The demand for household induction cooktops is high within the urban population especially in the developing nations, due to factors such as high purchasing power, better infrastructural facilities, and increase in working population. Rise in fuel prices for conventional gas cooktops and growth in trend for modular kitchens along with comfortable and safety benefits to the users are the major factors that drive the household induction cooktops market. At present, induction cooktops are in high demand among working women and urban population, owing to ease of operations and benefits toward healthy cooking.
The global household induction cooktops market is segmented based on product into free-standing & portable and built-in (integrated) cooktops. In 2015, built-in (integrated) induction cooktops segment was dominant and is expected to maintain its position throughout the analysis period.
Increase in tech-savvy population, rise in per capita income, escalating number of smaller households, and optimized cooking are some of the drivers of the global household induction cooktops market. In addition, innovation in conventional gas cook-tops is expected to boost the demand for eco-friendly & energy-efficient induction cooktops. Factors such as government initiatives for the usage of energy-efficient products across various countries, such as the U.S., UK, Germany, Romania, Italy, and others are expected to facilitate the adoption of induction cooktops in the recent years. The restraining factors for the global household induction cooktops industry include high initial cost, growth in preference for microwaves and need for specialized magnetic utensils.
The mode of sale could either be retail or online sale, wherein retail mode includes brand outlets, franchise stores, departmental stores, and retail outlets and online mode includes e-commerce websites. Most customers prefer the retail mode of sale while buying kitchen electronics as retail shops help the customers understand the know-how about the product. However, online mode of sale steadily gains momentum and is expected to grow at the highest CAGR of 7.6% during the forecast period.
The household induction cooktops market size is analyzed based on four regions, namely North America, Europe, Asia-pacific, and LAMEA along with their respective countries. Europe is expected to dominate the global household induction cooktops market during the analysis period with the CAGR of 4.9%. Increase in demand for replacement products to improve energy efficiency and reduce health concerns is expected to boost the household induction cooktops market growth in Europe. Asia-pacific household induction cooktops market is expected to grow at a significant rate due to acceptance of induction cooking, improving lifestyle standards, and fast economic developments.
The key players profiled in the global household induction cooktops market includes Lg Electronics, Inc., Whirlpool Corporation, Panasonic Corporation, Koninklijke Philips N.V., Ttk Prestige Ltd, Sub-Zero Group, Inc., Electrolux Group, Robert Bosch Gmbh, Miele Group, and Smeg S.P.A.
This report provides an in-depth analysis of the global household induction cooktops market to elucidate the potential investment pockets.
The current trends and future scenarios are outlined to determine the overall household induction cooktops industry’s potential and single out profitable trends to gain a stronger foothold in the market.
This report provides information regarding key drivers, restraints, and opportunities along with their detailed impact analysis.
Quantitative analysis of the current market trends and future estimations for 2014–2022 have been provided to indicate the financial competency.
Porter’s five forces model of the industry illustrate the potency of the buyers and suppliers.
