Market Size of Residential Induction Cooktops Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Residential Induction Cooktops Market Analysis
The residential Induction Cooktops Market is expected to achieve a CAGR of 6% during the forecast period. The demand for household induction cooktops is high among the urban population, especially in developing nations, due to factors such as high purchasing power, better infrastructural facilities, and an increase in the working population. The rise in fuel prices for conventional gas cooktops and the growth in the trend for modular kitchens, along with the comfort and safety benefits to users, are the major factors that drive the household induction cooktops market.
The persisting COVID-19 pandemic had an impact on the global household induction cooktop market. Consumer electronics demand has been affected by the closure of firms and the cessation of economic activities. Furthermore, China, as one of the biggest manufacturers of electronic components and the hub of the viral spread, caused supply chain and international trade disruptions, limiting market development. However, the normalization of key players' day-to-day operations and the relaxation of rules and regulations imposed by governments in various countries were expected to boost the market during the forecast period.
Household induction cooktops have become more prominent in developing countries due to the rise in the working population and their purchasing power. The use of modular kitchens and the inflation of fuel prices have triggered people to choose an alternative to traditional cookware. An increase in safety and security measures to safeguard people from any fire accidents also hikes up the demand for induction cooktops. The focus on high-tech products and easy-to-use cookware has gained prominence over the years. Various residential construction projects have been on the rise, and people prefer installing induction cooktops more than any other traditional cooking equipment. All these factors are looked at as key drivers for household induction cooktop market growth.
Residential Induction Cooktops Industry Segmentation
Automation and automatic operations of household kitchen appliances are high in demand among customers in developing nations, busy lifestyles and sophistication in daily lifestyle activities are the two key factors leading to the adoption of automated induction cooktops. A complete background analysis of the residential induction cooktop market, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and a market overview, is covered in the report. The residential induction cooktop market is segmented by type (built-in induction cooktops, free-standing induction cooktops, and portable induction cooktops), by end-user (residential and commercial), and by geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa). The report offers market size and forecast values for the Residential Induction Cooktops Market in USD billion for the above segments.
| By Type | |
| Built-In Induction Cooktops | |
| Free-Standing and Portable Induction Cooktops |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
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Residential Induction Cooktops Market Size Summary
The residential induction cooktops market is experiencing significant growth, driven by increasing demand among urban populations in developing countries. This demand is fueled by factors such as higher purchasing power, improved infrastructure, and a growing working population. The shift towards modular kitchens and the rising fuel prices of conventional gas cooktops further propel the market, as consumers seek more efficient and safer cooking alternatives. The energy efficiency of induction cooktops, which offer better energy consumption compared to electric and gas options, is a key attraction for buyers, aligning with the growing emphasis on sustainability and cost-effectiveness in household appliances.
The market landscape is highly competitive, with major international players like LG Electronics, Whirlpool Corporation, Panasonic Corporation, Koninklijke Philips N.V., and Robert Bosch GmbH dominating the scene. These companies compete on various fronts, including product quality, technology, pricing, and portfolio diversity. The market is also witnessing the entry of new vendors, enhancing the competitive dynamics. Innovations such as the launch of new products by companies like Preethi and Kent RO Systems Ltd. highlight the ongoing advancements in induction cooktop technology, catering to consumer preferences for features like safety, ease of use, and energy efficiency. The normalization of operations post-COVID-19 and the easing of regulatory constraints are expected to further stimulate market growth during the forecast period.
Residential Induction Cooktops Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Drivers
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1.3 Restraints
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1.4 Market Opportunities
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1.5 Value Chain Analysis of the Residential Induction Cooktop Market
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1.6 Porter's Five Forces Analysis
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1.6.1 Threat of New Entrants
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1.6.2 Bargaining Power of Buyers
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1.6.3 Bargaining Power of Suppliers
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1.6.4 Threat of Substitutes
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1.6.5 Intensity of Competitive Rivalry
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1.7 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Built-In Induction Cooktops
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2.1.2 Free-Standing and Portable Induction Cooktops
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2.2 By Distribution Channel
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2.2.1 Supermarkets/Hypermarkets
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2.2.2 Specialty Stores
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2.2.3 Online
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2.2.4 Other Distribution Channels
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.2 South America
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2.3.2.1 Brazil
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2.3.2.2 Mexico
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2.3.2.3 Other South American Countries
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 France
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2.3.3.3 United Kingdom
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2.3.3.4 Other European Countries
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2.3.4 Asia-Pacific
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2.3.4.1 China
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2.3.4.2 Japan
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2.3.4.3 India
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2.3.4.4 Other Asia-Pacific Countries
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2.3.5 Middle East & Africa
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2.3.5.1 United Arab Emirates
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2.3.5.2 Saudi Arabia
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2.3.5.3 South Africa
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2.3.5.4 Other Middle Eastern and African Countries
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Residential Induction Cooktops Market Size FAQs
What is the current Residential Induction Cooktops Market size?
The Residential Induction Cooktops Market is projected to register a CAGR of 6% during the forecast period (2024-2029)
Who are the key players in Residential Induction Cooktops Market?
LG Electronics, Inc., Whirlpool Corporation, Panasonic Corporation, Koninklijke Philips N.V. and Robert Bosch GmbH, are the major companies operating in the Residential Induction Cooktops Market.
