Product Code: GVR-3-68038-253-2
Induction Cooktops Market Growth & Trends:
The global induction cooktops market is anticipated to reach USD 38.02 billion by 2030 and is anticipated to expand at a CAGR of 6.2% during the forecast period, according to a new report by Grand View Research, Inc. The increased use of induction cooktops in Asia and Western areas of the world has been fueled by rising customer demand for hassle-free and clean cooking technology. Induction cooktops provide a number of advantages over standard gas stoves, such as faster water boiling, no heating of the burners, easy surface cleaning, and energy efficiency. These advantages have attracted not only a significant number of home chefs but also professional chefs.
Induction stoves are not luxury appliances for image-conscious elites despite the fact that they are a little more expensive than gas or electric stoves. The most affordable induction range costs approximately USD 600, which is only a few hundred dollars more than a mid-tier gas or electric freestanding range. Consumer preferences have shifted, not just in terms of product pricing but also in terms of purchase methods. The prevalence of e-commerce has further boosted the popularity and demand for induction cooktops. In the past, consumers favored in-store buying over online shopping. However, in recent years, online shopping has become increasingly popular. The option to select from a wide variety of products, along with enticing prices, has led to an increase in product sales through online distribution channels.
Government-sponsored initiatives for energy efficiency and sustainability, such as The Energy Efficiency Services Limited (EESL), under the Ministry of Power, plan to distribute 2 billion energy-efficient induction cooktops across India. Furthermore, this initiative is expected to offer a cost advantage of 25-30% compared to traditional cooking methods.
Induction Cooktops Market Report Highlights:
- The built-in product segment accounted for the largest revenue share of 64.1% in 2024 and is expected to register the fastest CAGR during the forecast period. This is attributed to the increasing demand from residential as well as commercial sectors.
- The specialty stores distribution channel segment accounted for the maximum revenue share in 2024
- The online segment is estimated to expand at the fastest CAGR over the forecast period owing to increasing number of customers opting for online shopping due to its convenience and efficiency
- Europe dominated the regional market in 2024 and accounted for a revenue share of more than 30%. It is attributed to the rising number of fast food and hotel chains in the region.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Induction Cooktops Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent Market Outlook
- 3.1.2. Related Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Analysis
- 3.3.2. Market Restraint Analysis
- 3.3.3. Industry Challenges
- 3.3.4. Industry Opportunities
- 3.4. Industry Analysis Tools
- 3.4.1. Porter's Five Forces Analysis
- 3.5. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
- 4.1. Demographic Analysis
- 4.2. Consumer Trends & Preferences
- 4.3. Factors Influencing Buying Decisions
- 4.4. Consumer Product Adoption Trends
- 4.5. Observations & Recommendations
Chapter 5. Induction Cooktops Market: Product Estimates & Trend Analysis
- 5.1. Induction Cooktops Market Product: Key Takeaways
- 5.2. Product Movement Analysis & Market Share, 2024 & 2030
- 5.3. Induction Cooktops Market Estimates & Forecast, By Product, 2018 to 2030 (USD Billion)
- 5.3.1. Built-in
- 5.3.1.1 Market Estimates & Forecasts, 2018 to 2030 (USD Billion)
- 5.3.2. Free-standing
- 5.3.2.1 Market Estimates & Forecasts, 2018 to 2030 (USD Billion)
Chapter 6. Induction Cooktops Market: Application Estimates & Trend Analysis
- 6.1. Induction Cooktops Market Application: Key Takeaways
- 6.2. Application Movement Analysis & Market Share, 2024 & 2030
- 6.3. Induction Cooktops Market Estimates & Forecast, By Application, 2018 to 2030 (USD Billion)
- 6.3.1. Household
- 6.3.1.1. Market Estimates & Forecasts, 2018 to 2030 (USD Billion)
- 6.3.2. Commercial
- 6.3.2.1. Market Estimates & Forecasts, 2018 to 2030 (USD Billion)
Chapter 7. Induction Cooktops Market: Distribution Channel Estimates & Trend Analysis
- 7.1. Induction Cooktops Market Distribution Channel: Key Takeaways
- 7.2. Distribution Channel Movement Analysis & Market Share, 2024 & 2030
- 7.3. Induction Cooktops Market Estimates & Forecast, By Distribution Channel, 2018 to 2030 (USD Billion)
- 7.3.1. Hypermarkets & Supermarkets
- 7.3.1.1. Market Estimates & Forecasts, 2018 to 2030 (USD Billion)
- 7.3.2. Specialty Stores
- 7.3.2.1. Market Estimates & Forecasts, 2018 to 2030 (USD Billion)
- 7.3.3. Online
- 7.3.3.1. Market Estimates & Forecasts, 2018 to 2030 (USD Billion)
Chapter 8. Induction Cooktops Market: Regional Estimates & Trend Analysis
- 8.1. Induction Cooktops Market: Regional Outlook
- 8.2. Regional Marketplaces: Key Takeaways
- 8.3. Induction Cooktops Market Estimates & Forecast, By Region, 2018 to 2030 (USD Billion)
- 8.4. North America
- 8.4.1. North America Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.4.2. U.S.
