Household Induction Cook Tops Maker Market Report

Market Insights

The Household Induction Cook-Tops Maker market is projected to grow from USD 11.6 billion in 2020 to USD 16.0 billion by 2026 at a CAGR of around 5.6% during the forecast period.

Figure: Household Induction Cook-Tops Maker Market Size, 2020-2026 (USD Billion)

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What is induction cooktop?

An induction cooktop is defined as a cooking surface that heats by transferring currents from an electromagnetic field located below the glass surface to the magnetic induction cookware. It heats the cookware directly without the need for a flame or burner.

Key Players

Key players operating in the Household Induction Cook-Tops Maker market are-

• Whirlpool Corporation (US)
• LG Electronics Inc. (South Korea)
• Panasonic Corporation (Japan)
• Sub-Zero (US)
• TTK Prestige Limited (India)
• Koninklijke Philips N.V. (Netherlands)
• Robert Bosch GmbH (Germany)
• Smeg (Italy)
• Electrolux AB (Sweden)
• Miele (Germany)

Market Dynamics

The growth of the Household Induction Cook-Tops maker market is primarily driven by the high product adoption rate in urban areas. The growing trend of modular kitchens and better infrastructural facilities coupled with the rising per capita disposable income of the consumers is expected to drive the growth of the household induction cook-tops maker at a significant rate during the review period. Additionally, surging demand for advanced cook-tops with innovative features is likely to create lucrative opportunities for the market players during the review period.

Segments' Analysis

Type Trends

By type, the household induction cook-tops maker market has been bifurcated into free-standing & portable cooktops and built-in cooktops. Under these, the free-standing & portable cooktops segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. The segment growth can be attributed to widespread product use across households.

Regional Trends

By region, the market in Europe accounted for the largest market share in 2020 and is projected to grow at a significant CAGR during the assessment period. The regional growth is primarily attributed to the high adoption of the rate of innovative kitchen appliances coupled with the presence of key market players such as Koninklijke Philips N.V. (Netherlands) and Robert Bosch GmbH (Germany). The market growth in the Asia-Pacific region is expected to be driven by the increasing adoption of induction cooktops in developing countries particularly China and India with the rising purchasing power of the consumers.

COVID-19 Impact on Household Induction Cook-Tops Maker Market

The outbreak of the COVID-19 virus has affected the growth of the food & beverage industry significantly. Stringent lockdown measures and restricted movement of people affected the production and product supply for a short period and thus, affected the market growth.

Critical Questions Answered in the Report

• What are the key trends in the Household Induction Cook-Tops Maker market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the Household Induction Cook-Tops Maker market?
• What are the key strategies adopted by the major vendors to lead in the Household Induction Cook-Tops Maker market?
• What is the market share of the top vendors?

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Target Audience

Here is the list of the group of customers that the household induction cook-tops maker market hopes to have the greatest opportunity to convert-

• Household induction cook-tops maker distributors
• Household induction cook-tops maker suppliers
• Household induction cook-tops maker manufacturers
• Logistics organizations
• Government bodies

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