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Induction Cooktops - Global Strategic Business Report

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    Report

  • 383 Pages
  • December 2024
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 6009464
The global market for Induction Cooktops was estimated at US$24.0 Billion in 2023 and is projected to reach US$37.1 Billion by 2030, growing at a CAGR of 6.4% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Global Induction Cooktops Market - Key Trends & Drivers Summarized

What Are Induction Cooktops, and Why Are They Gaining Popularity in Modern Kitchens?

Induction cooktops are advanced cooking devices that use electromagnetic energy to heat pots and pans directly, rather than relying on gas flames or electric coils. This technology offers precise temperature control, energy efficiency, and safety, making it an attractive option for modern households and professional kitchens. Induction cooktops heat up faster than traditional stoves, as the energy is transferred directly to the cookware, reducing cooking times and energy consumption. With their sleek, minimalist designs, they are increasingly favored by consumers looking to upgrade their kitchens with both aesthetic appeal and functionality. Additionally, because the cooktop surface remains cool to the touch, induction cooking significantly reduces the risk of burns or fire hazards. As sustainability and energy efficiency become more prominent concerns for homeowners, the demand for induction cooktops has grown, establishing them as a staple in the global appliance market.

How Is Technology Driving Innovation in the Induction Cooktop Market?

Technological advancements have played a pivotal role in enhancing the features and performance of induction cooktops, making them more user-friendly and versatile. Modern induction cooktops are now equipped with smart controls, touchscreens, and wireless connectivity, allowing users to manage cooking settings remotely via smartphone apps. Some models incorporate sensors that detect cookware size, ensuring that energy is only used where needed, further improving efficiency. Innovations such as zoneless cooktops are also becoming more popular, enabling users to place cookware anywhere on the surface, rather than restricting placement to fixed burners. These developments cater to consumer demands for more flexibility and precision in cooking. In addition to these smart features, energy-efficient designs are being emphasized by manufacturers, as more consumers seek eco-friendly kitchen appliances. Induction technology's growing integration into multi-functional cooking systems, such as those that combine oven and stovetop capabilities, is another trend shaping the market. These innovations are expanding the capabilities and appeal of induction cooktops, aligning with the modern consumer's desire for convenience and efficiency.

Why Are Shifting Consumer Preferences and Sustainability Trends Influencing the Market?

Consumer preferences and the global push toward sustainability are key factors driving the rising demand for induction cooktops. As more households prioritize energy-efficient appliances, induction cooktops have emerged as an ideal solution, using significantly less energy than traditional gas or electric stoves. The shift toward healthier, more eco-friendly lifestyles has led many consumers to replace older, inefficient appliances with modern, sustainable options. The rise of compact living spaces, particularly in urban areas, has also contributed to the popularity of induction cooktops, as they are space-saving and easy to install. The growing interest in plant-based diets and home-cooked meals, exacerbated by the COVID-19 pandemic, has further increased the use of induction cooktops, which offer precision cooking for a wide range of culinary applications. This shift in consumer behavior reflects a broader trend in the home appliance market, where buyers are increasingly focused on products that offer both performance and energy savings.

What Is Fueling the Growth of the Global Induction Cooktop Market?

The growth in the global induction cooktops market is driven by several factors, including technological innovation, environmental awareness, and shifting consumer behavior. One key driver is the increasing adoption of smart home technology, where induction cooktops with connected features offer seamless integration into smart kitchen ecosystems. The rise in urbanization and the demand for compact, energy-efficient appliances in modern homes is also fueling growth, particularly in regions with high population density and limited kitchen space. Furthermore, the emphasis on sustainability is playing a significant role in market expansion, as more consumers and businesses seek energy-efficient appliances to reduce their carbon footprints. Manufacturers are also focusing on launching eco-friendly products that comply with stringent energy regulations, further boosting market demand. Additionally, the growing popularity of induction cooking in commercial kitchens, due to its speed, precision, and lower operational costs, is contributing to the market's expansion. As these trends continue to evolve, the induction cooktop market is poised for sustained growth globally

Key Insights:

  • Market Growth: Understand the significant growth trajectory of the Built-In Cooktop segment, which is expected to reach US$23.6 Billion by 2030 with a CAGR of a 6.8%. The Freestanding Cooktop segment is also set to grow at 5.8% CAGR over the analysis period.
  • Regional Analysis: Gain insights into the U.S. market, estimated at $6.5 Billion in 2023, and China, forecasted to grow at an impressive 10.3% CAGR to reach $8.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Report Features:

  • Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
  • In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
  • Company Profiles: Coverage of major players such as Bosch Home Comfort Group, Electrolux AB, Kent RO Systems Ltd., and more.
  • Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Key Questions Answered:

  • How is the Global Induction Cooktops Market expected to evolve by 2030?
  • What are the main drivers and restraints affecting the market?
  • Which market segments will grow the most over the forecast period?
  • How will market shares for different regions and segments change by 2030?
  • Who are the leading players in the market, and what are their prospects?