- 8.4.2.1. Key country dynamics
- 8.4.2.2. U.S. Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.4.3. Canada
- 8.4.3.1. Key country dynamics
- 8.4.3.2. Canada Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.5. Europe
- 8.5.1. Europe Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.5.2. Germany
- 8.5.2.1. Key country dynamics
- 8.5.2.2. Germany Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.5.3. UK
- 8.5.3.1. Key country dynamics
- 8.5.3.2. UK Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.5.4. France
- 8.5.4.1. Key country dynamics
- 8.5.4.2. France Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.5.5. Spain
- 8.5.5.1. Key country dynamics
- 8.5.5.2. Spain Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.5.6. Italy
- 8.5.6.1. Key country dynamics
- 8.5.6.2. Italy Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.6. Asia Pacific
- 8.6.1. Asia Pacific Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.6.2. China
- 8.6.2.1. Key country dynamics
- 8.6.2.2. China Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.6.3. Japan
- 8.6.3.1. Key country dynamics
- 8.6.3.2. Japan Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.6.4. India
- 8.6.4.1. Key country dynamics
- 8.6.4.2. India Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.6.5. Australia
- 8.6.5.1. Key country dynamics
- 8.6.5.2. Australia Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.6.6. South Korea
- 8.6.6.1. Key country dynamics
- 8.6.6.2. South Korea Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.7. Central & South America
- 8.7.1. Central & South America Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.7.2. Brazil
- 8.7.2.1. Key country dynamics
- 8.7.2.2. Brazil Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.8. Middle East & Africa
- 8.8.1. Middles East & Africa Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
- 8.8.2. South Africa
- 8.8.2.1. Key country dynamics
- 8.8.2.2. South Africa Induction Cooktops market estimates & forecast, 2018 - 2030 (USD Million)
Chapter 9. Induction Cooktops Market - Competitive Landscape
- 9.1. Recent Developments & Impact Analysis by Key Market Participants
- 9.2. Company Categorization
- 9.3. Company Market Share, 2024
- 9.4. Company Heat Map/ Positioning Analysis
- 9.5. Strategy Mapping
- 9.6. Company Profiles
- 9.6.1. Haier Inc.
- 9.6.1.1. Company Overview
- 9.6.1.2. Financial Performance
- 9.6.1.3. Product Benchmarking
- 9.6.1.4. Strategic Initiatives
- 9.6.2. Midea
- 9.6.2.1. Company Overview
- 9.6.2.2. Financial Performance
- 9.6.2.3. Product Benchmarking
- 9.6.2.4. Strategic Initiatives
- 9.6.3. Panasonic Malaysia Sdn Bhd.
- 9.6.3.1. Company Overview
- 9.6.3.2. Financial Performance
- 9.6.3.3. Product Benchmarking
- 9.6.3.4. Strategic Initiatives
- 9.6.4. SAMSUNG
- 9.6.4.1. Company Overview
- 9.6.4.2. Financial Performance
- 9.6.4.3. Product Benchmarking
- 9.6.4.4. Strategic Initiatives
- 9.6.5. Philips Electronics
- 9.6.5.1. Company Overview
- 9.6.5.2. Financial Performance
- 9.6.5.3. Product Benchmarking
- 9.6.5.4. Strategic Initiatives
- 9.6.6. LG Electronics
- 9.6.6.1. Company Overview
- 9.6.6.2. Financial Performance
- 9.6.6.3. Product Benchmarking
- 9.6.6.4. Strategic Initiatives
- 9.6.7. Robert Bosch GmbH
- 9.6.7.1. Company Overview
- 9.6.7.2. Financial Performance
- 9.6.7.3. Product Benchmarking
- 9.6.7.4. Strategic Initiatives
- 9.6.8. Miele & Cie. KG
- 9.6.8.1. Company Overview
- 9.6.8.2. Financial Performance
- 9.6.8.3. Product Benchmarking
- 9.6.8.4. Strategic Initiatives
- 9.6.9. Whirlpool Corporation
- 9.6.9.1. Company Overview
- 9.6.9.2. Financial Performance
- 9.6.9.3. Product Benchmarking
- 9.6.9.4. Strategic Initiatives
- 9.6.10. Electrolux AB
- 9.6.10.1. Company Overview
- 9.6.10.2. Financial Performance
- 9.6.10.3. Product Benchmarking
- 9.6.10.4. Strategic Initiatives
- 9.6.11. Fisher & Paykel Appliances Holdings Ltd.
- 9.6.11.1 Company Overview
- 9.6.11.2 Financial Performance
- 9.6.11.3 Product Benchmarking
- 9.6.11.4 Strategic Initiatives
- 9.6.12. Daewoo Electronics Corporation
- 9.6.12.1 Company Overview
- 9.6.12.2 Financial Performance
- 9.6.12.3 Product Benchmarking
- 9.6.12.4 Strategic Initiatives