The global sales revenue of induction cooktop to be worth USD 22,537.20 million in 2024. The induction cooktop appliance market is envisioned to thrive at a strong CAGR of 8.3% from 2024 to 2034. The commercial induction cooktop market size is predicted to surpass a valuation of USD 49,917.50 million by 2034.
People's increasing awareness of and concern for energy conservation is a fundamental motivator of the induction cooker market. As sustainability and environmental responsibility is increasingly paramount, people are looking for applications to reduce energy consumption.
Due to their outstanding energy efficiency, household induction cooktops for homes are helpful. Rather than releasing heat and energy like conventional gas stoves, induction cooktops minimize waste by producing heat directly in the cookware.
Due to their high efficiency, induction cooktops are ideal investments for environmentally conscious consumers who want to reduce their energy expenses. This constitutes the main catalyst behind the commercial induction cooktop market expansion.
| Attributes | Details |
|---|---|
| Market Size for 2024 | USD 22,537.20 million |
| Market Size for 2034 | USD 49,917.50 million |
| Market CAGR between 2024 and 2034 | 8.3% |
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As producers and companies distribute their products in various locations, the induction hob market has increased internationally. Due to their growth and increased competitiveness, induction cooktop manufacturers provide better products. Induction cooktops are progressively popular since customers have higher-quality alternatives.
Since more induction cooktops are made for households, economies of scale are at work. Induction cooktops are more affordable, which makes them available to a broader range of users. To reflect this, the applications are widely employed in both emerging and advanced economies.
If someone is reconstructing or redesigning their kitchen, kitchen application packages are a prevalent choice. Consumers realize the benefits of owning a whole set of advanced kitchen equipment, so these bundles have become a trend in induction cooktop market. This parameter provides lucrative opportunities for induction cooktop appliance market expansion.
| Attributes | Details |
|---|---|
| Market Size for 2019 | USD 18,247.10 million |
| Market Size for 2023 | USD 21,867.90 million |
| Market CAGR between 2019 and 2023 | 4.6% |
Installing induction cooktops in residences presents infrastructure-related challenges. Unlike conventional stoves, which run off preexisting gas lines or electrical connections, induction cooktops require specific electrical appliances. The installation's complexity turns off potential buyers who are hesitant to invest in infrastructure improvements.
Their accessibility is another factor that hinders new induction cooktop vendors from entering the global market. Certain applications are easily available in certain regions due to limited distribution networks.
Financial constraints make it impossible for a portion of the population to afford induction cooktops. The technology's limited accessibility and availability to where consumers want to implement it deter the induction cooktop appliance market expansion.
The segmented induction stoves industry analysis is included in the following subsection. Comprehensive studies demonstrate that the built-in sector dominates product categories with outstanding leadership. According to a thorough analysis, the residential segment controls the application category, illustrating its authority in the induction cooktop market.
| Segment | Built-in |
|---|---|
| Share (2024) | 59.4% |
The built-in sector supports the expanding open-concept kitchen trend by enabling smooth transitions between the spaces used for entertaining and cooking.
As technology progresses, built-in induction cooktops with premium characteristics like accurate temperature control and user-friendly interfaces attract demanding customers.
Built-in induction cooktops are a long-term investment for residential and commercial induction cooktops because of their dependability and longevity.
| Segment | Residential |
|---|---|
| Share (2024) | 64.9% |
The adoption of residential induction cooktops is stimulated by progressing consumer awareness of environmental sustainability and energy efficiency. Technological developments in induction cooking improve the effectiveness and dependability of residential cooktops, increasing their market domination.
The demand for residential induction cooktops continues to be fostered by the trend toward smaller living areas and multipurpose kitchens.
Detailed tables showcasing the induction cooktop markets in North America, Europe, and Asia Pacific are provided. A thorough examination shows that Asia Pacific has enormous sales potential for induction cooktops.
This region is a prospective spot for induction cooktop manufacturers looking to profit from the increasing adoption of induction cooking, owing to its expanding market and escalating need for efficient cooking solutions.
| Countries | CAGR (Between 2024 and 2034) |
|---|---|
| India | 13.3% |
| Singapore | 12.7% |
| Japan | 11.6% |
| China | 10.9% |
| Australia | 8.7% |
India Industry Outlook
India's growing urbanization stimulates the adoption of induction cooktops as small, effective kitchen appliances become necessities for contemporary living. The induction cooktop market is experiencing growth in India's urban and semi-urban areas due to rising disposable incomes and a preference for smart kitchen appliances.
Singapore Industry Outlook
Due to the small living spaces seen in Singapore's metropolitan districts, there is an expanding demand for induction cooktops that are compact and flexible. In Singapore, induction cooktop adoption is increasing due to the trend toward better cooking techniques, which coincides with the population's health-conscious lifestyle.
Japan Industry Outlook
A prominent trend in the induction cooktop market in Japan that appeals to tech-savvy consumers is the combination of smart technology and connectivity features. As people look for efficient and space-saving kitchen solutions, the adoption of induction cooktops is primarily motivated by compact living areas in urban Japan.
China Industry Outlook
E-commerce platforms are a major factor in escalating induction cooktop sales in China because they give customers convenient access to a large number of options. China's induction cooktop market is expanding quickly because government programs nurture technological advances and energy efficiency.
