Induction Cooktop Market in India 2016-2020

Overview of the induction cooktop market in India

Technavio’s market research analyst predicts the induction cooktop market in India to grow at a CAGR of around 10% by 2020. Growing urbanization and the launch of efficient kitchen appliances with better safety features is significantly contributing to the increased adoption of induction cooktops in India. Consumers are opting for energy-efficient kitchen products that could help minimize utility bills and are relatively cost effective. Also, induction cooktops are relatively safer to use than LPG cylinders due to the absence of open flames. They can cook even at low temperatures and at reduced time and energy usage. With the rising prices of conventional cooking fuel, people are compelled to opt for alternatives like induction cooktops.

Vendors in the market are focusing on the development of improved quality products with added features to increase their revenue shares. They are also introducing induction cooktops with advanced auto cook features and multiple hot surfaces to gain market traction. Additionally, some manufacturers are coming up with eco-friendly and energy-efficient induction cooktops with additional benefits such as the inclusion of more burners, noiseless operations, and touchscreen functionalities. For instance, Morphy Richards has introduced its Chef Xpress 800 Induction Cooktop, which has different power levels that allow varying the cooking temperature and has six auto cook options and an auto off feature for safety purposes.

Segmentation by distribution channel and analysis of the induction cooktop market in India

• Hypermarkets, supermarkets, and convenience stores
• Specialty stores
• Cash and carry stores
• Online stores

Hypermarkets, supermarkets, and convenience stores are the largest retail outlets in the market and accounted for around 55% of the overall market share in 2015. Consumers prefer buying induction cooktops from these stores owing to the availability of wide options in these outlets. Also, these stores offer attractive promotional offers and discounts to consumers. With the influx of private labels by large retailers, the sale of induction cooktops will increase significantly through this distribution channel in the coming years. Some examples of such stores in India include Big Bazaar, HyperCity, and More.

Segmentation by product and analysis of the induction cooktop market in India

• Free-standing household cooktops
• Integrated induction cooktops

During 2015, the free-standing induction cooktop segment accounted for the largest share of the market and occupied around 80% of the overall market revenue. Free-standing induction cooktops are available in single or double units and are mostly used to supplement a current kitchen layout. Since these induction cooktops are portable and highly convenient, its demand among the end users will increase significantly over the next few years. Factors such as technological advancements, active competition, and new product launches will augment the growth prospects for this segment in the coming years.

Competitive landscape and key vendors

This market is characterized by the presence of both regional and global players. The market vendors compete against each other on product differentiation, portfolio, and pricing. Several players in the market are focusing on business expansion and adoption of new technologies in manufacturing to increase their profit margins and market shares. The probability of more vendors entering the market is also high, making it difficult for the existing vendors to gain more market shares.  

Leading vendors in the market include -

• Bajaj
• Inalsa
• Philips
• Stovekraft
• TTK Prestige

Other prominent vendors in the induction cooktop market in India are AB Electrolux, BSH Bosch und Siemens Hausgeräte, Crompton Greaves, Dongbu Daewoo Electronics, Fisher & Paykel, Glen Appliances, Haier Electronics, Jaipan Industries, Kenwood, Khaitan Electricals, Miele, Panasonic, Smeg Group, Sunflame Enterprises, Usha International, Videocon Industries, and Whirlpool.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the induction cooktop market in India?
• What are the key market trends impacting the growth of the induction cooktop market in India?
• What are the challenges to market growth?
• Who are the key vendors in the induction cooktop market in India?
• What are the market opportunities and threats faced by the vendors in the induction cooktop market in India?
• Trending factors influencing the market shares of India.
• What are the key outcomes of the five forces analysis of the induction cooktop market in India?

Technavio also offers customization on reports based on specific client requirement.

Related reports:       

• Global Smart Kitchen Market 2016-2020
• Induction Furnace Market in India 2015-2019