Market Challenges And Opportunities

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.

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:

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.

Table 2. Global Household Induction Cooktops Market – Opportunity Analysis