North America Induction Cooktop Market Outlook, 2028

North America Induction Cooktop Market Outlook, 2028

An induction cooktop is a type of electric cooktop that uses induction technology to provide power and precision. Consumers like cooktops because they use an energy-efficient method of preparing food. In addition, as compared to traditional stoves, the product is safer. Unlike a gas stove or burner, an induction cooktop does not generate heat until a pan or other cookware is placed on top of it, resulting in precise, even, and manageable heat. The increasing adoption of novel smart kitchen equipment has aided the growth of the household induction cooktops market. Automatic operation of household kitchen equipment has been a huge success in capturing the attention of consumers all over the world. Market participants have frequently introduced novel products. Because of the numerous benefits they give, these high-tech items are becoming increasingly popular among consumers. For example, BuzzFeed and GE collaborated to produce a smart appliance. Tasty One Top, an induction cooktop with Bluetooth capabilities, is available.

According to the research report, North America Induction Cooktop Market Outlook, 2028, published by Bonafide Research, the market is anticipated to reach USD 10 Billion registering a CAGR of more than 7%. Among the most tempting features of induction cooktops is their low energy consumption. Induction cooktops are one of the most energy-efficient appliances when compared to electric and gas cooktops since the energy consumed is transferred to the meal. Buyers will appreciate that these cooktops use less energy, which is better for the environment and may lower electricity bills. When it comes to homes, more potential buyers are prioritising energy efficiency, with purchasers finding it to be a highly sought feature. As a result, switching from LPG to induction stoves could be one of the policy measures used by governments worldwide to achieve energy sustainability and minimise 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.
The North American Induction Cooktop market is primarily driven by the United States, Canada, and Mexico. The United States is likely to account for the lion's share of the North American Induction Cooktop market over the projected period due to its dominance in this market. Rising health concerns associated with the use of gas stoves, as well as increased awareness of the benefits of using an induction cooktop, are boosting the induction cooktop market in North America.

According to a Consumer Reports article dated June 2022, just about 3% of consumers in the United States use induction stoves. There are several theories as to why gas cooking is still more popular in America than induction cooking. Another reason why people prefer gas to induction is the tactile experience of cooking with a flame. On an induction cooktop, the heat can be adjusted, but there is no immediate change in flame level as there is on a gas stove. Induction cooktops may appear cold or unduly futuristic to some Americans. Concerns about cookware may deter some Americans from using induction cooking. When a magnet clings to the bottom, your pots and pans are induction-ready. However, because it is more efficient than electric and gas stoves, Americans are considering utilising it. In Europe, induction is already widely used. Its popularity is expanding in the United States and Canada. According to home remodelling experts Sebring Design Build, interest in commercial gas ranges appears to be waning, while induction cooktops are becoming more popular in kitchen renovations.
Induction cooking has grown in popularity in Canadian kitchens in recent years, and for good reason. Induction cooktops have temperatures that are soft and stable enough to melt chocolate yet powerful enough to boil a huge pot of water in minutes. Although induction cooking technology is widely used in Europe and Japan, its adoption in Canada has been slower. However, rising consumer awareness and the increased availability of low-cost induction cooking appliances are introducing more people to the advantages of this cooking technology.

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 60% in 2022. 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 North American 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 59% in terms of Distribution Channel. The internet category is expected to expand at the fastest CAGR of 11.22% between 2023 and 2028. The market for induction cooktops in North America 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.

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, The Vollrath Company, Somany Home Innovation Limited (SHIL), Faber S.p.A, Stovekraft , Summit Appliance

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

Aspects covered in this report
• North America 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:
• United States
• Mexico
• Canada

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.