Commercial Induction Cooktops Market

Commercial Induction Cooktops Market Snapshot

The global commercial induction cooktops market size is expected to be valued at US$ 17.5 Billion in 2032 and exhibit immense growth at a CAGR of 8.2% in the forecast period from 2022 to 2032. Increasing number of non-residential development projects across the globe is anticipated to drive the sales of commercial induction cooktops in future years. As per FMI, the global commercial induction cooktops market is likely to reach US$ 12.3 Billion in 2022.

Commercial induction cooktops take up less space and energy, as compared to electric or gas cooktops. These are also more durable and efficient. These can easily convert electrical energy into heat and transfer the same to the cookware.

Demand for commercial induction cooktops are likely to surge at a rapid pace in the upcoming years backed by their ability to reduce the overall cooking time, save energy, and provide an even heat distribution.

These do not heat up the stovetop, but only the cookware. Thus, dust and dirt do not affect the heating process negatively. The emergence of various cutting-edge products equipped with novel features is projected to augment the sales of commercial induction cooktops in the assessment period.

Which Factors Are Pushing the Commercial Induction Cooktops Market Growth

The rising adoption of energy efficient kitchen appliances and rapid urbanization are some of the major factors that are likely to push the commercial induction cooktops market growth in the evaluation period. Increasing prices of conventional cooking fuel and rapidly changing lifestyles of people are also anticipated to bode well for the global market.

Moreover, the surging number of eateries and fast food restaurants across the globe on the back of rising disposable income and busy lifestyles of consumers is set to drive the market. Increasing investments by various real-estate companies in the development of commercial infrastructure is another vital factor that is estimated to fuel growth.

Which Factors Are Hampering the Commercial Induction Cooktops Market Growth

The requirement of high initial investments for the installation of specialized cookware in commercial spaces may hamper the commercial induction cooktops market size in future. As compared to conventional gas cooktops, modern induction cooktops are expensive. Thus, not many people living in emerging economies can invest in these.

How are Manufacturers Driving the Europe Commercial Induction Cooktops Market

Europe is expected to procure the largest commercial induction cooktops market share in the forthcoming years. This growth is attributable to the increasing adoption of technologically advanced induction cooktops in hotels and restaurants across the U.K., Italy, and Germany.

In addition to that, the presence of numerous market participants in these countries is likely to drive growth. These key players are increasingly focusing on employing cutting-edge technologies and offering new features, such as stunning LED displays, accurate temperature control, slider control, and four cooking zones to attract more customers. This factor is also expected to augur well for the Europe market.

Nikhil Kaitwade

Principal Consultant

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What is the Asia Pacific Commercial Induction Cooktops Market Outlook

The ever-increasing population and rising spending power of consumers in India, China, and Japan are anticipated to accelerate the Asia Pacific commercial induction cooktops market growth. Surging preferences for contemporary appliances in restaurants and canteens are also expected to push the regional market.

The increasing number of educational and healthcare institutions across Asia Pacific is driving the rapid development of canteens. Also, the growing number of shopping malls and office buildings in urban areas are likely to augment the market.

Market Competition

Some of the renowned companies present in the global commercial induction cooktops market include Panasonic Corporation, CookTek, The Vollrath Company, LLC, Garland Group, Elecpro, APW Wyatt, Equipex, True Induction, Globe Food Equipment Co., Lincat Limited, Buffalo, Fisher & Paykel Appliances Limited, ELAG Products GmbH, Dipo Induction, Admiral Craft Equipment Corp., Hatco Corporation, and Spring USA among others.

The global market is highly fragmented with the presence of a large number of international and domestic companies. Majority of these key players are striving to generate more share in the market. They are mainly focusing on launching innovative products and investing huge sums in research and development activities to gain a competitive edge.

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Report Scope

Key Segments Profiled in the Commercial Induction Cooktops Industry Survey

By Number of Hobs:

• Single Hob Commercial Induction Cooktops
• Double Hob Commercial Induction Cooktops
• Multi Hob Commercial Induction Cooktops

By Type of Installation:

• Countertop Commercial Induction Cooktops
• Drop-In Commercial Induction Cooktops
• Floor-Standing Commercial Induction Cooktops

By End User:

• Restaurants
• Hotels
• Canteens
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East and Africa