NEWARK, Del, Dec. 21, 2022 (GLOBE NEWSWIRE) — The global induction hob market stands at US$ 22 Mn as of now and is expected to reach US$ 44 Mn by the year 2032 at a CAGR of 9% between 2022 and 2032.

Induction hob is able to heat the pan on direct basis, but not the hob ring. On starting the hob, magnetic field beneath surface gets activated. It has been recorded that the process does end up heating surface quicker than the other cooking appliances.

Induction hob market is being propelled by growing need for time-saving and energy-efficient cooking appliances at the global level. Millennials are looking for decreasing the time spent toward cooking. This is one of the trends boosting sales of product. Plus, modular kitchens are being adopted at a higher rate in emerging economies like India. Household sector holds the largest market share. Online availability is paving the way for induction hob market.

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Safety is another factor calling for usage of induction hob. Growing awareness about safe kitchen products is creating a lucrative opportunity for induction hobs. Out of free-standing and built-in induction hobs, built-in induction hob dominates the market. It, in fact, holds more than 60% of the overall revenue. The chefs are increasingly going for promotion of induction hob to consumers.

The key players are into inorganic mode of expansion to broaden the reach of consumers. Along these lines, TTK Group entered into agreement with Satin Creditcare Network Ltd. for providing customers with healthy and economic cooking solutions.

Future Market Insights has walked through these findings with future perspectives in its latest market study entitled ‘Induction Hob Market’. The team of analysts and consultants has worked on micros as well as macros to execute.

Key Takeaways from Induction Hob Market

• Europe holds the largest market share due to growing number of single-person households. The Directorate-General of the European Commission, in May 2020, released data that single-person households rose by 18.7% from 2010 to 2019. Besides, increasing consumption and Promotion of the sustainable products have resulted in increase in consumption of induction hob. On these grounds, as per the data published by the International Trade Center and the European Commission in May 2019, sales of the sustainable products since the last five years in several European countries are – The Netherlands (89%), Italy (84%), France (90%), and Germany (84%).
• The Asia-Pacific is expected to grow at the fastest rate in the induction hob market in the forecast period due to rising prices of LPG. As per Economic Times, in June 2020, price of subsidized cooking gas rose by 20% in the year 2019 The key players are also taking efforts to bring out less pricy induction hob. On this count, Bajaj Majesty ICX 3 1400-Watt Induction Cooker is priced at ~US 26.64 in India, which is looked upon as ‘affordable’.
• The Americas are going steady with respect to induction hob market. Brazil and the US are leading from the front.

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Competitive Landscape

• Robert Bosch GmbH, in November 2019, did assert that it had launched Bosch Induction Stove/Cooktops that let the users sync hobs with wall hood for deployment on an automatic basis, that too, when induction is switched on.
• Philips Hd4929 Induction Cooktop, in October 2020, was declared as the most cost-effective induction stove tabled by the company since July-August 2020.

Some of the key players in induction hob market include Daikin Industries, Dwyer Instruments, Ingersoll-Rand, Carrier, Airwell Group, LG Electronics, Lennox International, SHARP, Johnson Controls, Siemens AG, Voltas, Samsung Electronics, and Electrolux

“With an upswing in the number of eateries and restaurants all across, the global induction hob market is expected to grow on a remarkable note in the forecast period“says an analyst from Future Market Insights.

What does the Report induct itself?

• The research study is based on type (free standing & portable cooktops, built-in cooktops), by application (commercial induction hobs and household induction hobs), and by distribution channel (direct induction hob sales and indirect induction sales).
• With non-residential and residential projects developing at a good rate, the global induction hob market is expected to grow well in the forecast period.

Explore full report with detailed TOC here: https://www.futuremarketinsights.com/reports/induction-hob-market

Key Segments Profiled in the Global Induction Hob Market

Type:

• Free Standing & Portable Cooktops
• Built-in Cooktops

Application:

• Commercial Induction Hobs
• Household Induction Hobs

Distribution Channel:

• Direct Induction Hob Sales
• Indirect Induction Hob Sales

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa

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Table of Content

1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations

2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations

3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends Read More TOC….

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Induction Cooktops Market Size: The induction cooktops market is expected to be worth US$ 47,950.59 million, with a CAGR of 8.4%. The market value in 2022 is US$ 21,432.68 million. With the lower demand rate during 2018-2022, the market had a worth of US$ 19,974.5 million in 2021.

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score ( 4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading marketing ross & niche all major industries.

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