Induction Cooktops Market by Product (Built-in Induction Cooktops, Free-standing & Portable Induction Cooktops), Use (Commercial, Residential), Style, Distribution - Global Forecast 2024-2030

Induction Cooktops Market by Product (Built-in Induction Cooktops, Free-standing & Portable Induction Cooktops), Use (Commercial, Residential), Style, Distribution - Global Forecast 2024-2030

The Induction Cooktops Market size was estimated at USD 903.47 million in 2023 and expected to reach USD 969.90 million in 2024, at a CAGR 7.41% to reach USD 1,490.82 million by 2030.

An induction cooktop is a type of cooking appliance that utilizes electromagnetic energy to heat pots & pans directly through induction. Unlike traditional cooking stoves that generate heat indirectly through an electric coil or a gas burner, an induction cooktop creates heat energy inside the cookware itself. This is achieved by a copper coil placed under the cooktop surface, through which an alternating electric current is passed. This current produces a fluctuating magnetic field that induces an electric current in the ferromagnetic cookware placed on it, which in turn produces heat. Induction cooktops are known for their efficient heat transfer, precise temperature control, and overall safety. Innovations in cooktop design coupled with rising energy costs prompting a shift to more efficient appliances have increased the adoption of induction cooktops. Moreover, growing environmental awareness and government initiatives and subsidies promoting energy-efficient appliances contribute to market growth. However, the higher initial cost of induction cooktops compared to traditional cooking appliances and resistance to change from traditional cooking methods may challenge the market's growth. Nevertheless, with the growing trend toward smart kitchen appliances, developments in induction cooktops with connectivity features allowing for remote control and diagnostics are expected to boost market growth. Moreover, customizable and multi-functional units tailored to specific cooking needs are anticipated to open new market segments.

Regional Insights

In the Americas, the United States leads the induction cooktop market, largely due to the established real estate sector and high consumer spending power on kitchen renovations. The U.S. continues to see a rise in the adoption of smart home systems, contributing to increased sales of advanced induction cooktop models. South America shows potential for market penetration, with countries such as Brazil and Argentina slowly adopting induction technology amid rising energy costs and concerns about gas safety. Europe is a major market for induction cooktops, with Scandinavian countries, including Germany, France, and the UK, exhibiting high adoption rates due to their strong focus on energy efficiency and sustainability. The mature markets in Western Europe are seeing advancements in induction cooktops with multifunctional and integrated designs. In the Middle East and Africa, the market is still at a nascent stage but is expected to grow due to urbanization and the expansion of retail channels. Luxury real estate projects in the Middle East are increasingly incorporating induction cooktops as a standard, owing to their modern appeal and convenience. The APAC region shows an opportunistic landscape for the growth of the induction cooktop market owing to increasing demand in large population countries, including China and India, supported by a rapidly growing middle class. The region is seeing significant investment in product innovation, with local brands competing on features and price. Additionally, initiatives by governments in the region to promote energy-efficient appliances are expected to boost the adoption of induction cooktops.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Induction Cooktops Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing Urbanization and Safety Aspects Resulting in Increased Adoption
Rising Prices of LPG and Technology Advancements
Supportive Government Initiatives for the Highly Efficient induction Cooktops Compared to Gas Cooktops

Market Restraints

Expenses Associated with Induction Cooktops-Scientific Utensils along with Competition from Gas Cooktops

Market Opportunities

Introduction of Improved Quality Products with Advanced Features
Growing Trend of Modular Kitchen and Facilities Offered by Developing Real Estate

Market Challenges

Risk of Health Issues Associated with the Use of Induction Cooktops

Market Segmentation Analysis

Product: Increasing preferences for free-standing & portable induction cooktops owing to their versatility and convenience in use
Use: proliferation of induction cooktops in commercial settings owing to their efficiency and advance features
Style: suitability of multi-element induction cooktops in preparing complex meals with different cooking requirements
Distribution: Growing preferences for e-commerce owing to convenience and price affordability

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Induction Cooktops Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Induction Cooktops Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Impulse Unveils Battery-Integrated Cooktop at CES 2024

Impulse is poised to unveil its innovative battery-integrated induction cooktop, a testament to its commitment to innovation in sustainable home appliances. This elegantly designed cooktop transcends traditional cooking solutions, offering a transformative lifestyle enhancement. Impulse's latest creation exemplifies the seamless integration of functionality and sustainability, targeting the eco-conscious consumer and setting a new benchmark for the future of home cooking convenience.

Partnering with PLN, MODENA Introduces Induction Cooktops

MODENA, a home appliance manufacturer, partnered with the national electricity company PT PLN Persero to ignite the Electrifying Lifestyle initiative. This partnership campaign spearheads a transformative approach, actively promoting the integration of induction cooking technology as part of an effort to adopt eco-friendly electrical solutions within everyday living. The underlying mission of the campaign is dual-fold; it not only seeks to pioneer a shift towards green energy application in Indonesian households but also aspires to elevate collective consciousness about sustainable energy use.

GE Appliances Launches New Induction Cooktop Line-Up Packed with Connected Capabilities Across Brands

GE Appliances, a subsidiary of the global conglomerate Haier, is revolutionizing the kitchen experience with its latest induction cooktops, designed to meet the growing consumer preference for advanced cooking technology. These innovative cooktops fuse the well-known advantages of induction cooking, such as energy efficiency and faster heating times, with enhanced connectivity that promises a more intuitive and precise culinary journey.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Induction Cooktops Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Induction Cooktops Market, highlighting leading vendors and their innovative profiles. These include Bajaj Electricals Ltd., Borosil Limited, Bray & Scarff Appliance & Kitchen Specialists, BSH Home Appliances Corporation, CookTek, LLC, Dacor, Inc., Electrolux Group, Frigidaire Appliance Company, Haier Group Corporation, Hincoo Inc., iBELL, Impulse Labs, Inc., Inalsa Appliances Ltd., Inter IKEA Systems B.V., KENT RO Systems Ltd, Koninklijke Philips N.V., Lestov, LG Corporation, Miele Group, MODENA, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., SMEG S.p.A., Stovekraft Limited, Sub-Zero Group, Inc., TTK Prestige Ltd., V-Guard Industries Ltd, Whirlpool Corporation, and Wonderchef Home Appliances Pvt. Ltd..

Market Segmentation & Coverage

This research report categorizes the Induction Cooktops Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
Built-in Induction Cooktops
Free-standing & Portable Induction Cooktops
Use
Commercial
Residential
Style
Muti-Element
Single Element
Distribution
Offline
Online
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year