The global Induction Cooktops market size is expected to be worth around US$ 45.9 billion by 2030, according to a new report by Vision Research Reports.
The global Induction Cooktops market size was valued at US$ 20,667.8 million in 2020 and is anticipated to grow at a CAGR of 10.5% during forecast period 2021 to 2030.
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Growth Factors
The increased use of induction cooktops in Asia and Western areas of the world has been fueled by rising customer demand for hassle-free and clean cooking technology. Induction cooktops provide a number of advantages over standard gas stoves, such as faster water boiling, no heating of the burners, easy surface cleaning, and energy efficiency. These advantages have attracted not only a significant number of home chefs but also professional chefs.
Induction stoves are not some Veblen goods for image-conscious elites, despite the fact that they are a little more expensive than gas or electric stoves. The most affordable induction ranges costs $1,000, which is only a few hundred dollars more than a mid-tier gas or electric freestanding range.
Report Highlights
On the basis of product, the market has been segmented into built-in and free-standing. In terms of value, the built-in product segment dominated the market with a share of 72.1% in 2020. An increasing number of residential as well as commercial construction projects is driving the segment.
The household segment led the global market with a revenue share of over 82% in 2020 and will expand further at the fastest CAGR over the forecast period. In residential settings, induction cooktops are favored because they deliver better cooking results. Induction ranges from low power, moderate enough for bakers to melt chocolate without a double boiler, to high power, capable of boiling water significantly faster than a comparable gas burner.
Europe was the largest regional market in 2020 and accounted for a revenue share of over 45%. On the other hand, Asia Pacific is estimated to register the fastest CAGR from 2021 to 2030. The growing urbanization and increased spending power of consumers in Asia Pacific are likely to propel market growth. The presence of worldwide consumer induction cooktop providers in the region also contributes to the market growth. Moreover, changing lifestyles and growing preferences for contemporary appliances contribute to market development.
Key Players
| Report Coverage | Details |
| Market Size | US$ 45.9 billion by 2030 |
| Growth Rate | CAGR of 10.5% From 2021 to 2030 |
| Base Year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, Application, Distribution Channel |
| Regional Scope | North America, Latin America, Europe, Asia Pacific, MEA |
| Companies Mentioned | Whirlpool Corp.; LG Electronics, Inc.; Electrolux AB; TTK Group; Smeg S.p.A.; Koninklijke Philips N.V.; Robert Bosch GmbH; Avis Rent a Car System, LLC; Panasonic Corp.; Sub-Zero Group, Inc.; Miele & Cie. KG |
Market Segmentation
Table of Contents
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Induction Cooktops Market, By Product
7.1. Induction Cooktops Market, by Product, 2021-2030
7.1.1. Built-in
7.1.1.1. Market Revenue and Forecast (2016-2030)
7.1.2. Free-standing
7.1.2.1. Market Revenue and Forecast (2016-2030)
Chapter 8. Global Induction Cooktops Market, By Application
8.1. Induction Cooktops Market, by Application, 2021-2030
8.1.1. Household
8.1.1.1. Market Revenue and Forecast (2016-2030)
8.1.2. Commercial
8.1.2.1. Market Revenue and Forecast (2016-2030)
Chapter 9. Global Induction Cooktops Market, By End User
9.1. Induction Cooktops Market, by End User, 2021-2030
9.1.1. Hypermarkets & Supermarkets
9.1.1.1. Market Revenue and Forecast (2016-2030)
9.1.2. Specialty Stores
9.1.2.1. Market Revenue and Forecast (2016-2030)
9.1.3. Online
9.1.3.1. Market Revenue and Forecast (2016-2030)
Chapter 10. Global Induction Cooktops Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2016-2030)
10.1.2. Market Revenue and Forecast, by Application (2016-2030)
10.1.3. Market Revenue and Forecast, by End User (2016-2030)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Product (2016-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2016-2030)
10.1.4.3. Market Revenue and Forecast, by End User (2016-2030)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Product (2016-2030)
10.1.5.2. Market Revenue and Forecast, by Application (2016-2030)
10.1.5.3. Market Revenue and Forecast, by End User (2016-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2016-2030)
