Household Induction Cooktops Market 2022: Competitive Analysis of Leading Market Players - LG Electronics, Inc., Whirlpool Corporation, Panasonic Corporation, Koninklijke Philips N.V., TTK Prestige Ltd, Sub-Zero Group, Inc., Electrolux Group, Robert Bosch

According to a new report published by Allied Market Research, titled, "Global Household Induction Cooktops Market by Type, Mode of Sale, and Geography: Global Opportunity Analysis and Industry Forecasts, 2014-2022," the household induction cooktops market size was valued at $9,160 million in 2015 and is projected to reach $13,538 million by 2022, growing at a CAGR of 5.8% from 2016 to 2022. Europe is expected to be the leading contributor to the global household induction cooktops market followed by Asia-Pacific and LAMEA.

The household induction cooktops market in the Asia-Pacific region is expected to grow at the fastest rate during the forecast period, owing to growth in urbanization, improving living standards of the consumers, and introduction of energy-efficient induction cooktops that could help minimize utility bills. Furthermore, continuous economic development in countries such as India, China, and Australia are expected to provide numerous growth opportunities to the market.

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Growth in acceptance of innovative cooking technologies, smart kitchen appliances and energy efficient solutions primarily drive the market. In addition, the health and safety benefits provided by the adoption of induction cooktops further supplements the market growth. Factors such as rise in disposable income of consumers and increase in price of fuels used for conventional cooking such as gas and electricity encourages the adoption of energy efficient cooking solutions, thus propelling the household induction cooktops industry growth.

However, need for specialized cookware is likely to hamper the market growth as the cost incurred in investing in induction supported cookware is high for the first time purchasers. Growth in popularity of modular kitchens and preference for optimized cooking solutions layout, rise in number of working women, and increase in government emphasis on energy efficient cooking appliances are expected to provide numerous growth opportunities for the global household induction cooktops market.

In 2015, built-in induction cooktops segment accounted for the maximum revenue shares in the overall household induction cooktops industry. This is due to the rise in trend of integration of kitchen appliances. As a result, many vendors have started offering built-in induction cooktops along with built-in ovens. In addition, the demand for built-in induction cooktops from European and Asia-Pacific countries is expected to have a positive impact on the household induction cooktops market growth as these regions have large kitchen spaces. Moreover, the free-standing & portable induction cooktops segment is expected to witness the fastest growth at CAGR of 6.4% during the forecast period. The market is expected to grow, owing to the technological advancements such as, manual menu control option & resistance to voltage fluctuation, availability in single or double zones, portability of the cooktop, and others.

The retail sales channel dominated the global household induction cooktops market with 87% share in 2015 and is projected to maintain its dominance throughout the forecast period. In addition, customer can have better interaction with the salesperson and can physically see the product specifications and features. However, online sales channel is anticipated to grow at a highest CAGR of 7.6% during the forecast period (2016-2022). The growth of online sales channel would be driven by convenience, and services such as free delivery and installation of the induction cooktops.

According to Deepankar Bose, Manager, Consumer Goods at Allied Market Research, "The household induction cooktops market in the Asia-Pacific region is expected to grow at the fastest rate during the forecast period, owing to growth in urbanization, improving living standards of the consumers, and introduction of energy-efficient induction cooktops that could help minimize utility bills. Furthermore, continuous economic development in countries such as India, China, and Australia are expected to provide numerous growth opportunities to the market."

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Europe accounted for the major share of the global household induction cooktops market in 2015, and is expected to maintain its dominance during the forecast period, owing to demand for easy to maintain household electric cooking appliances, such as induction cooktops and enhanced consumer awareness. Asia-Pacific is estimated to grow at the highest rate due to increase in the adoption of energy-efficient electrical cooking appliances, booming demand for modular kitchen designs, and extensive economic growth in China, Japan, Singapore, and India.

The key players profiled in the household induction cooktops market include LG Electronics, Inc., Whirlpool Corporation, Panasonic Corporation, Koninklijke Philips N.V., TTK Prestige Ltd, Sub-Zero Group, Inc., Electrolux Group, Robert Bosch GmbH, Miele Group, and SMEG S.p.A. Market players have adopted various strategies such as product launch, acquisition, collaboration, and partnership to expand their foothold in the market. For instance, in November 2016, SMEG S.p.A. introduced a sleek range of cooktops equipped with advanced features and technology that serve best for the consumers living in houses with compact kitchens featuring premium benchtop space.

Key findings of the study:

• In 2015, built-in induction cooktops accounted for the maximum revenue, and is projected to grow at a notable CAGR of 5.4% during the forecast period.
• France possessed the largest customer base in Europe household induction cooktops market in 2015, and is anticipated to dominate the market throughout the forecast period.
• Online mode of sale segment is expected to grow at a highest CAGR of 7.6% during the forecast period.
• Japan is the major shareholder in the Asia-Pacific household induction cooktop market, accounting for more than 25% share in 2015.

Analyst Review:

Household induction cooktops works on electromagnetism, which is used to heat the pan placed on the cooktop. These cooktops offer energy efficient cooking solutions to the consumers. The household induction cooktops market is segmented into built-in (integrated) induction cooktops and free-standing & portable induction cooktops. The built-in induction cooktops are utilized by the large houses where there is ample kitchen space and modular kitchen designs can be supported. Household induction cooktops are convenient and safe to use as they don’t have open flames. The improvement in living standards, rise in per capita income, and widespread adoption of electronic kitchen appliances by consumers are expected to boost the growth of the household induction cooktops. For instance, in January 2017, Usha International, one of India’s leading consumer durables company, launched Usha Induction cooktop IC 3616 in its induction cooktops range.

Need for specialized cookware for induction cooktops and low awareness among the people in developing countries regarding the benefits of the induction cooktops is likely to hamper the growth of household induction cooktops industry. However, advancements in design of induction cooktops and rise in prices of fuel such as LPG & gas and increased performance of induction cooktops are expected to boost the market growth. Leading players have collaborated with other companies to expand their product portfolios and increase their presence in terms of outreach and customer base.

Europe is the leading revenue contributor to the global household induction cooktops market, owing to increase in demand for electrical kitchen appliances from European consumers and high purchasing power of the consumers. In the near future, the Asia-Pacific region is expected to witness rapid growth, owing to the significant adoption of efficient cooking solutions and increase in product offerings from local as well as international brands and economic development among various countries in the region such as India, China, Singapore, and Australia.

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