New Delhi, April 29, 2024 (GLOBE NEWSWIRE) -- The global induction cooktops market is projected to surpass US$ 15.50 billion by 2032, up from US$ 9.14 billion in 2023, at a CAGR of 5.7% during the forecast period 2024–2032, according to a study published by Astute Analytica.
The induction cooktops market presents a highly lucrative outlook for growth and expansion. Despite current low penetration in markets like the US (only 1% of stoves feature induction technology and 15% in build in cooktops). This growth trajectory is supported by several crucial factors. Consumers are increasingly prioritizing energy efficiency when purchasing kitchen appliances, with over 65% citing it as a critical factor. Induction cooktops stand out in this regard, boasting an impressive efficiency rate of 85-90%, significantly higher than traditional gas or electric cooktops. Technological advancements are further driving growth as induction cooktops become more affordable and accessible, with some four-burner models now available for around $1,000.
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Regionally, the induction cooktops market is witnessing significant growth in India's urban and semi-urban areas, fueled by rising disposable incomes and an increasing preference for smart kitchen appliances. Similarly, France's culinary culture and enthusiastic home cooks are contributing to the increasing adoption of induction cooking. In the UK, technological advancements have played a pivotal role in the affordability of induction cooktops. Europe currently leads global household induction cooktop revenue, while the Asia-Pacific region is expected to experience rapid growth in the near future due to the adoption of efficient cooking solutions and the growth of the middle class and urbanization. According to Astute Analytica, the influence of smart home technology will be seen in a CAGR of 5.7% in induction sales between 2024 and 2032.
The popularity of induction cooktops is rising even in the US, with the National Kitchen & Bath Association reporting greater popularity than electric and narrowing the gap with gas cooktops. Environmentally conscious consumers are drawn to induction's long-term energy cost savings, further boosting its potential. With incentives like the Inflation Reduction Act, experts predict that induction cooking is poised to become a popular choice for US homeowners.
Key Findings in Global Induction Cooktops Market
| Market Forecast (2032) | US$ 15.50 billion |
| CAGR | 5.7% |
| Largest Region (2023) | Europe (33.2%) |
| By Type | Flat (54.5%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Poor Adoption of Induction Cooktop Across Developed Countries
The US market presents a significant opportunity for growth in the induction cooktops market, despite its current poor adoption. A crucial barrier is lack of consumer awareness: 68% of Americans are unfamiliar with induction technology, and only 3% have ever cooked on an induction cooktop. This highlights the need for educational campaigns touting induction's speed, safety, and energy efficiency. Misconceptions about cost also hinder adoption. 72% of consumers believe induction is more expensive, and 58% cite cost as a primary deterrent. Challenging this perception through marketing that emphasizes long-term energy savings and the affordability of entry-level models is essential.
Limited hands-on experience is another obstacle, with only 12% of Americans having seen an induction cooktop in person. Increasing opportunities for demonstrations in retail settings, cooking classes, and community events will drive adoption. Cookware compatibility concerns, such as the belief that all cookware needs replacement (held by 62% of consumers), must also be addressed. Educating consumers about compatible materials is key.
While some consumers in the global induction cooktops market remain attached to gas cooking, positive indicators exist. 71% of those who have used induction would consider purchasing one, and 54% of millennials express interest in learning more. Targeted marketing towards younger generations and emphasizing the environmental benefits of induction could significantly boost adoption. Apart from this, there's untapped potential within the retail sector. Only 28% of appliance salespeople feel well-informed about induction, and 63% of retailers don't actively promote it. Training and incentivizing retailers to champion induction technology will be crucial for market growth.
Flat Induction Cooktops Drives Market Growth, Capture Over 54.5% Market Share
Flat induction cooktops are revolutionizing the kitchen, offering a compelling blend of affordability, sleek design, and superior cooking performance. No longer an exclusive luxury, entry-level models like Frigidaire's 30-inch option provide four burners and an accessible path to induction's benefits for under $1,000. This affordability, combined with the ease of installation – often directly replacing existing electric cooktops and compatible with standard 240V outlets – makes the upgrade more achievable than ever in the induction cooktops market. The sleek, minimalist design of flat induction cooktops aligns perfectly with modern kitchen trends. Their smooth surfaces offer effortless cleaning compared to traditional cooktops, reducing maintenance time. Homeowners will appreciate the precise temperature control (some models offer up to 20 power settings!) and even heat distribution provided by the flat surface, ensuring consistent, professional-level results.
