Industry Background:
The global induction hobs market is expected to witness high demand in the forecasted period due to increasing demand from developing regions due to technological innovations. hobs are the type of modern cooking appliances that consist of hotplates and can be operated through electricity as well. Hobs are basically modern stoves which are inbuilt in our kitchen slabs and helps in saving a lot of space. Induction hobs are among the most essential equipment needed for cooking and find its place in most of the modern houses.
According to AMA Research, the market for Induction Hobs is expected to register a CAGR of 9.5% during the forecast period to 2030. This growth is primarily driven by Increasing Per Capita Income and Rising Spending Capacity
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Unit |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Household Products sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Bosch-Siemens Hausgeraete GmbH (Germany), Elica S.p.A. (Italy), FABER S.p.A. (Italy), Electrolux (Sweden), LG Electronics (South Korea), Panasonic (Japan), Robert Bosch (Germany), Whirlpool (United States), Miele & Cie. Kg (Germany) and Beko (Turkey), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In January 2023, the Prestige Iris 2.0 Induction Cooktop was launched. The product boasts features like auto-off and variable time settings.
In July 2023, Falmec announced the launch of the Zero induction hob. The hob is billed to be energy-efficient and easy to use.The companies are exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. Key players are exploring new geographies through expansions and acquisitions across the globe to avail a competitive advantage through combined synergies
Influencing Trend:
The Efficient and Cost-Effective Innovation in New Products and the Increasing Consumer Spending on Household Products. The Global Induction Hobs Market is Triggered by the Rising Availability and Reduced Prices of these Products, due to the Advancement of New Technologies. With Advanced Features Such as the Variable Number of Burners or Induction Tops, Zone Hobs have Become a Preferred Choice Among Consumers
Market Growth Drivers:
Increasing Per Capita Income and Rising Spending Capacity and High Demand due to Increasing Smart Homes
Challenges:
Induction Hobs Relies On High Quality of Electricity Which Undeveloped Countries Have Not Achieved, Hence Market Growth Is Restricted In Some of the Countries
Restraints:
High Price Associated with the Induction Hobs
Opportunities:
High Demand due to Rising Penetration of these Products in Developing Economies and Technological Advancement
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Induction Hobs Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Induction Hobs Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Induction Hobs players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Induction Hobs Study Sheds Light on
The Induction Hobs Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Induction Hobs industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Induction Hobs industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.