Induction Cooktops Market Size, Share & Trends Analysis Report by Product (Built-in, Free-standing), By Application (Household, Commercial), By Distribution Channel (Online, Specialty Stores) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)
Induction Cooktops Market Overview
The global induction cooktops market size was valued at USD 18,667.8 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028.
Induction cooking uses electric currents to directly heat pots and pans through magnetic induction. Instead of using thermal conduction (a gas or electric element transferring heat from a burner to a pot or pan), induction heats the cooking vessel itself almost instantly.
An increase in the number of residential and non-residential development projects, as well as a rise in the number of restaurants and eateries are some of the factors that have supported long-term expansion for Induction Cooktops Market.
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Induction Cooktops Market Regional Analysis
Europe was the largest regional market in 2020 and accounted for a revenue share of over 35%. On the other hand, Asia Pacific is estimated to register the fastest CAGR from 2021 to 2028.
Induction Cooktops Market Competitive Landscape
Key Players
• Whirlpool Corp.
• LG Electronics, Inc.
• Electrolux AB
• TTK Group
• Smeg S.p.A.
• Koninklijke Philips N.V.
• Robert Bosch GmbH
• Avis Rent a Car System, LLC
• Panasonic Corp.
• Sub-Zero Group, Inc.
• Miele & Cie. KG
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Induction Cooktops Market Recent Developments
• November 2021 on, Miele will be using just under 24 tonnes of low-carbon steel per month in the production of 60 cm ovens. The CO2 emissions generated in manufacturing this material are reduced by more than 66 % by harnessing climate-friendly energy sources and reusing scrap steel. In introducing this change, Miele is making an initial contribution to further reducing emissions from purchased goods and services (Scope 3.1) and taking an important step towards achieving its ambitious sustainability targets. This 'green steel' will be used to produce a cover plate for cookers and ovens, all of which are produced at Miele's Oelde plant.
Reasons to Acquire in the Induction Cooktops Market
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
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• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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