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Induction Cooktops Market worth $1,490.82 million by 2030, growing at a CAGR of 7.41% - Exclusive Report by 360iResearch
Induction Cooktops Market | 360iResearch
The Global Induction Cooktops Market to grow from USD 903.47 million in 2023 to USD 1,490.82 million by 2030, at a CAGR of 7.41%.
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An induction cooktop is a type of cooking appliance that utilizes electromagnetic energy to heat pots & pans directly through induction. Unlike traditional cooking stoves that generate heat indirectly through an electric coil or a gas burner, an induction cooktop creates heat energy inside the cookware itself. This is achieved by a copper coil placed under the cooktop surface, through which an alternating electric current is passed. This current produces a fluctuating magnetic field that induces an electric current in the ferromagnetic cookware placed on it, which in turn produces heat. Induction cooktops are known for their efficient heat transfer, precise temperature control, and overall safety. Innovations in cooktop design coupled with rising energy costs prompting a shift to more efficient appliances have increased the adoption of induction cooktops. Moreover, growing environmental awareness and government initiatives and subsidies promoting energy-efficient appliances contribute to market growth. However, the higher initial cost of induction cooktops compared to traditional cooking appliances and resistance to change from traditional cooking methods may challenge the market's growth. Nevertheless, with the growing trend toward smart kitchen appliances, developments in induction cooktops with connectivity features allowing for remote control and diagnostics are expected to boost market growth. Moreover, customizable and multi-functional units tailored to specific cooking needs are anticipated to open new market segments.
In the Americas, the United States leads the induction cooktop market, largely due to the established real estate sector and high consumer spending power on kitchen renovations. The U.S. continues to see a rise in the adoption of smart home systems, contributing to increased sales of advanced induction cooktop models. South America shows potential for market penetration, with countries such as Brazil and Argentina slowly adopting induction technology amid rising energy costs and concerns about gas safety. Europe is a major market for induction cooktops, with Scandinavian countries, including Germany, France, and the UK, exhibiting high adoption rates due to their strong focus on energy efficiency and sustainability. The mature markets in Western Europe are seeing advancements in induction cooktops with multifunctional and integrated designs. In the Middle East and Africa, the market is still at a nascent stage but is expected to grow due to urbanization and the expansion of retail channels. Luxury real estate projects in the Middle East are increasingly incorporating induction cooktops as a standard, owing to their modern appeal and convenience. The APAC region shows an opportunistic landscape for the growth of the induction cooktop market owing to increasing demand in large population countries, including China and India, supported by a rapidly growing middle class. The region is seeing significant investment in product innovation, with local brands competing on features and price. Additionally, initiatives by governments in the region to promote energy-efficient appliances are expected to boost the adoption of induction cooktops.
Market Segmentation & Coverage:
This research report categorizes the Induction Cooktops Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Product, market is studied across Built-in Induction Cooktops and Free-standing & Portable Induction Cooktops. The Free-standing & Portable Induction Cooktops commanded largest market share of 63.31% in 2023, followed by Built-in Induction Cooktops.
Based on Use, market is studied across Commercial and Residential. The Residential commanded largest market share of 81.03% in 2023, followed by Commercial.
Based on Style, market is studied across Muti-Element and Single Element. The Single Element commanded largest market share of 60.93% in 2023, followed by Muti-Element.
Based on Distribution, market is studied across Offline and Online. The Offline commanded largest market share of 96.01% in 2023, followed by Online.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 37.52% in 2023, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Induction Cooktops Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Induction Cooktops Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Induction Cooktops Market, highlighting leading vendors and their innovative profiles. These include Bajaj Electricals Ltd., Borosil Limited, Bray & Scarff Appliance & Kitchen Specialists, BSH Home Appliances Corporation, CookTek, LLC, Dacor, Inc., Electrolux Group, Frigidaire Appliance Company, Haier Group Corporation, Hincoo Inc., iBELL, Impulse Labs, Inc., Inalsa Appliances Ltd., Inter IKEA Systems B.V., KENT RO Systems Ltd, Koninklijke Philips N.V., Lestov, LG Corporation, Miele Group, MODENA, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., SMEG S.p.A., Stovekraft Limited, Sub-Zero Group, Inc., TTK Prestige Ltd., V-Guard Industries Ltd, Whirlpool Corporation, and Wonderchef Home Appliances Pvt. Ltd..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Induction Cooktops Market, by Product
7. Induction Cooktops Market, by Use
8. Induction Cooktops Market, by Style
9. Induction Cooktops Market, by Distribution
10. Americas Induction Cooktops Market
11. Asia-Pacific Induction Cooktops Market
12. Europe, Middle East & Africa Induction Cooktops Market
13. Competitive Landscape
14. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Induction Cooktops Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Induction Cooktops Market?
3. What is the competitive strategic window for opportunities in the Induction Cooktops Market?
4. What are the technology trends and regulatory frameworks in the Induction Cooktops Market?
5. What is the market share of the leading vendors in the Induction Cooktops Market?
6. What modes and strategic moves are considered suitable for entering the Induction Cooktops Market?
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