A comprehensive overview of the global Induction Hobs market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Induction Hobs market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels. The global Induction Hobs market is likely to showcase the growth of more than 5% during the forecast period (2021-2027).
Access sample report (including graphs, charts, and figures):@ https://univdatos.com/get-a-free-sample-form-php/?product_id=24088
Market Overview
Induction hobs are very different from all the other hobs on the market, as they directly heat the pan and not the hob ring. When you turn on an induction hob, a magnetic field underneath the surface is activated. When you place a pan on the hob, the circuit is completed, and the base of the pan gets heated. A rise in disposable income and growing demand for energy-efficient appliances are contributing to the growth of the market
The emerging number of working professionals coupled with the busy and hectic life schedule is leading to the growing number of quick-service restaurants, therefore, the market of induction hobs is uplifting, As per Statista, the market size of the quick-service restaurant industry worldwide consistently increased in each year. In 2019, the sector was valued at approximately 875.26 billion U.S. dollars, reflecting an increase over the previous year's size of 862.58 billion U.S. dollars. The emerging demand for energy efficiency is also propelling the demand for induction hobs. Quick-service restaurants (QSRs) are some of the most energy-intensive buildings in the US. They use an average of 81 kilowatt-hours (kWh) of electricity and 174,000 Btu of natural gas per square foot each year. In a typical QSR, refrigeration, lighting, and cooling make up about 55% of total energy use. Also, Across the US, refrigeration, and cooking make up more than half of the electricity consumption in QSRs, and cooking dominates gas consumption.
For more informative information, please visit us @ https://univdatos.com/report/induction-hobs-market/
COVID-19 Impact
The COVID-19 pandemic had a significant impact on the global induction cooktop market. In the short term, the market got impacted due to the nationwide lockdown, and disruption in the supply chain, Moreover the low growth of the market is expected as economic recovery will be slow, supply-chain disruptions continue to pose challenges, and consumer demand remains weak. Although a few quick-service restaurants (QSRs) are witnessed heightened demand for takeout and delivery. Also, several US pizza chains were hiring thousands of workers as orders spiked while most other QSRs have experienced dramatic sales declines. Some have closed their doors for good. Furthermore, a few restaurants have already declared bankruptcy, and others announced that they soon won’t be able to cover their rent and personnel costs. According to the National Restaurant Association, In the United States alone, up to seven million restaurant workers could lose their jobs by June which adversely impacted the induction hobs market as well.
Ask for Price & Discounts @ https://univdatos.com/get-a-free-sample-form-php/?product_id=24088
The global Induction Hobs market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By product, the market is primarily bifurcated into:
• Free-standing
• Built-in
Based on production, the market is classified into fee-standing and built-in. The built-in segment grabbed the major market share and dominated the market in 2020. The built-in hob is sleek, sophisticated, and has a seamless look because it is installed at the same level as the kitchen countertop. Built-in hobs are ideal for small kitchens, as they help save on space. Freestanding Induction hobs take up countertop space and look bulkier
By distribution channel, the market is primarily bifurcated into:
• Hypermarkets & Supermarkets
• Specialty Stores
• Other Retail Stores
• Online
Based on distribution channels, the market is categorized into supermarkets/hypermarkets, specialty stores, other and online. The online segment is expected to witness a sharp rise in the forthcoming years. . As per a study by Harward business review 73% of customers use multiple channels to shop. Before the COVID-19 pandemic hit, online stores and all things e-commerce have proven to be such disruptive forces in the global economy. and as the pandemic forced many to stay home as much as possible, getting on the e-commerce became a requirement rather than a mere option for retailers. Progressively more offline stores are building and integrating multiple online platforms
For a better understanding of the market adoption of the Induction Hobs industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World. The Europe region dominated the global Induction Hobs market in 2020. But, North America is expected to witness the highest CAGR during the forecast period owing to the emerging number of food and beverage plants and growing demand for processed food and bakery items in the countries such as the united states and Canada.
The major players targeting the market include:
• Whirlpool Corporation
• LG Electronics Inc.
• Electrolux AB
• TTK Group
• Smeg
• Koninklijke Philips N.V.
• Robert Bosch GmbH
• Panasonic Corporation
• Sub-Zero Group, Inc.
• Miel
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Induction Hobs market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global Induction Hobs market?
· Which factors are influencing the global Induction Hobs market over the forecast period?
· What are the global challenges, threats, and risks in the global Induction Hobs market?
· Which factors are propelling and restraining the global Induction Hobs market?
· What are the demanding global regions of the global Induction Hobs market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
Contact Us:
UnivDatos Market Insights
Ankita Gupta
Director Operations
Ph: +91-7838604911
Email: sales@univdatos.com
Website: https://univdatos.com/