The global induction cooktop market size
is expected to reach USD 27.3 billion by 2025, according to a new report by
Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast
period. Rising awareness about safety and energy efficiency among middle-income
age groups across the globe is expected to expand the scope of induction
cooktop. In addition, increasing importance of modular kitchen as they offer
excellent convenience, aesthetic appeal, and efficient storage capabilities is
expected to expand the market reach.
The built-in product segment is expected to
remain the largest segment over the next few years. These products find use as
they offer various benefits such as smart slide, temperature control, four
cooking zones, and child lock safety system. Additionally, new product launches
by the industry participants through the inclusion of technological features
such as smart device connectivity are expected to play a key role in promoting
the utility of built-in products in the near future.
The household application segment held the
largest market share in 2018and is expected to witness the fastest growth from
2019 to 2025. Growing middle-class population, rising LPG price, and developing
infrastructural facilities in the developing countries including China and
India are expected to have a favorable impact on the market growth.
Additionally, the working class population will opt for these types of cooktops
as they offer time saving and energy efficient features.
Europe dominated the induction cooktop
market in 2018, accounting for more than 35.0% share of the global revenue.
Rapid adoption of smart kitchen appliances in western European countries
including Germany and U.K. is expected to be a key driving factor of the
industry in this region. Asia Pacific is expected to witness the fastest growth
in the upcoming years. Growing purchasing power, along with increasing popularity
of modular kitchen in emerging economies including China and India, is
anticipated to have a positive impact on the growth.
Major producers of this industry include
Whirlpool Corporation; LG Electronics Inc.; Robert Bosch GmbH; Electrolux AB;
TTK Group; Panasonic Corporation; Smeg; Koninklijke Philips N.V.; General
Electric Company; Sub-Zero Group, Inc.; and Miele. Over the past few years, the
manufacturers have been emphasizing on product innovation in order to expand
their market share. For instance, in January 2015, General Electric Company
launched three new products under the brand names Café, Profile, and Monogram
that have swipe-friendly control and precise heat control.
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or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/induction-cooktops-market
https://www.grandviewresearch.com/industry-analysis/induction-cooktops-market
Further key findings from the report suggest:
· The built-in product segment generated a
revenue of more than USD 10.0 billion in 2018
· The household application segment held the
largest induction cooktop market share accounted for over 70.0% of the total
revenue in 2018
· Asia Pacific is expected to expand at the
fastest CAGR of 8.3% from 2019 to 2025.
Grand View Research has segmented the
global induction cooktop market on the basis of product, application,
distribution channel, and region:
Induction Cooktop Product Outlook (Revenue,
USD Million, 2015 - 2025)
·
Built-in
·
Free-standing
Induction Cooktop Application Outlook
(Revenue, USD Million, 2015 - 2025)
·
Household
·
Commercial
Induction Cooktop Distribution Channel
Outlook (Revenue, USD Million, 2015 - 2025)
·
Hypermarkets & Supermarkets
·
Specialty Stores
·
Online
Induction Cooktop Regional Outlook
(Revenue, USD Million, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
