HOUSEHOLD INDUCTION COOKTOPS MARKET ANALYSIS

Household Induction Cooktops MarketSize and Trends

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.

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 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 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.