Australia Industry Outlook
The advantages of induction cooktops in Australia are inspired by the growing demand for fashionable and aesthetically beautiful kitchen appliances. While adopting induction cooktops for their homes, Australian consumers value incorporating safety features like child locks and automatic shut-off capabilities.
| Countries | CAGR (Between 2024 and 2034) |
|---|---|
| Spain | 12.2% |
| France | 9.4% |
| United Kingdom | 8.3% |
| Italy | 8.3% |
| Germany | 6.0% |
Spain Industry Outlook
The growing awareness of environmental sustainability and electricity savings in Spain is escalating the adoption of induction cooktops. The trend toward modular kitchens and updated cooking areas is a major factor spurring the increase in Spanish customers' demand for induction cooktops.
France Industry Outlook
Considering their passion for French cooking, induction cooktops' streamlined appearance and accurate temperature control appeal to French consumers. France's growing trend of home cooks and culinary lovers has contributed to the increasing adoption of induction cooking.
United Kingdom Industry Outlook
Technological developments have made induction cooktops more affordable and accessible to consumers, contributing to the United Kingdom's emerging trends in portable induction cooktops. The growing popularity of open-plan living areas and kitchen remodeling projects bolsters the household induction cooktop market in the United Kingdom.
Italy Industry Outlook
The development of tiny urban living areas in Italy is propelling city dwellers' demand for induction cooktops. The growth of induction cooktop market is compelled by the Italian culture's emphasis on food, as customers look for contemporary solutions without sacrificing traditional cooking methods.
Germany Industry Outlook
Smart home integration promotes demand for linked induction cooktops in Germany by providing tech-savvy consumers with ease and control. German manufacturers, who are well regarded for their engineering skills, are leading the way in creating innovative technologies, propelling the induction cooktop market expansion.
| Countries | CAGR (Between 2024 and 2034) |
|---|---|
| United States | 5.3% |
| Canada | 9.7% |
United States Industry Outlook
Urbanization and shifting lifestyles spur demand for induction cooktops that integrate contemporary kitchen design, especially among Gen Z and millennials in the United States. The adoption of induction cooking is steadily rising due to consumer health consciousness and growing worries about indoor air quality. Induction cooking generates fewer emissions than standard gas or electric burners in the United States.
Canada Industry Outlook
Urban households in Canada are particularly demanding induction cooktops due to rising disposable incomes and a taste for high-tech kitchen solutions. As Canadians look to replace their obsolete cooking appliances, home renovation, and kitchen remodeling projects are creating opportunities for the induction cooktop appliance market.
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The prominent induction cooktop manufacturers in the fiercely competitive market are Kenwood Limited, Panasonic Corporation, Samsung Electronics, AEG, BSH Hausgeräte GmbH, LG Electronics, and Whirlpool Corporation. Each of them adds to the market's vibrancy, and these induction cooktop vendors are crucial in determining the direction.
As two major induction cooktop market players globally, LG Electronics and Samsung Electronics demonstrate their technological innovation and prowess, setting standards for the sector. With an emphasis on performance and quality, AEG and Panasonic Corporation contribute their knowledge.
BSH Hausgeräte GmbH offers the induction hob market more flexibility with its wide range of products. Whirlpool Corporation and Kenwood Limited both contribute by being committed to providing excellent customer service and operating efficiently.
The competitive environment is defined by constant innovation, technical breakthroughs, and an emphasis on energy efficiency.
The induction cooktop producers aim to set themselves apart from competitors through product features, design, and environmental activities. Several parameters, including shifting consumer tastes, evolving regulations, and environmental concerns, impact induction cooktop market dynamics.
These renowned portable induction cooktop providers steer clear of the competition when the market changes, propelling advancement and influencing kitchen appliance trends. The market’s ability to adapt is demonstrated by the range of products and services offered and the dedication of major induction cooktop appliance market players to fulfilling changing global customer needs.
Noteworthy Advancements
| Company | Details |
|---|---|
| Preethi | Preethi introduced a new product in January 2023 called the Prestige Iris 2.0 Induction Cooktop 2023. Concerning attributes like auto-off settings, several preset menus, user-friendliness, security, design, and adjustable time settings, the Prestige Iris gadget is among the best. |
| Kent RO Systems Ltd. | The 2000-watt-capable Kent Jewel induction cooktop was unveiled in August 2022 by Kent RO Systems Ltd., an Indian company. There are eight pre-programmed menu options: rice, soup, roti, fried, curry, stay warm, and boiling milk. |
| TTK Group | With the help of TTK Group, one of India's top microfinance companies, Satin Creditcare Network Limited, offers its clients affordable and nutritious cooking options. |
| Philips | In October 2020, Philips said their least costly product for the previous three months was the Hd4929 Induction CookTop. |
| Robert Bosch GmbH | Robert Bosch GmbH announced the launching of the Bosch Induction Stove/Cooktops in November 2019. When the induction is turned on, customers synchronize their hobs with the wall hood with these products to get automated deployment. |
In 2024, the induction cooktop market is expected to be valued at US$ 22,537.20 million.
By 2034, the induction cooktop market is projected to achieve US$ 49,917.50 million.
The induction cooktop market is expected to expand at a CAGR of 8.3% through 2034.
The growth of induction cookers market registered a 4.6% CAGR from 2019 to 2023.
In 2024, the built-in sector is expected to possess a 59.40% market share.
In 2024, the residential sector is scheduled to maintain a 64.90% market share.
| Market Value for 2023 | USD 19.6 million |
|---|---|
| Projected Market Value for 2033 | USD 48.7 million |
| Value-based CAGR of Market for 2023 to 2033 | 9.5% |
| Expected Market Value (2023) | USD 12.74 Billion |
|---|---|
| Anticipated Forecast Value (2033) | USD 22 Billion |
| Projected Growth Rate (2023 to 2033) | 5.6% CAGR |
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