Household Induction Cooktops Market Scope
An induction cooktop is a cooking surface that heats by transferring currents from an electromagnetic field located below the glass surface directly to the magnetic induction cookware placed above. Induction cooking is a safe method of cooking. That’s because, unlike electric or gas ranges, the glass surface of an induction stove doesn’t get hot. Induction cooking uses electric currents to directly heat pots and pans through magnetic induction.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Whirlpool Corporation (United States), SMEG S.p.A. (Italy), LG Electroncis, Inc. (United States), Koninklijke Philips N.V.(Netherland), TTK Prestige Ltd (India), Electrolux Group (Sweden) and Robert Bosch GmbH (Germany) |
CAGR | 5.6% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that Global Vendors will contribute to the maximum growth of Global Household Induction Cooktops market throughout the predicted period.
Whirlpool Corporation (United States), SMEG S.p.A. (Italy), LG Electroncis, Inc. (United States), Koninklijke Philips N.V.(Netherland), TTK Prestige Ltd (India), Electrolux Group (Sweden) and Robert Bosch GmbH (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Sub-Zero Group, Inc. (United States), Galanz (China), Panasonic Corporation (Japan) and Miele Group (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Household Induction Cooktops market by Type and Region with country level break-up.
On the basis of geography, the market of Household Induction Cooktops 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).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In February 2024, Whirlpool Corporation and BORA share the belief that the kitchen is the hub of the home and is a space that should be redesigned through a lens that pushes boundaries while merging technology and function. Founded on the mutual passion to question the ordinary, the two companies are collaborating to bring the best induction downdraft technology exclusively to JennAir and KitchenAid brand induction downdraft cooktops.
In November 2023, Union Power Minister R K Singh launched two projects of the state-owned Energy Efficiency Services Limited (EESL) on November 2. The National Efficient Cooking Programme (NECP) and the Energy Efficient Fans Programme (EEFP) have been introduced by EESL. These programmes seek to distribute ten million energy-efficient ceiling fans and twenty lakh induction cook stoves throughout the country.
Influencing Trend:
Increasing Adoption Of Instrumentation For Cooking Applications
Market Growth Drivers:
Increasing Disposable Income
Challenges:
Fierce Competitive Pressure
Restraints:
High Price Of Induction Cooktops
Opportunities:
Rising Awareness Among Consumers To Opt For Energy Efficient Kitchen Appliances
Key Target Audience
Household Induction Cooktops Manufactures, New Entrants and Investors, Household Induction Cooktops Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others