Global Residential Induction Hobs Market 2017-2021

Overview of the global residential induction hobs market

A large number of vendors are encouraged to manufacture induction hobs due to the rising expenditure of remodeling kitchens into modular ones and the improvement in living standards. Technavio’s research analysis on the global residential induction hobs market identifies that the growing demand for modular and designer kitchen will be one of the major factors that will have a positive impact on the growth of the market. The popularity of sophisticated and modern designs that require minimal space procurement is gaining popularity among various consumers.  The growing number of housing constructions is resulting in an increased demand for built-in cooking appliances such as induction cooktop, countertop ovens, cookers, and wall ovens. The cooking appliances are available in varied sizes and colors and come with smart and modern features. The adoption of modular kitchens will boost the demand for such cooking appliances including residential induction hob. Our market research analysts predict that this market will grow at a CAGR of more than 6% by 2021.

The purchase volume of household appliances in Germany, the UK, Italy, Spain, and France is high. Customers in these countries are purchasing household appliances such as induction hobs due to the rising disposable income, exposure to digital and social media platforms, and use of online retailing. The demand for induction hobs will continue to increase in EMEA during the forecasted period due to the growing preference for easy and comfortable work environment in kitchens. As a result, the demand for electric induction hob will also increase, which in turn, will positively influence the market’s growth prospects.

Competitive landscape and key vendors

The residential induction hobs market is intensely competitive and characterized by the presence of numerous regional and global vendors. The rising number of new vendors will strengthen the competitive environment of the market. These vendors are increasingly competing against each other based on factors such as product quality, technology, product pricing, and product portfolio. Vendors of the induction stove market are focusing on increasing their market share and profit margins by emphasizing on business expansion and product innovation.