Residential Induction Cooktops Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Residential Induction Cooktops Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The global residential induction cooktops market is poised to grow at a CAGR of greater than 6% by 2027. The demand for household induction cooktops is high among the urban population especially in developing nations due to factors such as high purchasing power, better infrastructural facilities, and an increase in the working population. The rise in fuel prices for conventional gas cooktops, and growth in the trend for modular kitchens along with comfort and safety benefits to the users are the major factor that drives the household induction cooktops market.

The persisting COVID-19 pandemic had an impact on the global household induction cooktops market. Consumer electronics demand has been affected by the closure of firms and the cessation of economic activities. Furthermore, China, as one of the biggest manufacturers of electronic components and the hub of the viral spread, has caused supply chain and international trade disruptions, limiting market development. However, with normalization of day-to-day operations of the key players with ease in rules & regulations set by governments of different countries is expected to boost the market during the forecast period.

Household induction cooktops have become more prominent in developing countries due to the rise in the working population and purchasing power. The use of modular kitchens and inflation of fuel prices have triggered people to choose an alternative to traditional cookware. An increase in the safety and security measure to safeguard people from any fire accidents also hike up the demand for induction cooktops. The focus on high-tech products and easy-to-use cookware has gained prominence over the years. Various residential construction projects have been on the rise and people prefer installing induction cooktops more so than any other traditional cooking equipment. All these factors are looked at as the key drivers for household induction cooktops market growth.

The energy efficiency of induction cooktops is one of the most attractive characteristics of this cooking method. Induction cooktops are one of the most energy-efficient appliances, with the energy consumed transferred to food, compared to electric cooktops and gas.

Buyers will appreciate that these cooktops use less energy, which means it's better for the climate and could even lower electric bills. And, more potential buyers are putting energy efficiency at the top of their wish list when it comes to homes, with buyers considering it a key desirable feature.

As a result, converting LPG stoves to induction stoves can be one of the policy alternatives by the Government of Indonesia that can be used to achieve energy sustainability and minimize carbon emissions.

According to the Brazilian Journal of Nutrition, more than half of the participants in a study of 1,005 people said they cooked more frequently after the pandemic than before.

In addition, the rising need for energy consumption and low operating cost is also fostering the market growth of induction cooktops. For instance; according to IOP Conference Series Materials Science and Engineering, electrical energy now dominates household energy demand, which is expected to increase by 50 percent by 2050.

The report covers major international players operating in the Residential Induction Cooktop Market. In terms of market share, few of the major players currently dominate the market. The residential induction cooktops market is intensely competitive and characterized by the presence of numerous regional and global vendors. The rising number of new vendors will strengthen the competitive environment of the market. These vendors are increasingly competing against each other based on factors such as product quality, technology, product pricing, and product portfolio. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on a market segment and compete through the depth of products and superior customer service. Companies including LG Electronics, Inc., Whirlpool Corporation, Panasonic Corporation, Koninklijke Philips N.V., and Robert Bosch GmbH, among others have a strong presence in the market.

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