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The commercial induction cooktop market size is estimated to grow at a CAGR of 7.44% between 2022 and 2027. The market size is forecast to increase by USD 5,458.78 million. The growth of the market depends on several factors, such as a growing inclination toward energy-efficient cooking processes, the need for precision temperature control in commercial kitchens, and the need to adhere to industry standards.
This report extensively covers market segmentation by type (countertop, drop-in, and floor standing), end-user (restaurants, hotels, hospitals, commercial offices, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Commercial Induction Cooktop Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There is a growing popularity for commercial induction cooktops as maintaining the temperature is essential for all commercial kitchens and commercial induction cooktops help end-users in avoiding heat dissipation. The conventional gas and electric cook ranges have the feature of setting only set high, medium, and low levels of temperature whereas both time and temperature can be set in commercial induction cooktops.
Additionally, another main feature of commercial induction cooktops is the precision temperature control option which is expected to fuel the demand for this product. There is increasing adoption of commercial induction cooktops in fine dining restaurants as it enhances the aesthetics and quality of food. Hence, such factors are expected to drive the global commercial induction cooktops market growth during the forecast period.
One of the significant challenges regarding commercial areas is space utilization, which can now be resolved with open kitchens. Various restaurants are setting up open kitchens in order to increase customer interaction. The main advantage of open kitchens is that they can create an interactive atmosphere for both customers and the staff as well as offer more visual access to customers thereby fuelling the sales.
Moreover, the rising trend of open kitchens fuels the demand for commercial induction cooktops. Induction technology offers several advantages to end-users. There is an increasing focus by food service establishments and other end-users on faster, safer, cleaner, and cheaper cooking processes. Furthermore, the use of commercial induction cooktops offers better space utilization. Hence, such factors are expected to drive the global commercial induction cooktops market growth during the forecast period.
There is a high initial investment associated with commercial induction cooktops when compared to other cooking options which can pose a significant threat to the market growth. Additionally, induction cooktops need a regular supply of electricity and compatible cookware in order to function properly. Also, food service establishments constantly seeking cooking equipment with less investment.
Moreover, there is an increasing preference for induction cooking as electric and gas ranges are already popular in households, which can negatively impact the adoption of induction cooktops. Furthermore, the average price of commercial induction cooktops is USD 2000 whereas the average price of commercial gas range with six burners is available at USD 1,000. Hence, such factors can hinder the market growth during the forecast period.
The countertop segment is estimated to witness significant growth during the forecast period. One of the main factors for the increasing adoption of the countertop segment due to its ease of portability. This segment is widely used in commercial kitchens with minimum space consumption. Several market players in the global commercial induction cooktops market are offering countertop commercial induction cooktops with many burners varying from one to four.
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The countertop segment was the largest segment and was valued at USD 4,282.59 million in 2017. For example, the APW Wyatt IHP-4 model offers a countertop commercial induction cooktop with four burners. The average power range of countertop commercial induction cooktops is between 300 Watts and 14,000 Watts. There is an increasing focus on enhancing the features of several commercial induction cooktops. The improved features will help enhance the efficiency of the equipment and the user's convenience. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on end-user, the segment is classified into restaurants, hotels, hospitals, commercial offices, and others. There is increasing popularity for commercial induction cooktops across restaurants due to factors such as efficiency, safety, and versatility. The main feature of induction cooktops is that it heats up quickly, which helps reduce cooking times. This is essential in a fast-paced restaurant environment where chefs need to prepare dishes quickly to meet customer demands. Additionally, induction cooktops are considered eco-friendly as they do not produce harmful emissions such as gas stoves. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 33% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. There is increasing adoption of commercial induction cooktops across many food joints in North America as it does not suffer from heat dissipation.
Additionally, The United States Department of Energy has announced an energy efficiency standard to minimize energy demand and greenhouse gas emissions. Furthermore, there is an increase in the number of restaurants in North America coupled with an increasing preference for the use of sustainable equipment and technology which is expected to drive the global commercial induction cooktops market growth in North America during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global commercial induction cooktops market witnessed a significant slowdown and mandatory closure of non-essential businesses such as restaurants, open kitchens, and other commercial facilities in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of business activities. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Admiral Craft Equipment Corp: The company offers commercial induction cooktops such as Countertop induction cookers.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Ali Group Srl, Buffalo Cookware, Dipo Induction, ELAG Products GmbH, Elecpro Group Holding Co. Ltd., Equipex LLC, Fisher and Paykel Appliances Ltd., Garland group, Hatco Corp., Koninklijke Philips N.V., LG Corp., Panasonic Holdings Corp., Robert Bosch GmbH, Spring USA Corp., The Middleby Corp., The Vollrath Co. LLC, True Induction, TTK Prestige Ltd., and Whirlpool Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The commercial induction cooktop market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Commercial Induction Cooktop Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
Market growth 2023-2027 |
USD 5,458.78 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.73 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Admiral Craft Equipment Corp., Ali Group Srl, Buffalo Cookware, Dipo Induction, ELAG Products GmbH, Electro Group Holding Co. Ltd., Equipex LLC, Fisher and Paykel Appliances Ltd., Garland Group, Hatco Corp., Koninklijke Philips N.V., LG Corp., Panasonic Holdings Corp., Robert Bosch GmbH, Spring USA Corp., The Middleby Corp., The Vollrath Co. LLC, True Induction, TTK Prestige Ltd., and Whirlpool Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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