Europe Induction Cooktop Market Outlook, 2028

Europe Induction Cooktop Market Outlook, 2028

Induction cooktops are quickly gaining popularity in Europe due to the benefits they provide over gas or radiant electric cooking methods. Induction kitchen ranges are the most energy-efficient way to cook. Induction cooktops heat cookware via electromagnets, which reduces boil time while being safer and more efficient than traditional gas or electric power sources. Induction cooktop kitchen ranges are more expensive in both gas and radiant electric types, but they provide value-added characteristics such as performance, safety, and efficiency. Many manufacturers, including Electrolux, Robert Bosch, SMEG, and Miele, are investing in research and development to provide induction kitchen ranges with novel features and designs. In Europe, the adoption of high-tech smart appliances promotes demand for induction hobs, particularly in countries such as Germany, where the population has grown in the last three years. The government and businesses have started a number of measures to promote energy efficiency, which will increase the adoption of smart home devices and services. According to a survey done by the German industry association Bitkom, 41% of all Germans would have at least one smart home device installed by 2021. The biggest motivators for purchasing smart home items, according to 78% of respondents, were simplicity, convenience, and comfort, while 69% wanted to make their homes safer. Energy efficiency was rated as a high purchasing factor by 62% of respondents.

According to the research report, Europe Induction Cooktop Market Outlook, 2028, published by Bonafide Research, the market is anticipated to reach USD 11.25 Billion. One of the most appealing aspects of induction cooktops is their low energy consumption. When compared to electric and gas cooktops, induction cooktops are one of the most energy-efficient appliances since the energy consumed is transferred to the meal. Buyers will enjoy that these cooktops consume less energy, which is better for the environment and may result in cheaper utility bills. When it comes to homes, more potential buyers prioritise energy efficiency, with buyers finding it to be a highly desired characteristic. As a result, moving from LPG to induction stoves could be one of the policy steps implemented by governments around the world to achieve energy sustainability and reduce carbon emissions. Several technical advancements will drive market expansion, such as kitchen appliance manufacturers replacing old mechanical controls and displays with touch technology to reduce dependability and after-sales expenses. Touch screens with large pictures are also becoming more popular. Because of constantly changing work and family routines, a larger desire for eco-friendly items, and more affordable electrical accessibility, consumers are expected to purchase technology-driven kitchen devices.

On the basis of product type, the market has been segmented into built-in and free-standing. In terms of value, the built-in product segment is leading the market with a share of more than 61% in 2022. While freestanding segment is expected to grow at CAGR of 8.18%. A growth in the number of residential and commercial development projects is driving the industry. Because of the inherent benefits of the technology, more chefs and manufacturers are pushing induction to building experts and customers. Based on application, the market has been segmented into two segments: residential and commercial. With a sales share of more than 63% in 2022, the residential sector will lead the European market. With a lot of new house construction projects in the works, demand for induction cooktops is expected to rise. In the past, the market profited from the steady move 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 due to greater awareness of its advantages over gas cooktops. The commercial sector is likely to expand quicker, with a CAGR of 8.64% over the forecast period. Induction cooktops are also widely used in non-residential facilities such as restaurants and hotels.

In 2022, the specialty retailers segment had the biggest revenue share of more than 60% in terms of Distribution Channel. The internet category is expected to expand at the fastest CAGR of 11.05% between 2023 and 2028. The market for induction cooktops in Europe is rising as a result of advancements in internet marketing and a growth in the use of digital media for product promotion. Increased acceptance of technologically innovative and high-tech commodities is projected to fuel the expansion of kitchen appliance e-commerce websites, boosting the market for induction cooktops.

Recent Development:
• In January 2022, Kaiser Appliances launched Freezone induction Cooktops in the UK market as a part of luxury kitchen appliances.
• On September 09, 2021, Belgian manufacturer Novy launched the Novy Easy Pro, an 80cm vented induction hob, which features a quiet central matrix extractor that automatically regulates the extraction speed once cooking begins.

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, Menu System

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

Aspects covered in this report
• Europe 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:
• Germany
• France
• UK
• Italy
• Spain
• Russia

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.