Why You Should Buy This Report:

  • Detailed Market Analysis: Access a thorough analysis of the Global Induction Cooktops Market, covering all major geographic regions and market segments.
  • Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
  • Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Induction Cooktops Market.
  • Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Select Competitors (Total 56 Featured):

  • Bosch Home Comfort Group
  • Electrolux AB
  • Kent RO Systems Ltd.
  • Koninklijke Philips NV
  • LG Electronics, Inc.
  • Longbank
  • Miele, Inc.
  • Panasonic Malaysia Sdn. Bhd.
  • Preethi Kitchen Appliances Pvt., Ltd.
  • Robert Bosch Hausgeräte GmbH

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 and a Looming Global Recession
  • Induction Cooktops - Global Key Competitors Percentage Market Share in 2024 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Increasing Consumer Preference for Energy-Efficient Cooking Appliances Throws Spotlight on the Rising Demand for Induction Cooktops
  • Rising Focus on Sustainability in Home Appliances Spurs Significant Growth in Demand for Eco-Friendly Induction Cooktops
  • Technological Advancements in Induction Heating and Temperature Control Strengthen the Business Case for High-Precision Induction Cooktops
  • Growing Popularity of Smart Kitchens Drives Adoption of Induction Cooktops with Integrated Smart Features
  • Increasing Urbanization and Smaller Living Spaces Expands Addressable Market for Compact and Portable Induction Cooktops
  • Rising Adoption of Electric Cooking Solutions in Residential and Commercial Kitchens Propels Growth in the Induction Cooktops Market
  • Shift Toward Healthier Cooking Methods Generates Demand for Induction Cooktops with Precision Cooking Capabilities
  • Technological Integration of Touch Controls and Digital Displays Strengthens Consumer Appeal for High-Tech Induction Cooktops
  • Expansion of Consumer Awareness Regarding Safety in Cooking Fuels Growth in Demand for Safe and User-Friendly Induction Cooktops
  • Growing Demand for Eco-Friendly and Energy-Saving Cooking Appliances Strengthens the Business Case for Induction Cooktops in Sustainable Kitchens
  • Increasing Popularity of Minimalist Kitchen Designs Drives Demand for Sleek and Space-Saving Induction Cooktops
  • Rising Adoption of Smart Cooking Sensors and Connectivity Generates New Opportunities for Induction Cooktops with Enhanced Cooking Precision
4. GLOBAL MARKET PERSPECTIVE
  • Table 1: World Induction Cooktops Market Analysis of Annual Sales in US$ Million for Years 2014 through 2030
  • Table 2: World Recent Past, Current & Future Analysis for Induction Cooktops by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 3: World Historic Review for Induction Cooktops by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 4: World 16-Year Perspective for Induction Cooktops by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets for Years 2014, 2024 & 2030
  • Table 5: World Recent Past, Current & Future Analysis for Built-In Cooktop by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 6: World Historic Review for Built-In Cooktop by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 7: World 16-Year Perspective for Built-In Cooktop by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 8: World Recent Past, Current & Future Analysis for Freestanding Cooktop by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 9: World Historic Review for Freestanding Cooktop by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 10: World 16-Year Perspective for Freestanding Cooktop by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 11: World Recent Past, Current & Future Analysis for Specialty Stores Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 12: World Historic Review for Specialty Stores Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 13: World 16-Year Perspective for Specialty Stores Distribution Channel by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 14: World Recent Past, Current & Future Analysis for Supermarkets / Hypermarkets Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 15: World Historic Review for Supermarkets / Hypermarkets Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 16: World 16-Year Perspective for Supermarkets / Hypermarkets Distribution Channel by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 17: World Recent Past, Current & Future Analysis for Online Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 18: World Historic Review for Online Distribution Channel by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 19: World 16-Year Perspective for Online Distribution Channel by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 20: World Recent Past, Current & Future Analysis for Household Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 21: World Historic Review for Household Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 22: World 16-Year Perspective for Household Application by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
  • Table 23: World Recent Past, Current & Future Analysis for Commercial Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2023 through 2030 and % CAGR
  • Table 24: World Historic Review for Commercial Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa Markets - Independent Analysis of Annual Sales in US$ Million for Years 2014 through 2022 and % CAGR
  • Table 25: World 16-Year Perspective for Commercial Application by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America, Middle East and Africa for Years 2014, 2024 & 2030
III. MARKET ANALYSIS
UNITED STATES
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
CANADA
JAPAN
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)
CHINA
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
EUROPE
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
FRANCE
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2024 (E)
GERMANY
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2024 (E)
ITALY
UNITED KINGDOM
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2024 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
AUSTRALIA
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2024 (E)
INDIA
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2024 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2024 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2024 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • Induction Cooktops Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2024 (E)
IV. COMPETITION

Companies Mentioned

  • Bosch Home Comfort Group
  • Electrolux AB
  • Kent RO Systems Ltd.
  • Koninklijke Philips NV
  • LG Electronics, Inc.
  • Longbank
  • Miele, Inc.
  • Panasonic Malaysia Sdn. Bhd.
  • Preethi Kitchen Appliances Pvt., Ltd.
  • Robert Bosch Hausgeräte GmbH

Table Information