Safety is paramount, and flat induction cooktops excel with child locks, automatic shut-off, and surfaces that remain cool to the touch. Perhaps most importantly, induction technology boasts significant energy efficiency gains over gas and traditional electric, saving money on utility bills while reducing environmental impact. Apart from this, flat induction cooktops are gaining strong demand momentum due to their remarkable versatility. For instance, multiple burner sizes and flexible cooking zones on higher-end models accommodate a wide range of cookware. Plus, with compatibility extending to common materials like cast iron and stainless steel, most homeowners won't need to completely overhaul their pots and pans.
More than 70% of Induction Cooktops are Sold for Household Use
Affordability is rapidly shifting in favor of induction cooktops market, with entry-level models now priced attractively for homeowners. This increasing accessibility paves the way for greater market penetration in the residential sector. Environmentally conscious homeowners will be drawn to induction's significant energy efficiency gains over gas and electric, leading to cost savings and a reduced carbon footprint. Families will appreciate the enhanced safety features that flat induction cooktops provide, minimizing burns and making them ideal for busy households. Furthermore, the availability of precise temperature control and even heat distribution will entice home cooks seeking a superior culinary experience.
Consumer awareness of induction technology is on the rise, with surveys indicating strong interest in purchasing induction cooktops for home use. This growing awareness, coupled with the time-saving benefits offered by faster cooking speeds, suggests a bright future for the household induction cooktops market.
While commercial-grade induction cooktops offer the same benefits in safety, efficiency, and control, the higher upfront cost remains a barrier to widespread adoption within restaurants and commercial kitchens. Additionally, upgrading existing infrastructure and investing in new, induction-compatible cookware represents further financial hurdles.
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Asia Pacific is Becoming the Most Lucrative Induction Cooktops Market
Asia Pacific is emerging as the most lucrative market for induction cooktops. This trend is fueled by rising LPG gas costs that encourage consumers to seek alternatives. Furthermore, concerns about environmental sustainability are driving demand for energy-efficient appliances. The residential sector is a particularly strong driver of this demand as more households adopt induction cooktops. Notably, by 2030, a staggering 90% of Asians are expected to have access to clean cooking methods, with Asia-Pacific contributing 2.5% to the global increase in clean cooking availability over the past decade.
Technological advancements play a major role in boosting the appeal of induction cooktops market. Powered by electromagnetism, they offer both speed and energy efficiency. Induction cooking can save between 5% and 20% energy compared to electric cooktops, and over 65% compared to gas. The increasing adoption of smart and connected kitchen appliances, including induction cooktops with IoT integration, further enhances their value proposition. Wherein, the market trends point towards a growing preference for modular kitchens, which naturally complements the use of induction hobs. The portable induction cooktop segment is experiencing particularly strong growth, projected to have the highest CAGR during the forecast period. Online sales are also surging, with e-commerce platforms driving the highest CAGR growth in this segment.
The Asia Pacific induction hob market is highly competitive, featuring a mix of domestic and international brands. Key players include Bosch, Whirlpool Corporation, Samsung, True Induction, and Panasonic Corporation. New and innovative product launches, like those by Kent RO Systems Ltd. and Smeg, illustrate the dynamism of this ever-evolving market. Emerging economies like China, India, Japan, and South Korea are major drivers of regional induction cooktops market growth, fueled by an expanding middle class and increasing urbanization. The trend towards modular and smaller kitchens further supports the rapid expansion anticipated in the Asia Pacific market.
Market Players
- LG Electronics, Inc.
- Samsung Electronics Co., Ltd.
- Electrolux AB
- TTK Prestige Ltd.
- Whirlpool Corp.
- Robert Bosch GmbH
- Panasonic Corp.
- Miele & Cie. KG
- Other Prominent Players
Market Segmentation:
By Type
- Flat Unit
- Freestanding
- Slide-in
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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