of the total revenue in 2018
Asia Pacific is expected to expand at the fastest CAGR of 8.3% from 2019 to 2025.
Grand View Research has segmented the global induction cooktop market on the basis of product, application, distribution channel, and region:
Induction Cooktop Product Outlook (Revenue, USD Million, 2015 - 2025)
Induction Cooktop Application Outlook (Revenue, USD Million, 2015 - 2025)
Induction Cooktop Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Hypermarkets & Supermarkets
Induction Cooktop Regional Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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