The induction hob market is expected to be worth USD 19.6 million in 2023. The valuation in 2022 was USD 18.9 million. The market is anticipated to progress at a promising rate over the period from 2023 to 2033, with a CAGR of 9.5%. By the end of the forecast period in 2033, the value of the market is expected to have shot up to USD 48.7 million.
Induction Hob Market Analysis
| Attributes | Details |
|---|---|
| Induction Hob 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% |
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The induction hob market is tipped to have been valued at USD 13.5 million in 2018. The market is likely to have had a healthy CAGR of 8.8% for the historical period from 2018 to 2022.
There was a gradual increase in the adoption of induction hobs into kitchens. The pandemic resulted in a number of people taking to cooking at home. Thus, there was an increased demand for kitchen appliances, including induction hobs. Conversely, the commercial sector, including restaurants, bars, and cafes, faced closure, proving to be a stumbling block for the market. However, with the reopening of public spaces, the market flourished again. By the end of the historical period in 2022, the value of the induction hob market had reached USD 18.9 million.
| Market Valuation (2018) | USD 13.5 million |
|---|---|
| Historical CAGR (2018 to 2022) | 8.8% |
| Historical Market Valuation (2022) | USD 18.9 million |
For 2023, the value of the induction hob market is estimated at USD 19.6 million. During the forecast period from 2023 to 2033, the market is expected to progress at an encouraging pace, with a CAGR of 9.5%.
Growth in the number of kitchens facilitates the sale of induction hob. The number of kitchens is rising as a result of growth in the number of eateries as well as the number of homes. In both commercial spaces and residences, the induction hob is proving to be a reliable product. Thus, the progress of the kitchen appliance is forecasted to be encouraging over the forecast period.
With sustainability trends predicted to continue growing over the forecast period, eco-friendly kitchen appliances are in for good growth. Induction hobs fall under the eco-friendly kitchen appliances umbrella and thus are seeing rapid growth. In addition, the safety and the efficiency provided by the product is predicted to help the market in the forecast period. By 2033, the market is projected to have grown to USD 48.7 million.
Principal Consultant
The induction hob market can be separated into two segments: type and application. By looking at the segments, the type of induction hobs preferred by consumers becomes known. Further, the space where induction hob finds most application also becomes clear.
Built-in cooktops continue to reign as the most popular type of induction hob. For 2023, built-in cooktops are expected to account for 61.2% of the market share by type.
Built-in cooktops are the traditional type of hobs. For many consumers, built-in cooktops are the norm and there is little reason to switch. However, portable and freestanding hobs are also becoming popular, as more convenience is sought in the kitchen.
| Attributes | Details |
|---|---|
| Top Type | Built-in Cooktops |
| Market Share in 2023 | 61.2% |
Induction hobs are finding the most application in commercial spaces. In 2023, commercial application is anticipated to hold 32.7% of the market share.
Rise in the number of commercial buildings as well as hotels and eateries is leading to more kitchens being built. As businesses aim to grow efficiently, time and energy-saving solutions are sought in the kitchen too. Thus, induction hobs are finding greater application in commercial spaces.
| Attributes | Details |
|---|---|
| Top Application | Commercial |
| Market Share in 2023 | 32.7% |
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North America contributes heavily to the market, with the United States a lucrative country. However, the growth in Canada is set to outpace the growth in the United States.
In Europe, Italy and Spain are tipped to have fast growth in regards to the induction hob market. The population of India and China ensures the market has high potential in the countries. However, the technologically advanced nations of Japan and Singapore are marked for even faster growth rates than India and China in the Asia Pacific. Australia is another country with promise.
| Countries | CAGR (2023 to 2033) |
|---|---|
| Canada | 12.2% |
| Japan | 13.8% |
| Australia | 14.0% |
| Italy | 11.2% |
| Singapore | 11.9% |
Canada is marked as one of the leading countries in terms of growth for the market in North America. For the forecast period of 2023 to 2033, the CAGR for the market in Canada is estimated to be a robust 12.2%.
Canada is one of the northernmost countries in the world and thus often in the throes of bitter cold. As a result, in recent years natural gas prices have escalated rapidly in the country. Consumers in Canada are thus turning away from gas-powered kitchen appliances and preferring products like induction hobs.
Japan is one of the leading countries in Asia for the market. For the 2023 to 2033 period, the market is forecasted to grow at a monumental 13.8% CAGR in Japan.
The expanding economy of Japan is leading to a constant increase in urbanization. As a result, not only are the disposable incomes of people growing, but so are service spaces. Thus, there is a rise in the number of people able to afford induction hobs as well as the number of commercial kitchens.
Singapore is another Asian country with high potential for the market. For the forecast period, the CAGR in Singapore is estimated to be an impressive 11.9%.
Singaporean kitchens are becoming advanced at a rapid rate. The introduction of advanced kitchen appliances is aiding the induction hob market too. For example, in September 2023, Samsung Singapore added to its Bespoke range of products by introducing the Bespoke Induction Hob. The hob has both energy-saving and aesthetic value and can also be synced with the Bespoke Wall-mount Hood for turning on and off.
Australia is penciled in to be one of the most lucrative regions for the market in the forecast period. The CAGR during the period from 2023 to 2033 for the market in Australia is predicted at an astonishing 14.0%.
One of the criticisms of induction hobs is the high cost associated. However, companies in Australia are working to rid the product of the price stigma. For example, in March 2023, Australian player Esatto launched the 60cm Induction Cooktop with Power Phase ECI604T, which was made available at an affordable price.
Italy has one of the highest growth rates for Europe in the market. For the 2023 to 2033 period, the CAGR for Italy is a remarkable 11.2%.
Italy’s great culinary tradition has led to world-famous dishes like pizza and pasta. Italy has also been influential in the number of companies that supply kitchen equipment. Among the market players in Italy are FABER, Foster, and Baraldi. Thus, the presence of several companies as well as a strong culinary culture is aiding the market in Italy.
The induction hob market is fairly fragmented. The presence of industrial giants is felt but smaller companies are not shut off from the market and have opportunities to thrive.
New product launches are key for many market players. To keep the product line flowing, companies, especially the higher-end ones, invest heavily in Research and development.
Recent Developments in the Induction Hob Market
The size of the induction hob market is estimated to be USD 19.6 million in 2023.
Built-in cooktops are the most popular type of induction hobs, with an estimated market share of 61.2% in 2023.
Daikin Industries, Dwyer Instruments, Ingersoll-Rand, and Carrier are some of the prominent companies in the induction hob market.
The induction hob market size in 2033 is predicted to be USD 48.7 million.
The induction hob market is predicted to progress at an extraordinary CAGR of 14.0% for the period from 2023 to 2033 in Australia.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Free Standing & Portable Cooktops 5.2. Built-in Cooktops 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Commercial Induction Hobs 6.2. Household Induction Hobs 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Direct Sales 7.2. Indirect Sales 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Daikin Industries 18.2. Dwyer Instruments 18.3. Ingersoll-Rand 18.4. Carrier 18.5. Airwell Group 18.6. LG Electronics 18.7. Lennox International 18.8. SHARP 18.9. Johnson Controls 18.10. Siemens AG 18.11. Voltas 18.12. Samsung Electronics 18.13. Electrolux 19. Assumptions & Acronyms Used 20. Research Methodology
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Induction Hob Market
