Asia-Pacific Induction Cooktop Market Outlook, 2028

Asia-Pacific Induction Cooktop Market Outlook, 2028

Inductions Cooktops use electromagnetism to give clients with energy-efficient alternatives. Induction Cooktops, unlike all other Cooktops on the market, heat the pan directly rather than the hob ring. When an induction hob is turned on, a magnetic field is activated beneath its surface. When a pan is placed on the stove, it completes the circuit by heating the pan's base. As a result, induction cooking is quick and efficient. Every other burner warms the ring, pan, and food. Induction, on the other hand, eliminates the process. Induction cooking is the quickest method available on the market. It can even outperform a kettle when it comes to heating water because it flows faster than gas. Several improvements, such as kitchen appliance manufacturers replacing out-of-date mechanical controls and displays to cut after-sales costs, boosted the industry. Furthermore, due to increased demand for environmentally friendly appliances and greater access to electricity, the market graph may undergo a significant uptick during the projected period. Furthermore, increased modular kitchen demand is expected to support induction hob demand. Induction hobs' advantages, such as their speed, responsiveness, energy efficiency, and ease of use, have greatly fuelled market expansion. Induction cooking has a potential energy savings of 5% to 20% when compared to traditional electric cooktops, and it has an energy savings of over 65% when compared to gas.

According to the research report, Asia Pacific Induction Cooktop Market Outlook, 2028, published by Bonafide Research, the market is anticipated to reach USD 11.25 Billion. Asia was the largest contributor, accounting for 2.5% of the global increase in clean cooking available during the last 10 years. By 2030, 90% of Asians will have access to pure cooking methods. More importantly, the Asia-Pacific induction stove market is predicted to grow significantly throughout the forecast period. A big contributing aspect is the region's concentration of top consumer induction cooktop suppliers. Experts predict that by 2030, induction and electric appliances would account for 100% of the revenue of the top six cooktop manufacturers. Local manufacturers, such as Bajaj in India, which provide induction stoves at reasonable prices, will also play an important role in the transition.

Rapid urbanisation and increased disposable income are the primary market trends in the area. Furthermore, the preference for new appliances is boosting demand for induction hobs. The region's big enterprises are expected to benefit greatly from technological advancements in appliances. Panasonic's induction, for example, has precise temperature control, four cooking zones, and an LED display with a slider regulator that uses cutting-edge technology. Increasing adoption of high-tech appliances is expected to drive market growth over the forecast period. The extensive usage of e-commerce, particularly in emerging markets, boosted the market.

When fossil fuels are burned, a range of pollutants are produced that are known to be harmful to human health at high enough concentrations. Many incidences of childhood asthma in Australia are linked to gas cooking. A child living in a gas-powered home has the same risk of acquiring asthma as a child who smokes. Furthermore, gas cooking has been linked to an increased risk of respiratory infections, minor decreases in children's lung function, and rhinitis. If there is insufficient ventilation, air pollutants such as nitrogen oxides (NOx) that are generated within a few minutes of using a gas stove can significantly increase the risk of creating respiratory diseases. Furthermore, nitrogen dioxide (NO2) concentrations in households with gas stoves are 50% to 400% higher than in homes with electric stoves. Pollution from gas stoves frequently exceeds limits that are forbidden outside. The most recent WHO air pollution recommendations, for example, cut the annual limit of NO2 from 40 mg per cubic metre to 10 mg. However, in kitchens, those levels can reach 2,000 mg. Natural gas is a very polluting fuel as well. Despite producing more methane than coal, it emits 50-60% less CO2 (CO2). It has a warming potential that is 84 to 86 times that of carbon dioxide during a 20-year period. Gas burners produce more than 75% of their methane emissions when turned off. Over a 20-year period, annual methane emissions from all gas stoves in US homes have the climatic impact of 500,000 cars' CO2 emissions. These are the primary customer issues that are driving the induction Cooktops industry today.

The market has been divided into two categories based on product type: built-in and free-standing. In terms of value, the freestanding category is leading the market with a share of more than 61% in 2022 and increase at a CAGR of 10.05%. The industry is being driven by an increase in the number of residential and commercial development projects. More chefs and manufacturers are promoting induction to construction professionals and customers because to the inherent benefits of the technology. The market has been divided into two sections based on application: residential and commercial. The residential sector will lead the Asia Pacific market in 2022, with a market share of more than 62%. With numerous new home construction projects underway, demand for induction cooktops is projected to increase. The market has already benefited from the gradual shift away from gas cooktops, and an increasing number of consumers are interested in installing induction cooktops in their homes or large-scale residential projects. This is because people are becoming more aware of its advantages over gas cooktops. The commercial sector is expected to grow at a faster rate, with a CAGR of more than 10% over the projection period. Non-residential facilities like restaurants and hotels also make extensive use of induction cooktops.

In terms of Distribution Channel, the specialty stores segment had the largest revenue share of more than 63% in 2022. Between 2023 and 2028, the internet category is predicted to grow at the fastest CAGR of 13.72%. The Asia Pacific market for induction cooktops is expanding as a consequence of developments in internet marketing and an increase in the usage of digital media for product promotion. Increased acceptance of technologically innovative and high-tech commodities is expected to promote the growth of kitchen appliance e-commerce websites, hence increasing the market for induction cooktops.

Recent Development:
• In August 2022, Kent RO Systems Ltd, based in India, launched the KENT Jewel Induction Cooktop. The product features 2000W power consumption and eight preset menus, including fry, roti, curry, soup, water, keep warm, rice, and milk boiling.
• In August 2021, Smeg announced the launch of the Area Induction Hob. It is considered the most intelligent hob product with features such as smart-follow-pot technology, which uses 38 sensors to recognize the individual pans on the hob. The induction has a capacity of 12 pans of varying sizes without any predetermined cooking zones.
Major Companies present in the market:
Electrolux AB, Robert Bosch GmbH, LG Electronics, Inc., Panasonic Corporation, Midea Group, Haier Smart Home Co. Ltd., Whirlpool Corporation, Koninklijke, Philips N.V., Samsung Electronics Co. Ltd, Miele, Sub-Zero Group, Inc., Smeg S.p.A, Somany Home Innovation Limited (SHIL), Faber S.p.A, Bajaj Electricals Limited, Stovekraft

Considered in this report
• Geography: Asia Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia Pacific Induction Cooktop market with its value and forecast along with its segments
• Country-wise Induction Cooktop market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• China
• Japan
• India
• South Korea
• Australia

By Product Type:
• Built-In
• Freestanding

By Application:
• Residential
• Commercial

By Distribution Channel:
• Specialty Store
• Hypermarkets & Supermarkets
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Induction Cooktop industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.