Household Induction Cooktops Market Size, Share, Growth Report 2032

Industry Prospective:

The global market for household induction cooktops was worth about USD 11.63 million in 2021 and is predicted to increase to around USD 16.53 million by 2028, with a CAGR of around 5.5 percent. Throughout the projected period, the report analyses the market's drivers, limitations, and difficulties, as well as their influence on demand. In addition, the report examines new market opportunities for global household induction cooktops market.

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Household Induction Cooktops Market: Overview

An induction cooktop warms food by transmitting currents from an electromagnetic field under the glass surface to magnetic induction cookware above it. It warms this cookware straight without the use of a burner or flame, unlike thermal conduction. An induction cooktop could indeed heat cookware quicker than almost any medium since it does not require a separate heating source. Induction cooking is an exceedingly efficient choice that allows the customer better management over the cooking than traditional options since it provides direct heat to cookware. Furthermore, because the heat is generated directly, the temperature is considerably more consistent than with gas or electric ranges.

COVID-19 Impact:

The persisting COVID-19 pandemic had an impact on the global market for household induction cooktops. Consumer electronics demand has been affected by the closure of firms and the cessation of economic activities. Furthermore, China, as one of the biggest manufacturers of electronic components and the hub of the viral spread, has caused supply chain and international trade disruptions, limiting market development. However, with normalization of day-to-day operations of the key players with ease in rules & regulations set by governments of different countries is expected to boost the market during the forecast period.

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Household Induction Cooktops Market: Growth Drivers

Growing demand for household induction cooktops to boost the market

The desire for household induction cooktops is strong among the metropolitan population, particularly in developing countries due to reasons such as a rise in the working population, improved infrastructure, and increased purchasing power. In addition to this, factors like the budding trend for modular kitchens and the growing fuel expenses for traditional gas cooktops, as well as the safety and comfort profits for consumers, are driving the global household induction cooktops market. Also, induction cooktops are currently popular among working women and the urban population due to their convenience of use. All these factors are ultimately leading to an increase in demand for household induction tops thereby fostering market growth. Moreover, an increase in sales of household induction cooktops through e-commerce platforms owing to huge discounts & convenience in its delivery as well as growing digitalization are some of the key aspects that are also fostering the market growth.

Household Induction Cooktops Market: Restraints

High costs associated with the induction cooktops to hinder the market growth

Although induction cooktops are becoming more affordable, they are still much more pricey than gas or ceramic cooktops. Thus, less inclination towards induction cooktops is extensively observed in countries with low and middle-income countries owing to less spending power and low disposable income. In addition to this, less penetration of the market in these countries is also one of the factors that is limiting the growth of the market.

Household Induction Cooktops Market: Opportunities

Technological advancement is boosting the market during the forecast period.

For generations, millions of homeowners and those who learned to cook over an open flame have preferred pro-style gas stoves, but that is progressively changing. Induction cooking is creeping closer to overtaking gas cooking in the next years. Manufacturers are emphasizing the advantages of connection in their products. Induction cooktops and vent hoods have recently been linked to smart sensor operations by numerous brands. Another perk is that if a cooktop is left unaccompanied or requires service, an alarm is sent to the owner's phone. In addition to this, natural gas's projected phase-out in residential construction in California by 2045 is not a certain fact, but it is a noticeable movement, and several golden state countries and cities are indeed enforcing limits on its usage in new houses. The influential California Air Resources Board is pushing for "better kitchen venting rules and electrification of equipment, such as space & water heaters, furnaces, ovens, and stoves in the 2022 code era for all new buildings," according to the journal. All such factors are expected to open new opportunities for the growth of the global household induction cooktops market during the forecast period.

Household Induction Cooktops Market: Challenges

Growing popularity of microwaves and ovens acts as a challenge to market growth

The rising popularity of microwaves and ovens is a critical aspect limiting product demand. Microwaves and ovens have a number of advantages over induction stoves, including time efficiency and convenience, which leads to customer demand. Steam ovens, on the other hand, have long been popular in professional settings and are now making inroads into the residential/household market. Steam ovens shorten cooking time while keeping the food's nutritional value. Steam cooking utilizes less energy due to the shorter cooking time. Many prominent cooking appliance manufacturers have recently added steam-cooking capabilities to their classic ovens and cookers/ranges. There is now a higher degree of interest among individuals who wish to experiment with steam cooking at home. Thus, the rising popularity of microwaves and ovens among the people may hamper the market growth.

Report Scope:

Household Induction Cooktops Market: Segmentation

The global household induction cooktops market is categorized based on type, distribution channel, and region. Based on the type segment, the global market is split into free-standing induction cooktops and built-in induction cooktops. The distribution channel segment is categorized into specialty stores and online.

Recent Developments

• In April 2022, Equator Appliances introduced two novel portable induction cooktops. The PIC 200N (dual-burner) and PIC 100 (single-burner) are portable devices that may be used both outdoors and indoors.
• In April 2020, TTK Prestige, India's leading kitchen appliance company, introduced the PIC 31.0 revolutionary induction cooktop, which has a pre-set pressure cooking menu, a first in India.

Household Induction Cooktops Market: Regional Landscape

Europe to lead the market during the forecast period.

Among the regions, Europe is predicted to rule the global household induction cooktops market during the forecast period. On the other hand, Asia Pacific is expected to be the fastest-growing region of the market, trailed by North America. Customers in the region, particularly in India and China, are predicted to become more urbanized and have greater spending power, propelling the market forward. Moreover, the market expansion is also due to the changing lifestyle and rising tendency toward sophisticated appliances in this region.

Household Induction Cooktops Market: Competitive Landscape

Some of the prominent players that are operating in the global household induction cooktops include TTK PRESTIGE LIMITED, SUB-ZERO GROUP, INC., PANASONIC CORPORATION, LG ELECTRONICS INC., WHIRLPOOL CORPORATION, MIELE GROUP, ELECTROLUX GROUP, SMEG S.P.A, ROBERT BOSCH GMBH, And KONINKLIJKE PHILIPS N.V., among others.

Global household induction cooktops market is segmented as follows:

By Type

• Built-In Induction Cooktops
• Free-Standing Induction Cooktops

By Distribution Channel

• Online
• Specialty Stores

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa