Global Induction Cooktop Market to show 6% CAGR
The induction cooktop is one of the most sophisticated novel innovations used to with an electric heating element or flame, energy wastage by heating up the surrounding air around the cooking vessel is very less and it makes the induction cook the food in an effortless and efficient manner. Technically, it works on electricity and is completely safe to use. The global induction cooktop market was evaluated to be USD 10.1 Bn in 2017 and is projected to reach USD 15 Bn by 2024. The market is expected to grow at a CAGR of 6% from 2018 to 2024.
Induction cooktops use induction technology to produce an electromagnetic field and transfer heat directly to the bottom of the metal vessel that is basically made of ferrous metals such as cast iron or steel. Fundamentally, cooking vessel is heated by a magnetic field rather than heating the bottom of the cooking vessel cooktop energy proficient. The cooking surface of induction cooktops is generally made from tough, heat-resistant ceramic or glass. They are energy efficient and helpful in the fast cooking of the food as compared to other traditional cooking appliances. They are durable, strong, and very easy to clean since they are made of ceramic or glass cooktops.
Growing awareness among the people about the kitchen appliances which are energy efficient along with advanced safety features are the major driving factors for the induction cooktop market. There are various advantages of using induction cooktops. To begin with, they are more energy efficient appliances when compared to other traditional cooking appliances. They help cook food quicker than conventional ones. Moreover, they are built from glass or ceramic cooktops that are durable, strong and easy to maintain and clean. In fact, induction cooktops can cook food even at low temperatures. Besides, induction cooktops come with a safety function feature and shut off automatically when cooking vessel is not placed on the top. These factors are again adding impetus growth to the market growth.
Ongoing urbanization worldwide and growing awareness among people to choose for energy efficient kitchen appliances with advanced features are expected to stimulate the market growth of induction cooktops. Owing to the rising prices of conventional cooking fuel, people are choosing induction cooktops as an alternative option. Moreover, now induction cooktops have become a part of lifestyle standards for healthy and safe cooking.
Furthermore, rising adoption of innovative smart kitchen appliances has been contributing to the growth of household induction cooktops market. Also, automatic operation in household cooking equipment has been a great success in gaining consumer’s attention across the globe. At the same time, major participants have been frequently coming up with innovative products. These advanced products are becoming popular among the consumers owing to the plenty of benefits they provide. Thus, owing to the aforementioned factor are shaping the demand for induction cooktops worldwide.
From the geographical perspective, Europe holds a major market share in the global induction cooktops market. Whereas, Asia Pacific region is foreseen to be a promising market for induction cooktops in the years to come owing to rising disposable incomes, rapid urbanization coupled with the growing population base that leads to increasing in sales of induction cooktops especially in China and India.
The high cost of the induction cooktops is the major restraint for induction cooktops market as they are two to three times more expensive than a traditional gas or electric cooktop.
Major players engaged in the induction cooktops market include Avantco Equipment, Inalsa, Eurodib, Alluserv, Philips India, APW Wyott, Bajaj Electricals, Stovekraft, Panasonic, TTK Prestige Ltd., Vollrath, Haier Group, LG Electronics, Hatco, Bon Chef, Waring, Cal-Mil, and Globe.
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