Induction Stove Market Size, Share, Growth 2023-2028
The ‘Global Induction Stove Market Size, Share, Growth, Trends, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global induction stove market, assessing the market based on its segments like product, distribution channel, application, and major regions.
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The key highlights of the report include:
Market Overview 2018-2028
• Historical Market Size (2021): USD 15.9 billion
• Forecast CAGR (2023-2028): 6.40%
• Forecast Market Size (2027): USD 23.1 billion
With the advancement in technology and the growing awareness regarding induction cooking, the demand for induction stoves is gaining traction. Induction stoves offer plenty of benefits that are driving their use by people across the globe. Compared to conventional electric stoves and gas stoves, an induction stove is 5-10% and 3% more efficient, respectively. Further, they are a great option to maintain indoor air quality. Other advantageous benefits of induction stoves are built-in safety features and ease in the preparation of meals.
Further, the use of an induction stove reduces cooking time and has a low maintenance cost. People are getting inclined toward the use of induction stoves as they add up more flexibility and convenience to one’s kitchen. The growing prices of gas are also driving people to shift to the use of induction stoves. Asia Pacific is expected to witness a promising CAGR during the forecast period of 2022-2027. In countries like India, induction stoves are widely accessible in both cities and villages, which highlights their popularity among the people. Considering all the aforementioned factors, the outlook of the market seems to be positive.
Philips, Prestige, LG, and Samsung are among the most popular brands of induction stoves. These brands offer a variety of products in different price ranges, providing multiple options for customers. However, the market for induction stoves might face a major challenge which is the requirement of induction-compatible cookware items for the use of induction stoves.
Induction Stove Industry Definition and Major Segments
Induction stoves are a type of electric stove that gets power and precision through induction technology and thus produces energy via an electromagnetic field that is below the glass cooktop surface. This energy is then transferred in the form of a current directly to magnetic cookware, which then leads to the heating and cooking of food.
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Firstly, the global market for induction stoves has been segmented based on the product as:
• Built-in
• Free-standing
• Portable
The various modes of distributing induction stoves include:
• Supermarkets/Hypermarkets
• E-Commerce Store
Based on the application of induction stoves, the market has been classified as:
• Residential
• Commercial
The regional segmentation includes North America, Europe, Asia Pacific, Middle East and Africa. These regions have been further bifurcated into their respective country to provide a better picture of the regional market scenario.
Induction Stove Market Trends
With growing disposable income, people are getting inclined toward better and more innovative home appliances that make their life simpler. The market is flooded with a variety of brands with different and attractive features. Market players are also actively involved in the research and development of new products. In 2021, Samsung Electronics Co., Ltd launched a new smart induction cooktop.
The product has a 30” smart induction built-in cooktop with a Wi-Fi feature. The product not only reduces the use of energy, but also leads to lower emissions during cooking. Further, in 2022, Kent RO Systems Ltd, an Indian company, launched Jewel Induction Cooktop with a power consumption of 2000W and 8 pre-set menu options, that include chapati, curry, soup, milk boiling, and rice. Such innovations are contributing significantly to the increased demand for induction stoves.
The increasing use of inductive stoves in commercial settings, owing to fast cooking, also provides a promising opportunity for induction stove market players. Furthermore, the penetration of online sales channels in the shopping of induction stoves is witnessing a constant surge, as it offers convenience, huge discounts during the festive season, and the benefit of home delivery. Also, the growing inclination towards energy-efficient products is a key trend that is being observed in the inductive stoves market.
Key Market Players
The major players in the induction stove market are
• Robert Bosch GmbH
• Samsung Electronics Co., Ltd.
• Whirlpool Corporation
• LG Electronics Inc.
• Panasonic Corporation
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyzes the market demand and its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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