Induction Cooktops Market to Record Growth at a CAGR of 8.5% from 2022-2028

Posted on 2022-09-05 by researchinsights in Consumer Services // 0 Comments

San Francisco, California , USA, Sept 05, 2022 — /EPR Network/ —

Induction Cooktops Industry Overview

The global induction cooktops market size was valued at USD 18,667.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028.

The market is being driven by an increase in the number of residential and non-residential development projects, as well as a rise in the number of restaurants and eateries. The improved profitability and performance of the restaurant business are generating sufficient prospects for the market as people continue to patronize fast-food restaurants. The rise in fuel expenses for conventional gas cooktops, as well as the growing trend of modular kitchens due to the comfort and safety benefits, are driving the household induction cooktops market.

Gather more insights about the market drivers, restrains and growth of the Global Induction Cooktops market

With various new residential construction projects in place, the demand for induction cooktops is expected to rise. The gradual shift from gas cooktops has benefitted the market in the past, and an increasing number of consumers are inclined toward installing induction cooktops in their houses or large-scale residential projects. This is due to an increase in awareness regarding its benefits over gas cooktops. Induction cooktops are also widely used in non-residential projects, such as restaurants or hotels. The shift seems to be gradual for commercial applications but is expected to increase over the forecast period.

Several advancements, such as cooking appliance manufacturers replacing old mechanical controls and displays with touch technology to reduce dependability and after-sale expenses, will boost the market growth. Touch screens with large graphics are also becoming increasingly popular. Constantly changing business & family routines, increased demand for eco-friendly appliances, and improving affordable electricity accessibility are expected to push consumers to purchase technology-driven kitchen gadgets.

Rapid growth of online marketing across the globe is contributing significantly to the growth of the industry. Growing adoption of high-tech products is anticipated to support the growth of kitchen appliances, including cooking hobs. However, the requirement of initial investments in specialized cookware may hamper the growth of the industry in the near future. In addition, these products are considered to be more expensive as compared to conventional gas cooktops.

Browse through Grand View Research’s Homecare & Décor Industry Research Reports.

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Induction Cooktops Market Segmentation

Grand View Research has segmented the global induction cooktops market on the basis of product, application, distribution channel, and region:

Induction Cooktops Product Outlook (Revenue, USD Million, 2016 – 2028)
- Built-in
- Free-standing
Induction Cooktops Application Outlook (Revenue, USD Million, 2016 – 2028)
- Household
- Commercial
Induction Cooktops Distribution Channel Outlook (Revenue, USD Million, 2016 – 2028)
- Hypermarkets & Supermarkets
- Specialty Stores
- Online
Induction Cooktops Regional Outlook (Revenue, USD Billion, 2016 – 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa

Key Companies profiled:

Some prominent players in the global Induction Cooktops market include

Whirlpool Corp.
LG Electronics, Inc.
Electrolux AB
TTK Group
Smeg S.p.A
Koninklijke Philips N.V.
Robert Bosch GmbH
Avis Rent a Car System, LLC
Panasonic Corp.
Sub-Zero Group, Inc.
Miele & Cie. KG

Order a free sample PDF of the Induction Cooktops Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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