The Global Household Induction Cooktops Market size is expected to reach $21.1 billion by 2030, rising at a market growth of 7.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 28,747.5 thousand units, experiencing a growth of 7.4% (2019-2022).
Modern induction cooktops in France feature precise temperature control for each cooking zone. Consequently, the Europe region captured $4,396.5 million revenue in the market in 2022. This allows users in France to fine-tune the heat intensity for different cooking tasks, offering a high level of precision and adaptability to various culinary needs. With their sleek and flat surfaces, induction cooktops contribute to a clean and uncluttered aesthetic, appealing to those who appreciate modern and minimalist interiors in Germany. Integration with smart home platforms and voice-controlled virtual assistants like Amazon Alexa or Google Assistant enables users in France to control and monitor their cooktops remotely, enhancing convenience and efficiency. Some of the factors impacting the market are expansion of smart home integration, rapid urbanization and the trend toward small living spaces, and perceived high initial cost with induction cooktops.
Smart induction cooktops enable users to control and monitor their cooking appliances through mobile applications remotely. This feature allows users to preheat, adjust settings, or turn off the cooktop even when they are not physically present in the kitchen. Remote control makes cooking convenient and appeals to users with busy schedules. Integration with virtual assistants, like Amazon Alexa and Google Assistant, enables users to control the induction cooktop using voice commands. Additionally, Rapid urbanization and the trend toward smaller living spaces, such as apartments and condos, have driven the popularity of compact and space-efficient appliances. With their sleek design and efficient use of space, induction cooktops are well-suited for urban dwellings. The sleek and modern design of induction cooktops aligns with the aesthetic preferences of urban dwellers. The minimalist design contributes to a visually appealing kitchen environment, which is often a priority in smaller living spaces where every inch of space is valuable. As a result of the increasing urbanization and the trend toward small living spaces, the market is anticipated to increase significantly.
However, one significant challenge is the perception of high initial costs associated with induction cooktops compared to traditional cooking appliances. While prices have decreased, the upfront investment for induction cooktops can still be a barrier for some cost-conscious consumers. Affordability is a crucial factor for many consumers, and the perception of a high initial cost can create affordability concerns. Thus, perceived high initial cost with induction cooktops can slow down the growth of the market.
By type, the market is categorized into free-standing & portable and built-in. The free-standing & portable segment covered a considerable revenue share in the market in 2022. Free-standing & portable segment offer unparalleled flexibility in terms of placement within the kitchen space. Users can position them on countertops, islands, or any convenient location, providing kitchen layout and design flexibility. The rise in people living in rental properties or temporary accommodations has increased the demand for portable kitchen appliances.
Based on distribution channel, the market is classified into offline and online. In 2022, the offline segment witnessed the highest revenue share in the market. Offline retail outlets provide consumers with the opportunity for in-person product demonstrations. Potential buyers can see, touch, and experience the features of household induction cooktops firsthand. This tactile experience often helps consumers make more informed purchasing decisions, especially when evaluating the appliances' aesthetics, build quality, and user interface.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 12.3 Billion |
| Market size forecast in 2030 | USD 21.1 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.1% from 2023 to 2030 |
| Number of Pages | 252 |
| Number of Table | 470 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | Whirlpool Corporation, LG Corporation, Panasonic Holdings Corporation, Sub-Zero Group, Inc., Haier Smart Home Co., Ltd. (Haier Group Corporation), Koninklijke Philips N.V., Robert Bosch GmbH, SMEG S.p.A., AB Electrolux, and Miele & Cie. KG |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region acquired a significant revenue share in the market. Consumers in North America, particularly those focusing on sustainability and energy conservation, are drawn to induction cooktops as an eco-friendly alternative to traditional cooking methods. Manufacturers and retailers have been actively promoting the benefits of induction cooking, leading to increased awareness among consumers in North America.
Free Valuable Insights: Global Household Induction Cooktops Market size to reach USD 21.1 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Whirlpool Corporation, LG Corporation, Panasonic Holdings Corporation, Sub-Zero Group, Inc., Haier Smart Home Co., Ltd. (Haier Group Corporation), Koninklijke Philips N.V., Robert Bosch GmbH, SMEG S.p.A., AB Electrolux, and Miele & Cie. KG
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Distribution Channel (Volume, Thousand Units, USD Billion, 2019-2030)
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
Companies Profiled
This Market size is expected to reach $21.1 billion by 2030.
Expansion of smart home integration are driving the Market in coming years, however, Perceived high initial cost with induction cooktops restraints the growth of the Market.
Whirlpool Corporation, LG Corporation, Panasonic Holdings Corporation, Sub-Zero Group, Inc., Haier Smart Home Co., Ltd. (Haier Group Corporation), Koninklijke Philips N.V., Robert Bosch GmbH, SMEG S.p.A., AB Electrolux, and Miele & Cie. KG
In the year 2022, the market attained a volume of 28,747.5 thousand units, experiencing a growth of 7.4% (2019-2022).
The Built-In segment is registering the maximum revenue in the Market, By Type in 2022; thereby, achieving a market value of $12.9 billion by 2030.
The Europe region is generating the highest revenue in the Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $6.8 billion by 2030.
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