Global Induction Hob Market Outlook
The global kitchenware appliances market is being growing due to surge in the professional steward consumer segment globally. It includes Water Purifiers, Microwave Oven, Refrigerator, Induction Hob, and Dishwasher. Refrigerators are one of most essential home appliances in every house and it consumes more energy compared to other kitchen appliances and hence, energy-efficiency has become the most important factor considered by consumers while making the purchase decision. However, induction hob utilizes electrical induction technology to heat cookware and uses a magnetic field for making it hot. Hence, induction hob does not heat the utensils and top. This makes an induction hob a safer and more energy-efficient option than a gas hob and consumers are attracted to buy this product.
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Global Induction Hob Market: Reasons for Covering this Title
Global demand for household induction hobs is high among the urban population and the factors are high purchasing power, better infrastructural facilities and increase in working population. Rise in fuel prices for conventional gas cooktops and growth in trend for modular kitchens along with comfortable & safety benefits to the users are the major factors that drive the household induction hobs market. However, increase in demand for modular kitchens is another reason for induction hob’s market growth. In addition, increase in GDP along with growth in sales of household kitchen appliances further drives the household induction hobs market growth. However, need for specialized cookware and high initial investment hamper the growth of household induction hobs industry.
Global Induction Hob Market: Key Players
Some of the key players operating in the global Induction Hob market are Toshiba, Haier, Gree Electric Appliances, SMEG, Whirlpool, Mitsubishi Electric, Daikin Industries, Dwyer Instruments, Ingersoll-Rand, Carrier, Airwell Group, LG Electronics, Lennox International, SHARP, Johnson Controls, Siemens AG, Voltas, Samsung Electronics, and Electrolux among others.
Induction Hob Market: Key Trends
- Induction hobs are energy-efficient and consumers are inclined towards purchasing such appliances. In addition, government of developed countries like the US and EU countries are promoting the use of more energy-efficient products
- Manufacturers are innovating products in different sizes so that these can be used in different ways, such as, on the countertop or built-in mode
- Modular kitchens have now become an integral part of new residential projects, particularly in urban areas, as they maximize the use of space and are designed to suit consumers' preferences
Induction Hob Market: Key Developments
- Electrolux has launched a sensor-enabled induction hob at IFA 2018. The new SenseFry induction hob which has an intuitive touchscreen for easy control and a fry sensor to maintain an even temperature across the surface of a pan for best frying results
- In 2016, AGA released its 48-inch induction hob, designed for high-end large kitchens, which is the biggest induction hob available in the market till now
Opportunities for Induction Hob Market Participants
Technological advancement is one of the reason for market participants which is continuously adopted by the manufacturers and they are upgrading by adding new features like sensor touch keys for ease of use, auto-off program cooks food safely, energy efficiency, and preset timer function for delayed cooking. Along with these factors, the global market also depends on consumer awareness and performance of induction hobs. Consumers are moving towards another side where they are health conscious and aware about technological advancements. Moreover, rise in disposable income, energy-efficiency of the cooktop/energy consumption, better safety features, need for specialized cookware, and adoption of smart household kitchen appliances by the consumers is majorly impacting the global household induction hobs market. All these factors collectively contribute towards the market growth and opportunity for the market players to improve on the quality as well as the increase in sales.
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Brief Approach to Research for Induction Hob Market
FMI will follow a modeling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the nature, formats, and application of segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level, consolidated and synthesized at a global level to estimate the overall Induction Hob Market sizes.