About Induction Cooktop
The induction cooktops are the most efficient stove systems in today’s world, using seventy percent less energy than conventional gas cooktops and electric cooktops. These innovative cooktops use magnetic induction to turn compatible cookware into the cooking surface, resulting in faster and more even heat temperatures. Based on the type, the market has been segmented into built-in and countertop.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.0% |
Competition among existing players is due to the Induction Cooktop market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Induction Cooktop Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Manufacturers will contribute the maximum growth to Global Induction Cooktop market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
The Vollrath Company, LLC (United States), TTK Prestige Limited (India), Smeg (Italy), Electrolux AB (Sweden), Panasonic Corporation (Japan), LG Electronics (South Korea), Hatco Corporation (United States), Fulgor Milano (Italy), Miele (Germany) and Whirlpool Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Bajaj Group (India) and Sub-Zero Group, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Induction Cooktop market by Type (Built-in (Integrated) and Countertop), Application (Residential and Commercial) and Region.
On the basis of geography, the market of Induction Cooktop has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sales Channel, the sub-segment i.e. Retail will boost the Induction Cooktop market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Digital Touch Screen Controls in Induction Cooktops
Market Growth Drivers:
Growing Acceptance of Energy Efficient Kitchen Appliances, The Rise in Disposable Income and Rising Demand for Induction Cooktop Owing To Rapid Urbanization
Restraints:
A High Cost of the Product
Opportunities:
Emerging Demand from Developing Regions
Market Leaders and their expansionary development strategies
In May 2019, TTK Prestige, India’s leading kitchen appliance brand, has announced a partnership with Satin Creditcare Network Limited one of the largest microfinance companies in India, to provide affordable and healthy cooking solutions to low-income groups in South India. TTK Prestige, which sells over 30 million products per year, will be selling pressure cookers, induction cooktop and mixer grinders to over 70,000 existing SCNL clients in Karnataka and Tamil Nadu.
In Aug 2018, Electrolux has launched sensor-enabled induction hob with assisted cooking. The new Electrolux Sense Fry induction hob is now being launched across Europe. With its intuitive hob touchscreen and sensors, it maintains an even temperature across the surface of a pan to deliver great frying results and enhances the cooking experience.
Key Target Audience
Induction Cooktop Manufacturers, Induction Cooktop Raw Material Suppliers, Induction Cooktop Traders/Distributors, Induction Cooktop Importer/Exporter, Regulatory & Government Bodies, Industry Associations, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.