This Induction Hob market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Induction Hob market.
Global Induction Hob Market Outlook
The global kitchenware appliances market is being growing due to surge in the professional steward consumer segment globally. It includes Water Purifiers, Microwave Oven, Refrigerator, Induction Hob, and Dishwasher. Refrigerators are one of most essential home appliances in every house and it consumes more energy compared to other kitchen appliances and hence, energy-efficiency has become the most important factor considered by consumers while making the purchase decision. However, induction hob utilizes electrical induction technology to heat cookware and uses a magnetic field for making it hot. Hence, induction hob does not heat the utensils and top. This makes an induction hob a safer and more energy-efficient option than a gas hob and consumers are attracted to buy this product.
Global Induction Hob Market: Reasons for Covering this Title
Global demand for household induction hobs is high among the urban population and the factors are high purchasing power, better infrastructural facilities and increase in working population. Rise in fuel prices for conventional gas cooktops and growth in trend for modular kitchens along with comfortable & safety benefits to the users are the major factors that drive the household induction hobs market. However, increase in demand for modular kitchens is another reason for induction hob’s market growth. In addition, increase in GDP along with growth in sales of household kitchen appliances further drives the household induction hobs market growth. However, need for specialized cookware and high initial investment hamper the growth of household induction hobs industry.
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Some of the key players operating in the global Induction Hob market are 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.
Induction Hob Market: Key Trends
- Induction hobs are energy-efficient and consumers are inclined towards purchasing such appliances. In addition, government of developed countries like the US and EU countries are promoting the use of more energy-efficient products
- Manufacturers are innovating products in different sizes so that these can be used in different ways, such as, on the countertop or built-in mode
- Modular kitchens have now become an integral part of new residential projects, particularly in urban areas, as they maximize the use of space and are designed to suit consumers' preferences
Induction Hob Market: Key Developments
- Electrolux has launched a sensor-enabled induction hob at IFA 2018. The new SenseFry induction hob which has an intuitive touchscreen for easy control and a fry sensor to maintain an even temperature across the surface of a pan for best frying results
- In 2016, AGA released its 48-inch induction hob, designed for high-end large kitchens, which is the biggest induction hob available in the market till now
Opportunities for Induction Hob Market Participants
Technological advancement is one of the reason for market participants which is continuously adopted by the manufacturers and they are upgrading by adding new features like sensor touch keys for ease of use, auto-off program cooks food safely, energy efficiency, and preset timer function for delayed cooking. Along with these factors, the global market also depends on consumer awareness and performance of induction hobs. Consumers are moving towards another side where they are health conscious and aware about technological advancements. Moreover, rise in disposable income, energy-efficiency of the cooktop/energy consumption, better safety features, need for specialized cookware, and adoption of smart household kitchen appliances by the consumers is majorly impacting the global household induction hobs market. All these factors collectively contribute towards the market growth and opportunity for the market players to improve on the quality as well as the increase in sales.
Brief Approach to Research for Induction Hob Market
FMI will follow a modeling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the nature, formats, and application of segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall Induction Hob Market sizes.
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Global Induction Hob Market: Market Segmentation
On the basis of types, the global Induction Hob Market has been segmented as –
- Free standing & portable cooktops
- Built-in cooktops
On the basis of application, the global Induction Hob Market has been segmented as –
- Household
- Commercial
On the basis of the distribution channel, the global Induction Hob Market has been segmented as –
- Direct
- Indirect
- Hypermarket/Supermarket
- Specialty Stores
- Independent Stores
- Online Store
- Others
On the basis of types, the global Induction Hob Market has been segmented as –
- Free standing & portable cooktops
- Built-in cooktops
On the basis of application, the global Induction Hob Market has been segmented as –
- Household
- Commercial
On the basis of the distribution channel, the global Induction Hob Market has been segmented as –
- Direct
- Indirect
- Hypermarket/Supermarket
- Specialty Stores
- Independent Stores
- Online Store
- Others
Some of the key data points covered in our report include:
- An overview of the Induction Hob Market, including background and evolution
- Macroeconomic factors affecting the Induction Hob Market and its potential
- Induction Hob Market dynamics, such as drivers, challenges, and trends
- Detailed value chain analysis of the Induction Hob Market
- The cost structure of the products and segments covered in the study for Induction Hob Market
- In-depth pricing analysis, by key product segments, regions and by major Induction Hob Market participants
- Analysis of supply and demand, such as top producing and consuming geographies, imports/exports, and overall trade scenario for Induction Hob
- Analysis of the Induction Hob Market structure, including a tier-wise categorization of key market participants
- Competitive landscape of the Induction Hob Market, including detailed profiles of the top players in this market
Frequently Asked Questions
What research methodology is used to develop the Induction Hob Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Induction Hob Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Induction Hob Market report?
In addition to up-to-date market figures and customized of the Induction Hob Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.