Induction Cooktop Market - Global Industry Dynamics 2019-20 Trends and Forecast 2021 - 2028

The induction cooktop is one of the advanced technological innovations used for cooking of food in an easy and efficient manner. Induction cooktop is a cooking equipment, which uses electromagnetic field that produces heat to cook food, instead of firing it from outside. Inside the glass cooktop, there is an electronically controlled coil of metal. It is safe to use. These equipment help to cook food safely and quickly with less amount of energy consumed compared to traditional gas stove. There are two types of induction cooktops, which mainly include touchtone type and touchscreen.

Driving Factors

  • The demand for induction cooktops is boosting high consumption rate in the upcoming years. Factors, such as rapid urbanization and rise in safety awareness among consumers to opt for efficient kitchen appliances, are anticipated to drive the demand for induction cooktops market.

  • Absence of open flames, induction cooktops are safer than LPG cylinders and this factor is expected to fuel the growth of the induction cooktops market

  • Consumers are opting for induction cooktops as an alternative option, as price for conventional cooking fuel is rising

  • Compact structures and designs have assisted in reducing the weight of induction cooktops. This increases the overall performance of the product and saves energy costs. Availability in different sizes and efficient energy consumption are major drivers propelling the growth of the induction cooktops market

Restraining Factors

  • The major restraining factor for the induction cooktops market is the high cost, as they are two-to-three times costlier than conventional gas

  • Additionally, high prices and inadequate choice in vessels for cooking on induction cooktops may hamper the market growth in the near future

  • Governments have raised safety concerns regarding the handling of cooking appliances, which might restrain the growth of induction cooktops market

Market Segmentation

  • The global induction cooktops market can be segmented based on product type, size, power, surface, application, distribution channel, and region

  • Based on product type, the global induction cooktops market can be classified into freestanding induction cooktops and integrated induction cooktops

  • Based on power, the induction cooktops market can be categorized into less than 5 KW, between 5-10 KW, and more than 10 KW

  • Based on surface, the global induction cooktops market can be classified into flat surface induction cooktops and concave surface induction cooktops

  • In terms of application, the global induction cooktops market can be segregated into household and commercial. Commercial induction cooktops segment is further divided into cafes, hotels, restaurants, and others.

  • In terms of distribution channel, the global induction cooktops market can be bifurcated into online and offline. The offline segment can be sub-divided into specialty or brands stores and supermarket stores. Online distribution channel is sub-segmented into company-owned websites and e-Commerce sites.

  • Based on region, the global induction cooktops market can be divided into North America, South America, Asia Pacific, Middle East & Africa, and Europe. Furthermore, North America is divided into countries such as the U.S., Canada, and Rest of North America. Europe region is divided into Germany, France, Italy, the U.K., and Rest of Europe. The Middle East & Africa region is segmented into GCC Countries, South Africa, and Rest of Middle East & Africa. Asia Pacific is divided into China, India, Japan, and Rest of Asia Pacific. South America is divided into Brazil and Rest of South America.

Competition Landscape

  • Key players operating in the global induction cooktops market include Panasonic Corporation, Robert Bosch GmbH, Miele Inc, Smeg S.p.A, Sub-Zero Group, Inc., Electrolux AB, TTK Prestige Ltd, Whirlpool Corporation, LG Electronics Inc., Koninklijke Philips N.V, Bajaj Electricals Ltd, and Garland Group

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