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Global Household Induction Cook Tops (Hobs) Market Size, Share, Development, Growth and Demand Forecast to 2023

Household Induction Cook Tops Market

Household Induction Cook Tops Market

The global household induction cook tops (hobs) market is escalating, at a swift pace. Compared to the traditional cooking surface, induction cookers avoid gas combustion, respond quickly, are very energy efficient, and limit the risk of burns. Advanced features, product innovation in terms of design, and ability to be used over multiple surfaces are some of the opportunities, which are expected to give a major boost to the global household induction cook tops market, during the forecast period.

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The induction element gives a similar cooking performance to a gas burner, but is considerably more energy-efficient. Induction cooking provides improved thermal efficiency, faster heating, and more stable heating, than cooking by thermal conduction with clear-cut control, similar to gas. Induction stoves are easy to clean, since the cooking surface is smooth and flat, and does not get too much hot, thus avoids the spilled food stick or burn.

By product type, the household induction cook tops (hobs) market can be categorized into free-standing household induction cook-tops, and integrated household induction cook-tops. The integrated household cook tops dominates the market by product type, and is also expected to retain its leading position, in the forecast period.

The increasing per capita income, optimized cooking, upsurge in the numbers of employed women, escalating fuel prices and growing population, with the escalating number of smaller households are some of the drivers of the global household induction cook tops(hobs) market.

Europe is the largest market for household induction cook-tops, and accounts for more than one third of the global induction cook-tops market. Asia-Pacific market is the fastest growing, and is expected to account for the highest growth share of the global market for induction cook-tops, due to increasing acceptance of induction cooking, as a part of lifestyle standards.

The restraining factors for global household induction cook tops market include increasing trend of outside dining, growing preferences for ovens/microwaves, and need for specialized magnetic ware. The switching costs of magnetic cookware and first-time purchase of domestic induction sets is very high, which inhibits a huge section of audience from switching to induction based cooking.

The major competitors in the global household induction cook tops market include LG Electronics, Panasonic Corporation, Koninklijke Philips N.V., Robert Bosch GmbH, Whirlpool Corporation, Dongbu Daewoo Electronics Corporation, Videocon Electronics and Haier Inc. Among these, Philips Electronics, Panasonic, and Whirlpool Corporation are enjoying heavy brand loyalty from consumers in Asia-Pacific, and have successfully entered the region of the household induction cook-tops market.

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