Induction Hobs Market: Current Analysis and Forecast (2021-2027)

Increasing requirement for energy-efficient and time-saving cooking appliances, Rising consumer awareness about safe kitchen products, and emerging demand for the premium products are some of the prominent factors that are driving the demand for the induction hobs. Moreover, the increasing number of residential and non-residential development projects, along with the increasing number of food chain and restaurants across the globe is also propelling the market growth. As per a report by IHG, The global hotel industry is a $525bn industry, made up of 18 million rooms in 2018. 54% of rooms are affiliated with a global or regional chain ('branded'), up from 50% in 2012.

As per the U.S department of agriculture, the food service and food retailing industries supplied about US$1.79 trillion worth of food in 2019. In 2020, the food service and food retailing industries supplied about US$1.69 trillion worth of food. Also, The growth of commercial spaces like cafes, and restaurants as a place to socialize and spend time with different and innovative food consumption has altered food consumption habits As per the world bank, Adjusted net national income per capita (current US$) reached US$ 9,483.84 in 2019 from US$ 8,544.82 in 2015.

The Global Induction Hobs market is expected to register a CAGR of more than 5% over the period of 2021-2027. The booming construction sector across the globe is propelling the demand for induction hobs. The rising number of residential, commercials, restaurants, eateries, etc., is contributing to the growing market for induction hobs. The improved profitability and performance of the restaurant business are generating sufficient prospects for the market as people continue to patronize fast-food restaurants. The rise in fuel expenses for conventional gas cooktops, as well as the growing trend of modular kitchens due to the comfort and safety benefits, are driving the household induction cooktops market

Furthermore, the gradual shift from gas cooktops has benefitted the market in the past, and an increasing number of consumers are inclined toward installing induction cooktops in their houses or large-scale residential projects. This is due to an increase in awareness regarding its benefits over gas cooktops.

Whirlpool Corporation, LG Electronics Inc., Electrolux AB, TTK Group, Smeg, Koninklijke Philips N.V., Robert Bosch GmbH, Panasonic Corporation, Sub-Zero Group, Inc., Miel, etc., are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst products, the free-standing category accounted for the majority share in the market in 2020"

Based on the product, the market is fragmented into free-standing and built-in. The built-in segment grabbed the major market share and dominated the market in 2020. The growing demand for smart homes and smart offices is contributing to the growing market. Further, The built-in hob is sleek, sophisticated, and has a seamless look because it is installed at the same level as the kitchen countertop.

"Amongst applications, the commercial segment is expected to witness the highest CAGR during the forecast period"

Based on the application, the market is fragmented into residential and commercial. The commercial segment grabbed the major market share in 2020 and dominated the market. A growing number of home bakers, higher appeal of artisanal bakers, and the launch of new products will up the consumption of cocoa in this industry are contributing to the growing market.

"Amongst distribution channels, the online segment is expected to witness exhibit growth in the forthcoming years"

Based on the distribution channel, the market is fragmented into Hypermarkets & Supermarkets, Specialty Stores, Other Retail Stores, and Online. The supermarkets/ hypermarket segment grabbed a significant market share in 2020. The booming number of these stores globally is contributing to the growth of this segment

"Asia-Pacific dominated the global induction hobs market in 2020"

For a better understanding of the market adoption of the Induction Hobs market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific region grabbed the major market for the Induction Hobs Market industry in 2020. However, the Europe region would witness a considerable CAGR during the forthcoming years.

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