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Household Induction Cook Tops Maker Market Report
Household Induction Cook-Tops Maker Market Trends, Dynamics & Market Insights
Household Induction Cook-Tops Maker Market, By Type (Free Standing & Portable Cooktops, Built-in Cooktops), Distribution Channel (Retail, Online), and Region - COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Household Induction Cook-Tops Maker market. The historic years considered for the study are 2016-2019, the base year is 2020, and the forecast period is 2021-2026.
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.
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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 operating in the Household Induction Cook-Tops Maker market are-
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.
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.
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.
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.
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-
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The household induction cook-tops maker market is expected to witness an impressive growth of 5.6% CAGR in the coming years.
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) and Miele (Germany) are among the key players in the household induction cook-tops maker market.
The household induction cook-tops maker market size is expected to reach USD 16.0 billion in the foreseeable future.
The free-standing & portable cooktops segment accounted for the largest share in the household induction cook-tops maker market in 2020.
Europe is expected to grow at a significant CAGR in the household induction cook tops maker market in the next five years.
Household induction cook-tops maker distributors, Household induction cook-tops maker suppliers, Household induction cook-tops maker manufacturers, Logistics organizations, Government bodies are the target audience in the household induction cook-tops maker market.
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