HOUSEHOLD INDUCTION COOKTOPS MARKET ANALYSIS

The global household induction cooktops market is estimated to surpass US$ 19.77 Bn by the end of 2022 in terms of revenue, exhibiting a CAGR of 10.8% during the forecasted period (2023 to 2030). The household induction cooktops market has witnessed increased adoption owing to factors such as the use of electromagnetic energy to directly heat pots and pans. Induction cooktops offer a wide temperature range (80–450°F) and different power level options to ensure precise temperature control.

Global Household Induction Cooktops: Regional Insights

Growth in the urban population is expected to serve major growth opportunities in the household induction cooktops market. Emerging economies such as India, Latin American countries, Brazil, China, etc., are experiencing rapid urbanization due to various economic factors such as rising disposable income in individuals and the availability of innovative products in the market. Due to this, new players are penetrating (with advanced products at competitive prices) the emerging markets of the Asia Pacific region such as China, South Korea, India, etc. All these factors are projected to propel the market growth over the forecast period.

Figure 1. Global Household Induction Cooktops Market Revenue Share (%), By Region, 2022

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Global Household Induction Cooktops Market Drivers

The growing population around the globe is a major factor fueling the market growth of household induction cooktops. According to the United Nations, the world population is projected to reach 8.5 billion in 2030, 9.7 billion in 2050, and 11.2 billion by 2100. Also, an increase in the smaller household population across developing regions, which requires at least one cooktop is another major factor propelling the market growth of household induction cooktops.

Increasing per capita income of individuals/families is projected to drive market growth. The rise in per capita income directly affects the purchasing power of consumers. Due to this, they can afford better and more advanced products. Moreover, many families are adopting multiple cooking devices such as microwave ovens, OTGs, induction cooktops, etc. which drives product demand. All these factors propel the market growth of household induction cooktops. 

Europe region dominated the global household induction cooktops market in 2022 accounting for 38.6% share in terms of value, followed by North America and Asia Pacific, respectively.

Global Household Induction Cooktops Market Restraints

Growing preferences for ovens/microwaves is a major factor hampering the demand for the product. Ovens and microwaves offer various benefits like convenience and time efficiency, which causes consumers to prefer them as compared to induction stoves. Also, the growing trend of dining outside is another major factor restricting the market growth of household induction cooktops.

Household induction cooktops require an electric connection to function, thus they are not ideal for several rural areas that experience frequent electricity fluctuations. Also, the increasing electricity unit rate is further anticipated to hinder the market growth of household induction cooktops over the forecast period.

Global Household Induction Cooktops Market Trends:

Sustainability and Energy Efficiency is Driving the Market Growth

One of the most appealing features of induction cooktops is their high level of energy efficiency. When compared to electric and gas cooktops, induction cooktops are one of the most energy-efficient appliances since the energy used is transferred to the food.

The fact that these cooktops consume less energy, which is healthier for the environment and might potentially cut electricity costs, will be appreciated by buyers. When it comes to homes, more potential buyers are prioritizing energy efficiency at the top of their lists because they view it as a crucially desirable characteristic.

Rapidly growing digitalization and expansion of e-commerce due to increasing usage of the internet are expected to have a positive impact on the market of household induction cooktops. An increase in the young adult population who often use e-commerce for purchasing goods further drives the online sale of induction cooktops. In addition to this, ease of transaction and various discounts offered by the online platform is further boosting the online sale of household induction cooktops, thereby fueling the market growth.

Figure 2. Global Household Induction Cooktops Market – Opportunity Analysis

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Portable induction cooktops are gaining popularity around the globe due to their advantages such as their portal nature that enables them to be taken anywhere, their dual burner and automatic turn-off features, etc.

Figure 3. Global Household Induction Cooktops Market Revenue Share (%), By Product, 2022

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Global Household Induction Cooktops market was valued at US$ 19.77 Bn in 2022 and is expected to register a CAGR of 10.8% between 2023 and 2030. This is due to the expanding consumer base and increasing consumerism, which is projected to provide potential market opportunities. Moreover, growing government regulations to limit the number of cylinders issued to the public on subsidy, coupled with high fuel prices are also expected to elevate the demand for electricity-operated cook-tops and induction cook-tops.

Global Household Induction Cooktops Market Segmentation:

The global household induction cooktops market report is segmented into Type of product and region

Based on the type of product the market is segmented into free-standing (portable) household induction cooktops and integrated (built-in) household cooktops Out of which, free-standing (portable) household induction cooktops are expected to dominate the global market over the forecast period and this is attributed to the increasing focus of market players on the innovation of products.

The global market for free-standing (portable) household induction cooktops is expected to grow significantly in the coming years due to increased consumer demand for energy-efficient and versatile cooking appliances. Induction cooktops have gained popularity in recent years due to their safety, speed, and precision, and are now a popular alternative to traditional gas or electric stovetops.

The market for induction cooktops is predicted to grow at the quickest rate in the Asia Pacific region due to the rising trend of modular and tiny kitchens as well as the rising demand for energy-efficient equipment. There are also expectations for significant changes in Europe and North America.

Global Household Induction Cooktops Market - Impact of Coronavirus (COVID-19) Pandemic

The global market for household induction cooktops has been impacted due to the ongoing COVID-19 pandemic. The shutting down of businesses and the cease of economic activities have hampered the demand for consumer electronics. Moreover, China being one of the major producers of electronic components and the epicenter of the virus outbreak has led to hindrances in the supply chain as well as international trade, which has negatively impacted market growth. Also, the reduced demand for induction cooktops by small cafes and restaurants, owing to the imposition of the lockdown has further hindered the demand for induction cooktops to some extent.

Global Household Induction Cooktops Market: Recent Development

On 9 January 2023, Prestige Iris 2.0 Induction Cooktop 2023 was introduced by Preethi. The Prestige Iris product is rated as having the best overall performance across characteristics including auto-off settings, several preset menus, ease of use, safety, appearance, and changeable time settings.

In August 2022 With a 2000-watt power consumption capacity, the Kent Jewel induction hob was introduced by Kent RO Systems Ltd., an Indian company. It also has eight pre-programmed options, including "fry," "curry," "keep warm," "roti," "water," "soup," "rice," and "boiling milk."

Global Household Induction Cooktops Market Competitive Section

Key players operating in the global household induction cooktops market include AB Electrolux, Daewoo Electronics Corporation, Whirlpool Corporation, Haier Group, LG Electronics, Panasonic Corporation, Philips Electronics, Videocon Industries Limited, Robert Bosch Gmbh, Fisher & Paykel Appliances Holdings Ltd., Stoves Appliance Company (Glen Dimplex Home Appliances Ltd.), and Miele & Cie. Kg.

*Definition: Household induction cooktops are kitchen appliances that use electromagnetic technology to heat cookware placed on top of them. They work by creating a magnetic field that induces an electric current in the cookware, generating heat to cook food. Induction cooktops are typically flat, smooth surfaces that are easy to clean and operate, and they offer a range of temperature settings to cook different types of food.