Induction Hob Market

Global Induction Hob Market Overview

The global induction hob market is expected to garner a market value of US$ 19 Million in 2022 and is expected to record a CAGR of 9% during the forecast period from 2022 to 2032. The market is likely to secure around US$ 44 Million by 2032. The market growth can be attributed to the increasing number of residential and non-residential development projects, along with the increasing number of the food chain and restaurants across the globe.

Induction hobs are different from other hobs. These hobs directly heat the pan and do not heat the hob ring. When the induction hob is turned on, a magnetic field is activated and the base pan gets heated. When the pan is placed on the hob, the circuit is finished and the base pan gets heated. That is why induction cooking is fast and efficient.

Induction is the fastest way of cooking available in the market. It is relatively faster than gas and can even beat a kettle in boiling water. Further, various developments like cooking appliance manufacturers replacing old mechanical controls and displays to lessen the after-sale expenses have provided a significant boost to the market. Moreover, with the increasing demand for eco-friendly appliances and to enhance electricity accessibility, the market graph can spike significantly in the forecast period. Besides, increasing demand for modular kitchens is predicted to fuel the demand for induction hob in the coming time. The benefits associated with induction hob like speed, responsiveness, energy efficiency, ease of use, among others have propelled the market expansion notably.

What are the Factors Spearheading the Global Induction Hob Market?

Rising adoption of high-tech appliances is projected to support the market growth in the forecast period. The robust penetration of e-commerce across the globe, especially in developing countries, has provided a significant boost to the market.

The product is anticipated to witness a good number of demand from the residential and commercial segment, which is likely to propel the market in the forecast period. The household segment is anticipated to account for a considerable share of the induction. In addition, the online sale of induction hobs is expanding at a fast pace, providing lucrative opportunities to the market.

The growing requirement for time-saving and energy-efficient appliances is a salient cause growing the market size significantly. The increasing demand of the millennial population to facilitate the cooking procedure is another salient cause bolstering the industry significantly. In addition, the higher adoption of modular kitchens in emerging economies like China and India is pushing the market growth in the assessment period.

What are the Factors Restraining the Induction Hub Market?

The presence of alternative cooking appliances at a lower cost is expected to be the most important factor restraining the industry during the forecast period. In addition, induction hobs are premium products therefore, they are expensive and not easily affordable. Moreover, the product demands heavy investments which are likely to hamper the industry growth in the forecast period.

In addition, the induction hobs require a specific electrical requirement and one needs to hire an electrician for the purpose, which makes consumers reluctant in buying the appliance. Also, one needs to have a compatible pan for the hob induction as all pans are not suitable for the device. However, pans made with magnetic stainless or cast iron can be used.

Why is APAC projected to be the fastest-growing market?

The analysis reveals that APAC is anticipated to be the fastest-growing market during the forecast period. The growing number of small and medium production units in evolving nations such as India, China, and Japan are likely to play a significant role in driving the industry in the assessment period.

Rapid urbanization and increasing disposable income are the key factors propelling the market in the region. Moreover, the inclination towards contemporary appliances is likely to contribute to market development. In addition, the technological development in appliances is expected to offer significant opportunities to the key players of the region. For instance, Panasonic induction uses cutting-edge technology and consists of attributes like accurate temperature, four cooking zones, and an LED display with a slider regulator.

Sneha Verghese

Principal Consultant

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What is the Contribution of Developed Countries in Driving the Market?

Europe is expected to be the largest market for induction hobs in 2022, expected to have garnered about 35% of the market share. In addition, North America has also been identified as a lucrative market making a significant contribution in developing the market.

The expansion of the developed markets can be attributed to the presence of established key players in the region, making a considerable contribution to strengthening the industry. For instance, Robert Bosch GmbH introduced Bosch Induction Cooktops which enables consumers to synchronize their hobs with the wall hood.

Among all, the U.S is projected to have secured the largest market share in North America. Further, the high disposable income of the masses makes it easier for them to afford such high-tech expensive appliances, thereby, spiking the market growth graph up.

Market Competition

The global induction hub market is a competitive industry with players taking several initiatives to secure the forefront position. Some of the eminent players of the market include Toshiba, Haier, Gree Electric Appliances, SMEG, Whirlpool, Mitsubishi Electric, Daikin Industries, Dwyer Instruments, Ingersoll-Rand, Carrier, Airwell Group, LG Electronics, Lennox International, SHARP, Johnson Controls, Siemens AG, Voltas, Samsung Electronics, and Electrolux among others.

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Report Scope

Key Segments Profiled in the Global Induction Hob Market

Type:

• Free Standing & Portable Cooktops
• Built-in Cooktops

Application:

• Commercial Induction Hobs
• Household Induction Hobs

Distribution Channel:

• Direct Induction Hob Sales
• Indirect Induction Hob Sales

Region:

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