According to the Market Statsville Group (MSG), the global induction cooktops market size is expected to grow from USD 22.5 billion in 2022 to USD 52.9 billion by 2033, at a CAGR of 8.1% from 2023 to 2033.
The global induction cooktops market has grown steadily in recent years, driven by the rising popularity of energy-efficient and convenient kitchen appliances. Induction cooktops are becoming more common in households due to their ability to heat food quickly and precisely while using less energy than traditional gas or electric cooktops. The increasing adoption of smart home appliances is the major driving factor for market growth. With the rise of connected homes, consumers are looking for appliances that can be controlled remotely or programmed to operate automatically. Induction cooktops with Wi-Fi connectivity, voice control, and mobile app integration are gaining popularity among tech-savvy consumers. Another factor driving the growth of the induction cooktops market is the rising trend of open-plan kitchens. Open-plan kitchens are gaining popularity as they provide a more social and functional space for cooking and entertaining. Induction cooktops offer several benefits for open-plan kitchens, including their sleek design, easy cleaning, and safety features.
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Definition of the Global Induction Cooktops Market
Induction cooktops are kitchen appliances that use electromagnetic fields to heat up pots and pans directly rather than heating the surface underneath. They require specialized cookware that is made of magnetic material, such as cast iron or stainless steel, which allows the magnetic field to generate heat within the cookware. The electromagnetic field is created by passing an alternating current through a coil of copper wire beneath the ceramic glass surface of the cooktop. Induction cooktops are well known for their energy efficiency, precise temperature control, and quick heating capabilities. They also offer several safety features, such as automatic shut-off when there is no cookware on the surface, and their smooth, flat surface makes them easy to clean.
Scope of the Global Induction Cooktops Market
The study categorizes the induction cooktops market based on product type, application and distribution channel area at the regional and global levels.
By Product Type Outlook (Sales, USD Million, 2019-2033)
Built-in
Free-standing
By Application Outlook (Sales, USD Million, 2019-2033)
Household
Commercial
By Distribution Channel Outlook (Sales, USD Million, 2019-2033)
Hypermarkets & Supermarkets
Specialty Stores
Online
By Region Outlook (Sales, USD Million, 2019-2033)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
The Netherlands
Norway
Czech Republic
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
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Built-in segment accounts for the largest market share by product type
Based on the product type, the market is divided into built-in and free-standing. The built-in segment accounted for the largest market share in 2022 in the global induction cooktops market. Built-in induction cooktops are designed to be installed into kitchen countertops or islands, creating a seamless and integrated look. They offer a sleek and modern design that is popular in high-end and smart/modern kitchen designs. The built-in induction cooktops are also known for their precise temperature control, energy efficiency, and safety features, which make them a popular choice among homeowners. They offer a flat, smooth surface that is easy to clean and maintain. Additionally, the built-in induction cooktops segment is expected to continue its dominance in the market due to the growing trend of open-plan kitchens and smart homes. As consumers seek to create more functional and connected living spaces, built-in induction cooktops offer a versatile and sophisticated solution.
Asia Pacific accounted for the largest market share by Region
Based on the regions, the global induction cooktops market has been segmented across Europe, North America, Asia-Pacific, South America, and the Middle East & Africa. Asia Pacific accounted for the largest market share in 2022. Asia-Pacific region is the largest market for induction cooktops due to the growing population, rapid urbanization, and rising disposable income levels in countries such as China and India. These factors have increased demand for home appliances, including induction cooktops, as consumers seek to upgrade their living standards.
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Competitive Landscape: Global Induction Cooktops Market
The induction cooktops market is a significant competitor and extremely cutthroat in the sector is using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Major key players in the global induction cooktops market are:
Whirlpool Corporation
Electrolux AB
Robert Bosch GmbH
LG Electronics Inc.
Samsung Electronics Co., Ltd.
Panasonic Corporation
Haier Group Corporation
Midea Group Co., Ltd.
Fisher & Paykel Appliances Holdings Limited
Groupe SEB
BSH Home Appliances Corporation
Kenmore
Viking Range, LLC
True Induction, LLC
NuWave, LLC
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Recent Development
In February 2023, Kenmore introduced a new initiative aimed at assisting customers in switching to zero-emission electric appliances, with the ultimate objective of electrifying one million households. By teaming up with SPAN, a top electrification technology company, Kenmore is broadening its range of available products and removing barriers to home electrification and decarbonization. As a result, homeowners will save over $1 billion over the next decade.
In January 2023, GE Appliances launched new induction cooktop line-up manufactured at its Plant in Walker County.
In August 2019, Electrolux AB launched new Electrolux SenseFry induction hob across Europe.