Household induction cooktops market key segments
By Product Type
Free-Standing & Portable Cooktops
By Mode Of Sale
Rest Of Europe
Rest Of Asia-Pacific
1.1. Report Description
1.2. Key Benefits
1.3. Key Market Segments
1.4. Research Methodology
1.4.1. Secondary Research
1.4.2. Primary Research
1.4.3. Analyst Tools And Models
Chapter 2 Executive Summary
2.1. CXO Perspective
Chapter 3 Market Overview
3.1. Market Definition And Scope
3.2. Key Findings
3.2.1. Top Impacting Factors
3.2.2. Top Winning Strategies
3.2.3. Top Investment Pockets
3.3. Porters Five Forces Analysis
3.3.1. High Bargaining Power Of Suppliers
3.3.2. High Bargaining Power Of Buyers
3.3.3. Moderate Threat Of Substitution
3.3.4. Moderate Threat Of New Entrants
3.3.5. High Competitive Rivalry
3.4. Market Share Analysis, 2015
3.5. Market Dynamics
188.8.131.52. Growth In Urban Population
184.108.40.206. Improved Economic Conditions/Growth In Disposable Income
220.127.116.11. Growth In Online Sales
18.104.22.168. Technological Advancements
22.214.171.124. Improved Safety
126.96.36.199. Government Emphasis
188.8.131.52. Growth In Real-Estate Industry
184.108.40.206. Need For Specialized Cookware
220.127.116.11. Untapped Asia-Pacific And Lamea Markets
Chapter 4 Global Household Induction Cooktops Market, By Product Type
4.1.1. Market Size And Forecast
4.2. Built-In Induction Cooktops
4.2.1. Key Market Trends
4.2.2. Key Growth Factors And Opportunities
4.2.3. Market Size And Forecast
4.3. Free-Standing & Portable Induction Cooktops
4.3.1. Key Market Trends
4.3.2. Key Growth Factors And Opportunities
4.3.3. Market Size And Forecast
Chapter 5 Household Induction Cooktops Market, By Mode Of Sale
5.1.1. Market Size And Forecast
5.2.1. Key Market Trends
5.2.2. Key Growth Factors And Opportunities
5.2.3. Market Size And Forecast
5.3.1. Key Market Trends
5.3.2. Key Growth Factors And Opportunities
5.3.3. Market Size And Forecast
Chapter 6 Household Induction Cooktops Market, By Geography
6.2. North America
6.2.1. Key Market Trends
6.2.2. Key Growth Factors And Opportunities
6.2.3. Market Size And Forecast
6.3.1. Key Market Trends
6.3.2. Key Growth Factors And Opportunities
6.3.3. Market Size And Forecast
18.104.22.168. United Kingdom
22.214.171.124. Rest Of Europe
6.4.1. Key Market Trends
6.4.2. Key Growth Factors And Opportunities
6.4.3. Market Size And Forecast
126.96.36.199. Rest Of Asia-Pacific
6.5.1. Key Market Trends
6.5.2. Key Growth Factors And Opportunities
6.5.3. Market Size And Forecast
188.8.131.52. Latin America
184.108.40.206. Middle East
Chapter 7 Company Profiles
7.1. Whirlpool Corporation
7.1.1. Company Overview
7.1.2. Business Performance
7.1.3. Operating Business Segments
7.1.4. Key Strategic Moves & Developments
7.2. Lg Electronics Inc.
7.2.1. Company Overview
7.2.2. Business Performance
7.2.3. Operating Business Segments
7.2.4. Key Strategic Moves & Developments
7.3. Panasonic Corporation
7.3.1. Company Overview
7.3.2. Business Performance
7.3.3. Operating Business Segments
7.3.4. Key Strategic Moves & Developments
7.4. Sub-Zero Group, Inc.
7.4.1. Company Overview
7.4.2. Operating Business Segments
7.4.3. Key Strategic Moves & Developments
7.5. Ttk Prestige Limited
7.5.1. Company Overview
7.5.2. Business Performance
7.5.3. Operating Business Segments
7.5.4. Key Strategic Moves & Developments
7.6. Koninklijke Philips N.V.
7.6.1. Company Overview
7.6.2. Business Performance
7.6.3. Operating Business Segments
7.6.4. Key Strategic Moves & Developments
7.7. Robert Bosch Gmbh
7.7.1. Company Overview
7.7.2. Business Performance
7.7.3. Operating Business Segments
7.7.4. Strategic Moves And Developments
7.8. Smeg S.P.A
7.8.1. Company Overview
7.8.2. Operating Business Segments
7.8.3. Key Strategic Moves & Developments
7.9. Electrolux Group
7.9.1. Company Overview
7.9.2. Business Performance
7.9.3. Operating Business Segments
7.9.4. Key Strategic Moves & Developments
7.10. Miele Group
7.10.1. Company Overview
7.10.2. Business Performance
7.10.3. Operating Business Segments
7.10.4. Key Strategic Moves & Developments
List Of Tables
Growth in acceptance of innovative cooking technologies, smart kitchen appliances and energy efficient solutions primarily drive the market. In addition, the health and safety benefits provided by the adoption of induction cooktops further supplements the market growth. Factors such as rise in disposable income of consumers and increase in price of fuels used for conventional cooking such as gas and electricity encourages the adoption of energy efficient cooking solutions, thus propelling the household induction cooktops industry growth. However, need for specialized cookware is likely to hamper the market growth as the cost incurred in investing in induction supported cookware is high for the first time purchasers. Growth in popularity of modular kitchens and preference for optimized cooking solutions layout, rise in number of working women, and increase in government emphasis on energy efficient cooking appliances are expected to provide numerous growth opportunities for the global household induction cooktops market.
In 2015, built-in induction cooktops segment accounted for the maximum revenue shares in the overall household induction cooktops industry. This is due to the rise in trend of integration of kitchen appliances. As a result, many vendors have started offering built-in induction cooktops along with built-in ovens. In addition, the demand for built-in induction cooktops from European and Asia-Pacific countries is expected to have a positive impact on the household induction cooktops market growth as these regions have large kitchen spaces. Moreover, the free-standing & portable induction cooktops segment is expected to witness the fastest growth at CAGR of 6.4% during the forecast period. The market is expected to grow, owing to the technological advancements such as, manual menu control option & resistance to voltage fluctuation, availability in single or double zones, portability of the cooktop, and others.
The retail sales channel dominated the global household induction cooktops market with 87% share in 2015 and is projected to maintain its dominance throughout the forecast period. In addition, customer can have better interaction with the salesperson and can physically see the product specifications and features. However, online sales channel is anticipated to grow at a highest CAGR of 7.6% during the forecast period (20162022). The growth of online sales channel would be driven by convenience, and services such as free delivery and installation of the induction cooktops.
Europe accounted for the major share of the global household induction cooktops market in 2015, and is expected to maintain its dominance during the forecast period, owing to demand for easy to maintain household electric cooking appliances, such as induction cooktops and enhanced consumer awareness. Asia-Pacific is estimated to grow at the highest rate due to increase in the adoption of energy-efficient electrical cooking appliances, booming demand for modular kitchen designs, and extensive economic growth in China, Japan, Singapore, and India.
Key Findings ofHousehold Induction Cooktops Market
In 2015, built-in induction cooktops accounted for the maximum revenue, and is projected to grow at a notable CAGR of 5.4% during the forecast period.
France possessed the largest customer base in Europe household induction cooktops market in 2015, and is anticipated to dominate the market throughout the forecast period.
Online mode of sale segment is expected to grow at a highest CAGR of 7.6% during the forecast period.
Japan is the major shareholder in the Asia-Pacific household induction cooktop market, accounting for more than 25% share in 2015.
The key players profiled in the household induction cooktops market include LG Electronics, Inc., Whirlpool Corporation, Panasonic Corporation, Koninklijke Philips N.V., TTK Prestige Ltd, Sub-Zero Group, Inc., Electrolux Group, Robert Bosch GmbH, Miele Group, and SMEG S.p.A. Market players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the market. For instance, in November 2016, SMEG S.p.A. introduced a sleek range of cooktops equipped with advanced features and technology that serve best for the consumers living in houses with compact kitchens featuring premium benchtop space.