Household Induction Cook-tops Market to Reach US$5.2 Billion by the End of 2018

Household induction cook-tops are considered as one of the advanced technological innovations in the field of cooking ware. The cook-tops, which are alternatively called as hobs, operate on the concept of induction cooking or heating. Household induction cook-tops enable energy efficient cooking and also have other benefits such as safety. The growing disposable income of people is proving to be favorable for the household induction cook-tops market. The increase in the price of fuels used for conventional cook-tops such as gas and electricity is encouraging the adoption of induction cook-tops, thus propelling the market. The trend of modular kitchens in newly built houses and the preference for a convenient and comfortable kitchen environment with enhanced heat control offered by induction cooking is propelling the market.

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The household induction cook-tops market is segmented on the basis of type into free-standing or portable household induction cook-tops and integrated or built-in household induction cook-tops. Out of these, the integrated cook-tops dominated the global household induction cook-tops market in 2012 and are projected to retain their dominance, expanding at a 5.3% CAGR during the period from 2013 to 2019. Europe and the Middle East reported high demand for built-in cook-tops as these regions have large houses with a separate space for the kitchen. The size of the kitchen is relatively large as well, considering that these regions have joint families, favoring the market for built-in hobs.

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Geographically, the biggest market for induction cook-tops lay in Europe, accounting for more than one third of the global market. Asia Pacific is projected as the fastest-growing market for household induction cook-tops owing to the rising acceptance of induction cooking as part of improving lifestyle standards. Furthermore, the demand is further expected to be bolstered by real estate developers who adopt modular kitchens as part of their projects. Thus, many of the leading manufacturers of household induction cook-tops are shifting their focus to Asia Pacific.

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Product innovation is observed as the key strategy followed by industry leaders, who are introducing cook-tops with multiple hot surfaces, advanced auto cook features, and more trendy designs.

Some of the key players in the global household induction cook-tops market that have been studied in the report are: Panasonic, Miele & Cie. KG, Sub-Zero Wolf, Smeg, Philips Electronics, AB Electrolux, Stoves, and Whirlpool.

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