Asia-Pacific Induction Hobs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The Asia-Pacific induction hobs market is expected to register a CAGR of more than 5% during the forecast period. The lockdown in countries due to the COVID-19 pandemic affected them adversely. The majority of the manufacturing sectors, including induction cooktop manufacturing, were hampered by these restrictions. The governments maintained the lockdown for a few months to stop the virus's spread. While it had a significant impact on other industries, the market for induction cooktops was less affected. However, once things returned to normal, demand for induction cooktops considerably increased as people migrated back to their places of employment and chose to utilize more individualized, portable devices.

Asia was the primary contributor with 2.5% of the global increase in clean cooking availability over the past ten years, Asia was the primary contributor. 90% of Asians will have access to pure cooking methods by 2030. More significantly, during the forecast period, the induction stove market is expected to multiply in Asia-Pacific. The region's concentration of top consumer induction cooktop suppliers is a significant contributing factor. According to experts, induction and electric appliances will account for 100% of the revenue of the top six cooktop manufacturers by 2030. Local manufacturers like Bajaj in India, which provide induction stoves at costs that most people find cheap, will also be a significant factor in the move. The assessment period is projected to significantly increase the number of small and medium-sized manufacturing units in developing countries like China, India, and Japan.

Inductions Hobs work on electromagnetism, which provides energy-efficient solutions to customers. As opposed to all other hobs on the market, induction hobs heat the pan directly rather than the hob ring. A magnetic field is activated beneath an induction hob's surface when turned on. The circuit is finished when a pan is placed on the stove, heating the pan's base. Because of this, induction cooking is quick and effective. Every other hob warms the ring, the pan, and the food. However, the process is eliminated by induction.

The fastest method of cooking in the market is induction. It can even outperform a kettle at heating water since it moves faster than gas. The market experienced a boost from several changes, such as kitchen appliance makers upgrading outdated mechanical controls and displays to reduce after-sale costs. Additionally, the market graph may experience a considerable uptick during the projection period because of the rising demand for environmentally friendly appliances and improved access to electricity. In addition, rising demand for modular kitchens is anticipated to support induction hob demand. The advantages of induction hobs, such as their speed, responsiveness, energy efficiency, and convenience of use, have significantly fueled the market’s growth.

When compared to conventional electric cooktops, induction cooking has a potential energy savings of between 5% and 20%, and it has an energy savings of over 65% compared to gas.

APAC Induction Hobs Market Trends

Rising Disposable Income and Affluent Standard of Living is Driving the Market

The major trend of the market in the area is rapid urbanization and rising disposable income. Additionally, the preference for modern appliances is assisting in surging the demand for induction hobs. The technical advancement in appliances is anticipated to present the region's major firms with considerable potential. For instance, Panasonic's induction features exact temperature, four cooking zones, and an LED display with a slider regulator with cutting-edge technology.

Rising high-tech appliance use is anticipated to promote market expansion throughout the forecast period. The market experienced a boost from the widespread use of e-commerce, particularly in emerging nations.

Significant demand for the product is anticipated from the residential sector, likely to drive the market over the forecast period. It is projected that the household segment will make up a sizeable portion of the induction. Induction hob sales online are also increasing, opening up the profit potential for the market.

Increasing Focus Among Health and Wellness Products Among People is Surging the Market’s Growth

When fossil fuels are burned, a variety of pollutants are created that, in high enough concentrations, are known to be detrimental to human health. Many childhood asthma cases in Australia are related to gas cooking. The risk of developing asthma for a child living in a gas-cooked home is comparable to that of a youngster who smokes. Additionally, gas cooking has been related to a higher risk of respiratory infections, slight declines in children's lung function, and rhinitis.

Air pollutants like nitrogen oxides (NOx), which are released within just a few minutes of using a gas stove, can dramatically raise the risk of causing respiratory ailments if there is inadequate ventilation.

Additionally, homes with gas stoves have nitrogen dioxide (NO2) concentrations that are 50% to 400% greater than those with electric stoves. The pollution resulting from the gas stoves frequently approaches levels prohibited outside. For instance, the annual limit of NO2 was reduced from 40 mg per cubic m. to 10 mg by the most recent WHO air pollution recommendations. However, in kitchens, those could reach levels of 2,000 mg.

Natural gas is also a very polluting fuel. Although it produces more methane than coal, it emits 50-60% less carbon dioxide (CO2). Its warming potential is 84 to 86 times greater than carbon dioxide during 20 years. When gas stoves are turned off, they emit more than 75% of their methane emissions. Annual methane emissions from all gas stoves in US homes over 20 years have an equivalent climatic impact to 500,000 cars' CO2 emissions each year. These are the main concerns of consumers nowadays, which is driving the induction hobs market.

APAC Induction Hobs Market Competitor Analysis

The Asia Pacific induction hobs market is very competitive with domestic and foreign competitors. The players are occupying the established space in a fragmented market. Businesses are shifting to selling their goods online as e-commerce grows. A few companies, Bosch, General Electric, and Whirlpool Corporation, dominate the market.

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