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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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 $1,000, which is only a few hundred dollars more than a mid-tier gas or electric freestanding range.
On the basis of product, the market has been segmented into built-in and free-standing. In terms of value, the built-in product segment dominated the market with a share of 72.1% in 2020. An increasing number of residential as well as commercial construction projects is driving the segment.
The household segment led the global market with a revenue share of over 82% in 2020 and will expand further at the fastest CAGR over the forecast period. In residential settings, induction cooktops are favored because they deliver better cooking results. Induction ranges from low power, moderate enough for bakers to melt chocolate without a double boiler, to high power, capable of boiling water significantly faster than a comparable gas burner.
Europe was the largest regional market in 2020 and accounted for a revenue share of over 45%. On the other hand, Asia Pacific is estimated to register the fastest CAGR from 2021 to 2030. The growing urbanization and increased spending power of consumers in Asia Pacific are likely to propel market growth. The presence of worldwide consumer induction cooktop providers in the region also contributes to the market growth. Moreover, changing lifestyles and growing preferences for contemporary appliances contribute to market development.
- Whirlpool Corp.
- LG Electronics, Inc.
- Electrolux AB
- TTK Group
- Smeg S.p.A
- Koninklijke Philips N.V.
- Robert Bosch GmbH
- Avis Rent a Car System, LLC
- Panasonic Corp.
- Sub-Zero Group, Inc.
- Miele & Cie. KG
|Market Size||US$ 45.9 billion by 2030|
|Growth Rate||CAGR of 10.5% From 2021 to 2030|
|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|
- Distribution Channel
- Hypermarkets & Supermarkets
- Specialty Stores
- Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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