10.2.2. Market Revenue and Forecast, by Application (2016-2030)
10.2.3. Market Revenue and Forecast, by End User (2016-2030)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Product (2016-2030)
10.2.4.2. Market Revenue and Forecast, by Application (2016-2030)
10.2.4.3. Market Revenue and Forecast, by End User (2016-2030)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Product (2016-2030)
10.2.5.2. Market Revenue and Forecast, by Application (2016-2030)
10.2.5.3. Market Revenue and Forecast, by End User (2016-2030)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Product (2016-2030)
10.2.6.2. Market Revenue and Forecast, by Application (2016-2030)
10.2.6.3. Market Revenue and Forecast, by End User (2016-2030)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Product (2016-2030)
10.2.7.2. Market Revenue and Forecast, by Application (2016-2030)
10.2.7.3. Market Revenue and Forecast, by End User (2016-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2016-2030)
10.3.2. Market Revenue and Forecast, by Application (2016-2030)
10.3.3. Market Revenue and Forecast, by End User (2016-2030)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Product (2016-2030)
10.3.4.2. Market Revenue and Forecast, by Application (2016-2030)
10.3.4.3. Market Revenue and Forecast, by End User (2016-2030)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Product (2016-2030)
10.3.5.2. Market Revenue and Forecast, by Application (2016-2030)
10.3.5.3. Market Revenue and Forecast, by End User (2016-2030)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Product (2016-2030)
10.3.6.2. Market Revenue and Forecast, by Application (2016-2030)
10.3.6.3. Market Revenue and Forecast, by End User (2016-2030)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Product (2016-2030)
10.3.7.2. Market Revenue and Forecast, by Application (2016-2030)
10.3.7.3. Market Revenue and Forecast, by End User (2016-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2016-2030)
10.4.2. Market Revenue and Forecast, by Application (2016-2030)
10.4.3. Market Revenue and Forecast, by End User (2016-2030)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Product (2016-2030)
10.4.4.2. Market Revenue and Forecast, by Application (2016-2030)
10.4.4.3. Market Revenue and Forecast, by End User (2016-2030)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Product (2016-2030)
10.4.5.2. Market Revenue and Forecast, by Application (2016-2030)
10.4.5.3. Market Revenue and Forecast, by End User (2016-2030)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Product (2016-2030)
10.4.6.2. Market Revenue and Forecast, by Application (2016-2030)
10.4.6.3. Market Revenue and Forecast, by End User (2016-2030)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Product (2016-2030)
10.4.7.2. Market Revenue and Forecast, by Application (2016-2030)
10.4.7.3. Market Revenue and Forecast, by End User (2016-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2016-2030)
10.5.2. Market Revenue and Forecast, by Application (2016-2030)
10.5.3. Market Revenue and Forecast, by End User (2016-2030)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Product (2016-2030)
10.5.4.2. Market Revenue and Forecast, by Application (2016-2030)
10.5.4.3. Market Revenue and Forecast, by End User (2016-2030)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Product (2016-2030)
10.5.5.2. Market Revenue and Forecast, by Application (2016-2030)
10.5.5.3. Market Revenue and Forecast, by End User (2016-2030)
Chapter 11. Company Profiles
11.1. Whirlpool Corp.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. LG Electronics, Inc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Electrolux AB
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. TTK Group
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. Smeg S.p.A
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Koninklijke Philips N.V.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Robert Bosch GmbH
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Avis Rent a Car System, LLC
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Panasonic Corp.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Sub-Zero Group, Inc.
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
11.11. Miele & Cie. KG
11.11.1. Company Overview
11.11.2. Product Offerings
11.11.3. Financial Performance
11.11.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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