Europe Induction Hobs Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Induction Hobs Market Analysis
Europe Induction Hobs Market is poised to grow at a CAGR of 4.5% during the forecast period.
In Europe, Induction hobs sales are rapidly increasing in Germany, France, the United Kingdom, Italy, and Spain. Free-standing induction hobs account for around 46% of the total induction hobs market in 2021. With rising gas costs and a growing preference for energy-saving equipment, demand for induction hobs is expected to rise throughout Europe over the next 5 years.
The COVID-19 pandemic adversely impacted the Induction hobs market in Europe. The shutting down of businesses and the cease of economic activities have hampered the demand for Induction hobs sales. Also, the reduced demand for induction cooktops by small cafes and restaurants, owing to the imposition of the lockdown has further hindered the demand for induction hobs to some extent.
The growing e-commerce has been posing as a major competitor to other sellers due to highly competitive discounts and other offers have emerged as the fastest growing segment of the distribution channels in the year 2020 owing to the closure of physical stores for a long time due to the COVID-19 pandemic.
In Europe, demand for household induction cooktops is high among the urban population, especially in high development index (HDI) countries like Germany, Switzerland, Iceland and Norway due to factors such as high purchasing power, better infrastructural facilities, and an increase in the working population, demand for induction cooktops is also high among working women, owing to healthy cooking options and ease of operations.
Europe Induction Hobs Market Trends
This section covers the major market trends shaping the Europe Induction Hobs Market according to our research experts:
Rising Adaption of High-Tech Appliances Supporting the Growth of Induction Hobs in Europe
In Europe, adapting High-tech smart appliances boosts the demand for Induction Hobs, especially in countries like Germany where % of the population adapting smart appliances increased in past 3 years. Several initiatives have been launched by the government and businesses to improve energy efficiency, which will boost the adoption of smart home devices and services.
According to a survey conducted by the German industry organization Bitkom, in 2021, 41% of all Germans would have at least one smart home device installed. According to 78% of respondents, ease, convenience, and comfort were the top motivators for acquiring smart home items, while 69% wanted to make their homes safer. 62% of respondents regarded energy efficiency as a high purchasing criterion.
Increasing Sales of Commercial Induction Hobs Driving the Market
In the next few years, Europe is likely to have the greatest commercial induction cooktops market share. This expansion can be attributed to the rising usage of technologically superior induction hobs in hotels and restaurants throughout the United Kingdom, Italy, and Germany.
Furthermore, the existence of various industry players in these nations is expected to boost growth. To attract more clients, these important competitors are progressively focused on applying cutting-edge technology and delivering new features like attractive LED displays, accurate temperature management, slider control, and four cooking zones. This is also anticipated to bode positively for the European market.
Moreover, the surging number of eateries and fast food restaurants across the region on the back of rising disposable income and the busy lifestyles of consumers is set to drive the market.
Europe Induction Hobs Industry Overview
The report covers major players operating in Europe Induction Hobs Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and Product innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players including Siemens, Bosch, Electrolux, Haier, Miele, etc.
Europe Induction Hobs Market Leaders
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Bosch
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Electrolux
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Siemens
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Miele
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Whirlpool
*Disclaimer: Major Players sorted in no particular order
Europe Induction Hobs Market News
- In January 2022, Kaiser appliances launched Freezone induction hobs in the UK market as a part of luxury kitchen appliances.
- On September 09, 2021, Belgian manufacturer Novy launched the Novy Easy Pro, an 80cm vented induction hob, which features a quiet central matrix extractor that automatically regulates the extraction speed once cooking begins.
Europe Induction Hobs Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porters' Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitutes
- 4.4.5 Intensity of Competitive Rivalry
- 4.5 Insights on Various Regulatory Landscape
- 4.6 Insights on impact of technology and innovation in the market
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Product
- 5.1.1 Built-in
- 5.1.2 Free-standing
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5.2 By End-user
- 5.2.1 Household
- 5.2.2 Commercial
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5.3 By Distribution Channel
- 5.3.1 Online
- 5.3.2 Offline
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5.4 By Country
- 5.4.1 Germany
- 5.4.2 United Kingdom
- 5.4.3 France
- 5.4.4 Italy
- 5.4.5 Spain
- 5.4.6 Rest of Europe
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concetration Overview
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6.2 Company Profiles
- 6.2.1 Haier
- 6.2.2 Bosch
- 6.2.3 Electrolux
- 6.2.4 LG Electronics
- 6.2.5 Panasonic
- 6.2.6 Whirlpool
- 6.2.7 Siemens
- 6.2.8 V-ZUG
- 6.2.9 Miele
- 6.2.10 AEG
- 6.2.11 Bauknecht*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Europe Induction Hobs Industry Segmentation
An induction hob is a new way of cooking that is so much faster and safer than traditional gas or electric hobs. The induction hob itself stays almost completely cold, as induction puts the heat directly into the base of the pan. There's less risk of burning oneself on the hob, and the built-in child safety lock gives extra peace of mind and the highest level of safety. Europe Induction hobs market is segmented by Product (Built-in and Free-standing), by End-user (Household and Commercial), by Distribution channel (Online and Offline), and by Country (Germany, United Kingdom, France, Italy, Spain, and the Rest of Europe).
| By Product | Built-in |
| Free-standing | |
| By End-user | Household |
| Commercial | |
| By Distribution Channel | Online |
| Offline | |
| By Country | Germany |
| United Kingdom | |
| France | |
| Italy | |
| Spain | |
| Rest of Europe |
Europe Induction Hobs Market Research FAQs
What is the current Europe Induction Hobs Market size?
The Europe Induction Hobs Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Europe Induction Hobs Market?
Bosch, Electrolux, Siemens, Miele and Whirlpool are the major companies operating in the Europe Induction Hobs Market.
What years does this Europe Induction Hobs Market cover?
The report covers the Europe Induction Hobs Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Induction Hobs Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe Induction Hobs Industry Report
Statistics for the 2024 Europe Induction Hobs market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Induction Hobs analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
